Tussle between Reserve Bank and govt
PM Narendra Modi dedicated the tallest statue in the world of Sardar Patel, made at a cost of Rs 3000 cr to the nation. He has called it the ‘statue of unity’. There cannot be a bigger joke than that. May be a government which forced the country to stand on the brink of division needed a comic relief such as this to cover up for its lacunae. Forget the unity among people, autonomous organisations working under the government are splitting through their functioning. All credit goes to Narendra Modi for having successfully wrecked every working institution in the country whether it is the CBI, Reserve Bank, Finance ministry to fight against each other, while pitting Dalits against people of their own community. Now, after all this, the government has erected a statue of unity.
The fight between Reserve Bank and central government is now out in the open. RBI governor Urjit Patel is almost close to submitting resignation to his post. RBI Deputy Governor Viral Acharya had spoken about government interference in Reserve Bank’s autonomy. Finance Minister Arun Jaitley has accused RBI of indiscriminately giving out loans between 2008 and 2014. Swadeshi Jagaran Manch of RSS, which was lying silent so far, has now suddenly vented ire against RBI holding it responsible for rupee losing its strength against dollar with every passing day. The government has directed RBI to make leeway for loans, despite NPAs piling up and loans but being repaid. RBI has instructed 11 banks to stop giving out loans in this regard. Government has problems with RBI for the same reason that the institution has refused to give loans. PMO has raised objection about Viral Acharya’s statement on govt interference.
Autonomous institutes are experiencing challenges ever since Sangh Parivar controlled Modi government came into existence. This government has a single point agenda of destroying every autonomous institution built by Nehru’s team. Soon as they assumed power, the government dismantled UGC and then dismembered five year plans. The strongest agency CBI is now marred by infighting. JNU’s autonomy has been stripped off and efforts are on to communalise it. Modi government is out to destroy everything the country was proud of, in the last seventy years. Reserve Bank alone is not responsible for NPAs in banks, but the economic policies of all governments that have been in power in the past are also responsible for it. Unless they are changed, the govt has no reason to attack RBI and question its autonomy while safeguarding the interests of capitalists who abuse the banking system the most?
This is not the first time RBI is in tussle with the Modi government. When NDA assumed office after elections, the then RBI governor Raghuram Rajan had resigned following differences of opinion with Modi. He had even criticized the government after his departure. Eventually, Modi brought his own Man Friday Urjit Patel who also went into his bad books a little later. The government had not informed RBI of the demonetization decision, which was the cause of contempt. Now Modi govt is trying to control RBI using 7th article, in order to safeguard the interest of capitalists. This was not used by any government in the past even during times of distress such as 1991 or 2008 of global meltdown. Now Modi government wants to exert itself on RBI and weaken its structure and decisions. People have to teach this government a lesson, else it would march towards arrogant dictatorship unhindered.
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World saw valour, courage of Indian armed forces through Operation Sindoor: President
New Delhi (PTI): President Droupadi Murmu on Wednesday said the world saw the valour of Indian armed forces through Operation Sindoor when they destroyed terror camps on the strength of their own resources and asserted that any terror act will be responded with decisive action.
"India has proved that power can be used with responsibility and wisdom. The world has seen the valour and courage of Indian armed forces through Operation Sindoor," Murmu said in her address to both Houses of Parliament, marking the beginning of the Budget Session.
"Our nation, on the strength of our own resources, destroyed terror camps. My government sent a message that any act of terror will be responded to with resolute and decisive action," the President said, amid thumping of desks by Prime Minister Narendra Modi and other parliamentarians.
Murmu said the suspension of the Indus Water Treaty was part of India's fight against terror.
"We are also working on Mission Sudarshan Chakra to further strengthen national security," the President said, adding that security forces have also taken decisive action against Maoist terror.
Following Operation Sindoor, she said, the trust on Indian defence platforms has increased.
Murmu further said her government was committed to social justice in the country.
In the third term of the government, she said, work is being done to further empower the poor, and social security benefits are available to nearly 95 crore citizens now.
"My government is committed to true social justice," she said, adding that 25 crore Indians moved out of poverty in the last 10 years.
The President also said the government has been successful in tackling corruption and scams, and ensuring proper use of public funds.
"For India, the end of the first 25 years of this century has been filled with several successes, proud achievements and extraordinary experiences. In the last 10-11 years, India has strengthened its foundation in every sector," she said.
Lauding India's celebration of the 350th martyrdom day of the ninth Sikh guru, Guru Tegh Bahadur, and the country's tribute to revered tribal leader and freedom fighter Birsa Munda on his 150th birth anniversary, Murmu said, "when the country remembers the contribution of its ancestors, the new generation gets inspiration, which further speeds up our journey towards Viksit Bharat (Developed India)."
"The country celebrated the 350th Shaheedi Diwas of Sri Guru Tegh Bahadur Ji. During the 150th birth anniversary of Birsa Munda, the entire country paid him tribute and remembered his contribution to the tribal community," the President said.
"The events related to the 150th birth anniversary of Sardar Vallabhbhai Patel further strengthened the sense of Ek Bharat, Shresht Bharat (One India, Best India). The entire country became witness to how Bharat Ratna Bhupen Hazarika's birth anniversary celebrations filled the country with music and a sense of unity," Murmu said.
The President's mention of the Viksit Bharat – Guarantee for Rozgar and Ajeevika Mission (Gramin) (VB-G RAM G) scheme was met with loud protests from the Opposition benches.
Murmu said the VB-G RAM G initiative would provide guarantee for 125 days of work, would stop corruption and leakages, and provide a new impetus to rural development.
The Opposition members raised slogans demanding its rollback, even as the treasury benches thumped their desk in support of the scheme.
The President had to take a brief pause amid opposition cries of "vapas lo" (roll back) against the Act that replaced the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA).
The Opposition parties have been demanding withdrawal of the VB-G RAM G Act and restoration of MGNREGA as a rights-based law in its original form, the right to work and the authority of panchayats.
The government has, meanwhile, claimed that the new Act will further strengthen the guarantee for rural employment.
