This refers to the recent attack on the RBI Governor Dr. Rajan by BJP MP Subramanian Swamy. He has performed well in his 1st term as a governor of India and has proved himself all over the world. Rajan’s credentials are impressive as he has high academic qualifications and also has held top international positions in the past, and so to analyse and to point out mistakes in his complicated policy decisions would be difficult even for good economists. His background is an open book of intelligence, integrity and innovation and he should be given due respect by extending his tenure automatically. It is a fact that political interference in RBI functions is increased too much, which will impact the monetary policy. Subramanian has nothing specific to contribute to India except raise mud against his opponents. His comments are only a stretch of his imagination. Appreciation made by Jaitley for Rajan is a rare asset the country has and is the reason for the faith of the whole world on the Indian economy and banking system. However, Rajan does not need certificate from the finance minister either. India needs many Rajans very badly, at this time of mediocrity ruling the nation. At a time when India is currently having dearth of people with knowledge, vision and honesty, Rajan is a beacon amongst almost all other mediocre. He is a man of action and if he criticizes anything there must be some valid reason. The RBI Governorship is a position with significant public interests in the era of globalized economy. It is to be remembered that a doctor may save patients at a time with study of medicine, whereas an Economist can save the whole nation with the study of economic principles.
Vinod C. Dixit
(The views expressed by the author in the article are his/her own.)