RBI: Frying pan to fire
A tea seller can become the Prime Minister of the country. That would be the victory of democracy. At the same time, if a PM can choose a television serial actor to head the most significant portfolio of HRD ministry and be given the responsibility of looking after all universities; or appoint a person with graduation in history to be the governor of RBI, it would be a loss of the power democracy gives us.
A PM need not be highly educated but he has the choice of having experts and knowledgeable people around him. But what would happen if the PM was to have businessmen around him who would influence his every decision? The answer is right before us.
Shaktikanta Das has been chosen to be the governor of RBI. In the past, this chair was occupied by some of the best brains with expertise in economics at global level. This chair would now belong to a person with post-graduation in history and an added course in financial management. This has thrown the RBI from frying pan to fire.
RBI was going through tense moments when Raghuram Rajan was replaced by Urjit Patel. In the next few months of Patel assuming the post, government thrust demonetization on the nation. This decision had nothing to do with the RBI. This was the main reason for the failure of demonetization which was done to protect the interest of only few people.
Some corporate companies, political organisations and businessmen were the clear beneficiaries of this note ban. Common people suffered endlessly. Economy fell flat. Modi government used Urjit Patel who would be dancing according to the tune of the government.
Except for accounting for the old currency notes, Urjit Patel didn’t take any great decisions as the Governor of RBI. He had no plans to even help the country lift itself from the quagmire of economic distress that was progressing fast. He could not even explain the impact and long term results of note ban to the people of the nation. He woke up only when the government couldn’t recover the stashed black money, and note ban had a mammoth impact on the country’s progress.
Patel woke up only when the government was attempting to make RBI responsible for the failure of note ban. Though he was a puppet at the hands of Modi, Patel knew about the ill effects of note ban since he is an economic expert himself. He knew the country was headed to an economic distress. He couldn’t tolerate the fact the government would use him to commit more blunders and he was forced to speak out.
He began to speak to the media about the external influences working within the RBI and their impact. Patel was already close to tendering his resignation and he probably assumed it was better if he quit without having to commit more blunders to put RBI and nation into trouble.
This must have been an honest economist in him speaking up. RBI strongly protested against relaxing the norms of lending. If this was done, the banks could extend another four crore loan to the big corporate giants who also happen to be friends of Modi. Not only that, with the new circular that was issued out Feb 12, 2018 it was possible for the corporate companies who had already taken the loans to escape the bankruptcy noose.
With this, the Adani Group, Essaar and TATA could get an extended life for their electric projects. But since Patel saw how this could negatively impact the future of India, he did not want to risk this decision. Hence the puppet cut loose the string which was dictating his movements.
We can now easily imagine the forces that did not want former RBI governor Raghuram Rajan for the second term. His fate was sealed when he sent a list of NPA and businessmen who had used loans deviating from the purposes that they had raised them for.
With a plan to turn RBI into private treasury, Rajan was sent out and Patel was brought in. BJP was recognized as the richest party in the world post demonetization. Corporate companies got fatter. Now the government is all set to implement Section 7 to extend more privileges to corporate companies and make them even fatter and privileged at the cost risking the national economy time and again.
At a time like this, Patel has found an escape route. His resignation does not absolve him of all the wrongs he was party to. He needs to apologise to the nation for being part of demonetization.
Appointment of the new governor may well complicate the matters by that much. Shaktikanta Das supported note ban totally and he is also totally subservient to the Modi clan. He is not a financial expert at all. The way education sector was compromised with, having handed over the portfolio of human resource to Smriti Irani who allowed massive interference of RSS, Corporate powers are now planning to do the same with RBI by bringing in a man with history for his qualification so that they can mess it up totally. We can only hope this does not severely compromise the future of the country.
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London, Nov 22: A bomb disposal squad deployed as a “precaution” to the South Terminal of Gatwick Airport concluded an investigation into a "security incident" on Friday after making a “suspect package” safe.
The South Terminal of Gatwick Airport, the UK's second busiest airport after Heathrow, which was briefly shut owing to the incident reopened following the incident.
The Gatwick is around 45 km south of London.
Two people detained during the enquiries have since been allowed to continue their journey as the airport was opened.
“Police have concluded their investigation into a report of a suspect package at Gatwick Airport. Officers from the EOD (Explosive Ordnance Disposal) team made the package safe, and the airport has been handed back to its operator,” Sussex Police said in an updated statement.
“Two people detained while enquiries were ongoing have subsequently been allowed to continue their journeys. There will remain an increased police presence in the area to assist with passengers accessing the South Terminal for onward travel,” the statement added.
Earlier on Friday, the incident caused severe disruption at the busy airport’s South Terminal, while the North Terminal of Gatwick Airport remained unaffected.
“Police were called to the South Terminal at Gatwick Airport at 8.20 am on Friday (November 22) following the discovery of a suspected prohibited item in luggage,” a Sussex Police statement said.
“To ensure the safety of the public, staff and other airport users, a security cordon has been put in place whilst the matter is dealt with. As a precaution, an EOD (Explosive Ordnance Disposal) team is being deployed to the airport. This is causing significant disruption and some roads around the South Terminal have been closed. We’d advise the public to avoid the area where possible,” it said.
Footage on social media taken outside the airport showed crowds of frustrated travellers being moved away from the terminal building.
Gatwick said it was working hard to resolve the issue.
“A large part of the South Terminal has been evacuated as a precaution while we continue to investigate a security incident," the airport said in a social media post.
“Passengers will not be able to enter the South Terminal while this is ongoing. The safety and security of our passengers and staff remain our top priority. We are working hard to resolve the issue as quickly as possible.”
Train and bus services that serve the airport were also impacted while the police carried out their inquiries.
In an unrelated incident in south London on Friday morning, the US Embassy area in Nine Elms by the River Thames was the scene of a controlled explosion by Scotland Yard dealing with what they believe may have been a “hoax device”.
“We can confirm the 'loud bang' reported in the area a short time ago was a controlled explosion carried out by officers,” the Metropolitan Police said in a post on X.
“Initial indications are that the item was a hoax device. An investigation will now follow. Some cordons will remain in place for the time being but the majority of the police response will now be stood down,” it added.
