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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Maharashtra sets up state vaccination task force to strengthen immunisation programme
Mumbai (PTI): The Maharashtra government has set up a State Vaccination Task Force to strengthen the regular immunisation programme and review the progress of related campaigns, a health department official said on Monday.
The State Vaccination Task Force will comprise at least 29 members and will be headed by the administrative head of the health department, he informed.
The government has also constituted separate district-level and municipal vaccination task forces to improve implementation and address challenges at the grassroots level, he said.
Municipal task forces, chaired by respective civic commissioners, have been constituted in view of the vast urban population in Maharashtra and the role of civic bodies in implementing different health programmes.
The district-level task forces will function under the chairmanship of collectors.
"Complete immunisation of children at the appropriate age is an extremely simple, cost-effective and highly effective measure to reduce child mortality and the prevalence of diseases among kids. Immunisation is a powerful tool for reducing illness in children," maintained the official.
To ensure full vaccination of all children, the state government implements various campaigns from time to time as per the central government guidelines, he pointed out.
"Active participation and cooperation of other relevant government departments are essential (in making these campaigns successful)," according to the official.
The state-level body will review the regular immunisation programme, associated campaigns and vaccine-preventable diseases in detail. It will also conduct focused assessments of high-risk districts and municipal corporations, including vacancies at district, municipal and sub-district levels, availability of cold chain equipment, resource gaps and training requirements, he noted.
The state task force will review allocation and utilisation of funds for immunisation and ensure timely action by officers concerned based on reports from district and municipal task forces and state-level monitoring mechanisms, the official said.
It will also ensure active coordination and participation of other government departments in immunisation drives, while district and municipal task forces will carry out similar functions at their respective levels, the official added.
