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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India moving towards becoming global economic powerhouse: Kovind
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Amritsar (PTI): Former president Ram Nath Kovind on Friday said that with digital transformation, economic reforms and a strong focus on the ease of doing business, India is moving towards becoming a global economic powerhouse.
He was speaking after inaugurating the 19th edition of the Punjab International Trade Expo (PITEX) in Amritsar.
The former president said that this 19th edition of PITEX is being organised at a time when India is recognised as one of the fastest-growing large economies in the world.
Speaking at the inaugural ceremony of the event organised by the PHD Chamber of Commerce and Industry (PHDCCI) the former president, while referring to Punjab, said the state is a living example of courage, sacrifice and enterprise.
"The spiritual light of Sri Harmandir Sahib (Golden Temple) inspires peace and humanity across the world. The heritage of Punjab is deep and inspiring," Kovind said, according to a statement issued by the PITEX.
The former president congratulated the PHDCCI for hosting the 19th edition of PITEX and suggested that the chamber should expand PITEX outside Punjab.
He proposed that a similar event should also be held in New Delhi.
