By the Editor: Siddharth Sehgal
If everyone who doesn’t follow the government line will be shown the door then this administration won’t be much different than the one it replaced and I am not saying this because I am anti Modi or establishment, like millions of Indians I also longed and favored the change but there was no precondition that every step and policy would be followed blindly.
Raghu Ram Rajan might have his own reason to not pursue a second term or may be it was a political power play that got him out of the way but I am surprised why Rajan had to move to US in search of opportunities. Will it look good if our Election Commissioner or President move to Switzerland or Britain after completing their term, if academics was what Rajan was interested in, why not any IIT or IIM offered him a teaching position. It’s okay if you don’t like the guy or his policy but did we reach a point that we had no use for a world renowned economist? I am not saying that Rajan was right in not increasing the interest rates because I simply don’t know an E of Economics but his tough stance on PSU banks who squandered public money on the likes of Kingfisher and Sahara was obviously commendable. It’s not like Rajan was standing in the way of progress or national interest were jeopardized by him leading the RBI. If that is the case I can list you few prime ministers who had done more harm than good for this country in both long and short terms.
Now of Mr. Subramanian Swamy, he has a background in Economics, educated at Harvard and at times I like his frankness on matters but this time I think he found a wrong target in Rajan, government should not be in the business of appointing and sacking people on demands and it seems to be the fact that whole financial ministry is in Mr. Swamy’s cross hairs. Even ordinary folks, who are not so knowledgeable about intricacies of economic procedures have confidence in Rajan’s straightforwardness. He had a clean image and it’s sad to see honest people getting punished for honesty. Vidhura and Vikarna were two upright characters in Mahabharata whose scrupulous advice was ignored at each and every step whose outcome was an epic war. Conditions are not exigent to that level but we don’t have to go that route either.