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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Speaker rules out discussion on Guv''s conduct amid K''taka Assembly standoff
Bengaluru (PTI): In an effort to end the logjam over the Governor's address that has stalled proceedings for the past week, Karnataka Assembly Speaker U T Khader on Wednesday ruled that legislators should not discuss Thaawarchand Gehlot or his conduct in the house, saying such debates send the wrong message to the public.
The House has witnessed repeated disruptions and adjournments since the session began on January 22 over the issue of the governor's conduct.
During his address to the joint sitting of the Karnataka legislature on January 22, Gehlot read out only three sentences from the 122-paragraph speech prepared by the state government.
The speech included criticism of the Centre for replacing the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) with the Viksit Bharat–Guarantee for Rozgar and Ajivika Mission (Gramin) (VB-G RAM G), portions of which the governor declined to read.
Concluding his address in about two minutes, the governor left the house, triggering a commotion as Congress legislators attempted to gherao him and raised slogans.
While the opposition BJP accused the ruling Congress and its ministers of "insulting" the governor and demanded action, the treasury benches countered by claiming the governor had "insulted the National Anthem by leaving before it was played."
The house again witnessed heated arguments on the issue earlier in the day, leading to adjournment.
During the interruption, Khader held a meeting with ministers and opposition members to resolve the impasse.
When proceedings resumed, the speaker delivered his ruling.
Referring to the events of January 22 and the subsequent debate, Khader said the conduct and discussions had conveyed the wrong message to the public.
"Our conduct as members of this House and the opinions expressed must be in good taste and in accordance with constitutional provisions. They must uphold the dignity of the House and its members. We must introspect in this direction," he said.
He stressed the need for caution to ensure that such incidents are not repeated in the future.
"Let us end this matter here, continue the discussion on the motion of thanks to the governor, and refrain from discussing the governor or his conduct in this house," the speaker said.
Leader of the Opposition R Ashoka said the house should express regret over what he termed an "insult" to the governor.
Responding, Chief Minister Siddaramaiah said the situation would not have arisen had the governor read out the entire address.
"Asking the house to express regret is not appropriate. Why did the governor leave even before the National Anthem was played," Siddaramaiah asked.
BJP MLA S Suresh Kumar reminded Siddaramaiah that as Leader of the Opposition in 2011, he had asked then Governor Hansraj Bhardwaj to curtail his address.
Bhardwaj had subsequently placed the address on the table of the house, requesting members to treat it as read.
Siddaramaiah said the situation in January 2011 was different from the present one.
The debate grew intense, leading to another adjournment of the house.
