Modi is not a Karamyogi as he sits on his promises

Demonization and deification are the overenthusiastic exercises of fans which greatly hamper true appraisal of efforts of a leader. Two years could be long or short,all depending on the person. One thing is puzzling about Modi government's claim about stupendous growth in GDP which knowledgeable circles attributes to tweaking in the methodology of estimation of it and that seems fairly credible in the light of revealation on contraction of credit of all major PSU banks excepting marginal rise in it of SBI.One more bad news is Modi's succumbing to pressure of anti-Rajan lobby who has been doing a magnificent job in exposing the shocking health of banking sector. Modi's narcissism has prevented him from appointing the best brains as cabinet ministers. Nehru had Patel,Krishnamachari and other luminaries,Shastriji had quite a few of them. Indira Gandhi had C.Subrahmaniam who revolutionized Indian agriculture,Jagjivan Ram a seasoned administrator.Even Narashimha Rao was ably assisted

by now-much-maligned Manmohan Singh whose seminal contribution in unshackling Indian economy would earn him a permanent place in history.Name a single one in Modi's cabinent!!

usha manohar wrote:

If people can have unshakable trust in  failed, tainted, scam ridden leaders , why should anyone shift views on someone who is doing the best he can under the circumstances in such a short period of time ?  

yeah i fully agreed on you, in such a short period of time nobody can even of doing something but he done amazing things his lovers will always respect him and his doing. 

He is a single man army who does not need anyone. Otherwise Rajan would be persuaded to stay

@ chinmoy ...Modi rightly or wrongly seems to be at the receiving end , most of the time for all the wrong reasons I feel ! I don't think he had anything to do with Rajan's exit since Raghuram Rajan has never shown any inclination to continue after his term. But the PMO was keen on his continuing for a second term which he has apparently declined. I guess he has the right  to do what he likes . However, there is no dearth of talent here and one can see that the Central government is considering some very eminent personalities who are equally qualified for the job. As far as a slow down in growth and rising prices there are far to many reasons that are valid.It happened during UPA too ...At the same time many positive measures have been taken which would have a long time impact on our economy which noone wants to speak about ..

http://www.deccanchronicle.com/business/in-other-news/070616/pmo-favours-second-term-for-raghuram-rajan-as-rbi-governor.html

Cutting interest rates is no good for this country as it will only increase inflation and consumer culture. The depositor will feel cheated and find saving schemes useless. Rajan is being favored by industrialists because they were taking full advantage of low interest rates. But what about depositors? 

suni51 wrote:

Cutting interest rates is no good for this country as it will only increase inflation and consumer culture. The depositor will feel cheated and find saving schemes useless. Rajan is being favored by industrialists because they were taking full advantage of low interest rates. But what about depositors? 

I am worried about the retired and widow who depend on interest income for their survival. Those getting pension (including family pension) are better. But there are many who simply got lump sum  retirement benefits like contributory provident fund and accumulated savings. every cut in interest rate adds to their misery.  

@Usha It does not require much wisdom to understand why Rajan was reluctant forr a second term.You villify ,rubbish a self-respecting person's solid achievements in what India is today,yet expect him to agree to a second term!

@Sunil

May I know where did you get that he was batting for low-interest-regime? To my limited knowledge he was pursing a calibrated approach much against the wishes and demands of the corporates whose cause Swamy is championing and had they been successful the results would have been far more didastrous for poor depositors as banks can not pay more than what they earn by way of interest!!!!

@chinmoymukherjee I believe that the bank clean up exercise is on auto-mode, Rajan only expedited things, but it was on the agenda of Reserve Bank's policy all the time. I am disappointed with interest cuts for my personal reasons as I depend on my earning from interest which has gone down by almost 2% in last 2 years or so that means my earning has gone down by 22% or so.

@ chinmoy, Raghuram Rajan has been rubbished by one person Subramanya Swamy only but the PMO has gone ahead with the decision of having him for another term, also I remember Modi himself praising Rajan's work, which goes to show that they did not give any importance to Swamy's words ...with all that if Rajan wanted to leave he probably had other plans , so why make much of it ? There are other talented and capable people in our country to manage the finances as well as he did if not better !

Forgot to add one more point, Rajan took decisions that were opposed by the government because of the negative impact it would have , probably he was taking advise from P Chidambar who brought him in..

usha manohar wrote:

@ chinmoy, Raghuram Rajan has been rubbished by one person Subramanya Swamy only but the PMO has gone ahead with the decision of having him for another term, also I remember Modi himself praising Rajan's work, which goes to show that they did not give any importance to Swamy's words ...with all that if Rajan wanted to leave he probably had other plans , so why make much of it ? There are other talented and capable people in our country to manage the finances as well as he did if not better !

Subramanyam Swamy is a talented and intelligent person, why he is doing all these cheap things. He also advocated to release Asha Ram on bail.

The decision of Rajan is the decision of a honourable person. He was taking standard economic theory based decisions. To contain inflation interest rates have to be increased to mop up excess money supply and when it came down the rates had to be brought down. BJP feels that by making money cheaper by low interest rates investment will go up. This is what industrialists want, because they can reap more profits with less effort. Also Rajan daringly brought out the hopeless condition of banks by telling them to bring NPA's on account books and they all went into losses. It is again proved that no self respecting individual with vision and daring can work in Indian system. Vested interests will sooner or later eject him out. If Modi wanted him could others have dared to gang up against him. Why is he being isolated from wrongs of the govt. by some forum bhaktas.

vijay wrote:

The decision of Rajan is the decision of a honourable person. He was taking standard economic theory based decisions. To contain inflation interest rates have to be increased to mop up excess money supply and when it came down the rates had to be brought down. BJP feels that by making money cheaper by low interest rates investment will go up. This is what industrialists want, because they can reap more profits with less effort. Also Rajan daringly brought out the hopeless condition of banks by telling them to bring NPA's on account books and they all went into losses. It is again proved that no self respecting individual with vision and daring can work in Indian system. Vested interests will sooner or later eject him out. If Modi wanted him could others have dared to gang up against him. Why is he being isolated from wrongs of the govt. by some forum bhaktas.

I am agree with you for you views for RRR. No doubt he is great economist. In whole term his focus is on making strong to Indian economy. He is not a yes man.

@Usha The point you forgot which you added later strenghtens my apprehension about the kind of smear campaign that this honorable man has confronted to finally opt for the the only choice that a person of his stature left with.You make me believe that he has been doing Chidambaram's bidding throwing all his professional expertise and ethics -hah!! I respect your views but let us agree to disagree this time. 

@Sunil

Let us remain faithful to facts and figures. A closer look at balance sheets of banks would convince even a school student of the massive fraud which the management of these have been perpetrating on the gullible people which has been resisted and exposed by Rajan. You talk of the plight of fixed income earners who are outside the protective care for organized sectors which constitute barely 12% of the populace and it is horror days for them not 'acche din' promised by Modi!! Arun Jaitley with declared assets over 50 crores could be inhumnly insensitive to their plight but how a person who takes great pride in earlier avatar as'chaiwalla' could be so! I request you to minutely follow Rajan's decisions on monetary policies taken at different quarters during his tenure to understand the kind of pulls and pressures to resist rate cuts.Had he obliged Swamy and his ilk - mind you he is just not one representing a horde - your income would have taken a nose-dive!!""

chinmoymukherjee wrote:

@Usha The point you forgot which you added later strenghtens my apprehension about the kind of smear campaign that this honorable man has confronted to finally opt for the the only choice that a person of his stature left with.You make me believe that he has been doing Chidambaram's bidding throwing all his professional expertise and ethics -hah!! I respect your views but let us agree to disagree this time. 

I don't think it is a smear campaign on a person of his stature , but it could be a reality since Chidambaram brought him in and he owes it to him ! If at all there was any interference I would blame only Chidambaram for taking advantage rather than blame Rajan who has done a stupendous job. Believe me I am all for Rajan to have continued a second term but for a apolitical person it would be a difficult position, being pulled in two directions, probably why he decided to leave..

RBI Goverenor, Raghuram Rajan has said, he was an academic and he made it clear that his ultimate home is in the realm of Ideas. He would be resigning after his term on Sept,2016.

@Usha Rajan is not as talented as Swami when it comes to exploiting misinformation and disinformation but what pains me that you lend credence to this conspiracy theory that Rajan an economist of global standing would be so low on self-esteem to be working in tandem with Chidambaram to wreck the Indian economy!!! Modi and his men have done nothing to protect his honor when Swami portrayed Rajan as a treacherous, unpatriotic saboteur!! You argue that Rajan leaves on his own then how come he talks about

his ' unfinished job'? 

No doubt India would have been better off with Rajan at the helm of affairs but I am sure they will find someone equally competent to handle the job ... If Swamy had not been so vociferous in his verbal attacks, Rajan's exit when it happened probably would not have caused such a ripple as this because governors have come and gone so far without much public notice...

Meanwhile, on the fear of Rajan's ardent supporters that India will not survive the Rajan's exit, let me say that those are overstated of course, for two reasons. The first is that Rajan himself has set up a process that helps to make the Indian central bank less dependent on a single brilliant individual. More importantly, the government may well have found someone who is equally bright to replace Rajan, and no man can ever be called indispensable.

But losing Rajan, while hardly a catastrophe for the Indian economy, does not show the government’s talent management abilities in good light. Whether one agreed with his economic policies or not, there is no doubt that Rajan is a highly talented economist at the peak of his powers – and the government should at least have made an effort to keep him.

http://www.dailyo.in/business/raghuram-rajan-rbi-repo-rates-psu-banks-subramanian-swamy-arun-jaitley-indian-economy-narendra-modi/story/1/11266.html

And now Swami attacks Arvind Subramaniam. The divine leader will keep quiet. The joke going around is that Nihalani and Rajan should have exchanged places, the former would cut interest rates and the latter would not cut any scene.