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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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
