Resignation by RBI Governor would send bad signal to global markets: Veerappa Moily
Bengaluru, Nov 18: Amid demands from some quarters for RBI governor Urjit Patel's resignation, Chairman of the Parliamentary Standing Committee on Finance Veerappa Moily Sunday said if he quits over the stand-off between the top bank and the Centre, it will send a bad signal to global markets.
"If Patel decides to resign over its (RBI) differences with the central government, it will be a very sad and bad for the Indian economy.
It will also send a bad signal to global markets just as Raghuram Rajan's exit did," the former Union Minister told PTI here.
He said responding to a query on reports that there were demands from some quarters for Patel to step down as RBI governor in view of the stand-off.
Noting that RBI's credibility would be shaken if Patel resigns, Moily said the entire world economy looks up to any central bank of any country and the markets would also be affected.
His remarks come ahead of RBI's crucial board meeting Monday with Finance Ministry nominees and some independent directors expected to take on Patel and his team over several issues, though both sides are in favour of reaching a common ground.
Moily claimed that the nation used to be very proud of India's growing economy because its fundamentals were strong during the 10-year UPA rule unlike in the four-and-a-half years of NDA rule.
"When Arun Jaitley presented the first budget of the NDA, the economic survey report said the fundamentals of the economy were strong, that means it is a compliment to the Congress regime.
If the economic survey is presented today can they (NDA) say with confidence that the fundamentals of economy are strong? The answer is no," he contended.
"This only implies that the four-and-a-half years of NDA rule has destroyed and eroded the fundamentals of the country's economy. That is the big tragedy of the present government at the centre," he added.
To another query on reports that the government was planning to constitute panels to monitor functions of RBI, Moily said it would be a "very bad" idea.
"Having a managing committee over the regulator is a very bad idea and is unknown in world economy.. No country practises it.
RBI cannot be managed as a government department. It is an independent autonomous organisation which has been created by an act of Parliament," he said.
"Patel is willing to have discussions with the government. Even the previous RBI governor Raghuram Rajan was keen on it.
The finance ministry can call a meeting every month to discuss with RBI to sort out misunderstandings if any. They cannot be solved by orders and interferences," Moily suggested.
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8 children between ages of 1 and 14 dead after mass shooting in Louisiana, police say
Shreveport(US) (AP): A gunman in Louisiana killed eight children in shootings at two different homes early Sunday in the nation's deadliest mass shooting in more than two years, police in Shreveport said.
The victims ranged in age from one to about 14 years old, said Shreveport police spokesperson Chris Bordelon. A total of 10 were shot and some of the children were related to the suspect, Bordelon said.
The gunman later died after a chase with officers who fired at the suspect, Bordelon said. The suspect stole a car while leaving the scene of the shootings and was followed by police, according to Bordelon.
Police did not release the name of the suspect but did say he was an adult male. The shootings were the result of a “domestic disturbance,” Bordelon said.
Officials said they were still gathering details at the crime scenes south of downtown Shreveport — the two homes and a third location.
“This is an extensive scene unlike anything most of us have ever seen,” he said.
It was the deadliest mass shooting in the US since eight people were killed in a Chicago suburb in January 2024, according to a database maintained by The Associated Press and USA Today in partnership with Northeastern University.
At a news conference outside the residence where one of the shootings occurred, officials appeared stunned, requesting patience and prayers from the community as they sorted through multiple crime scenes.
“I just don't know what to say, my heart is just taken aback,” Shreveport Police Chief Wayne Smith said. “I cannot begin to imagine how such an event could occur.”
“This is a tragic situation — maybe the worst tragic situation we've ever had,” said Tom Arceneaux, mayor of the city in northwestern Louisiana with about 180,000 residents. “It's a terrible morning.”
Louisiana State Police say their detectives have been asked by Shreveport police to investigate. In a statement, state police say no officers were harmed in the shooting that involved an officer after a police pursuit into Bossier City on Sunday morning.
State police are asking anyone with pictures, video or information to share it with state police detectives.
Louisiana Gov Jeff Landry said in a statement that he and his wife were heartbroken. “We're deeply grateful to the law enforcement officers and first responders working tirelessly on the scene,” he added.
