Raghuram Rajan 'mentally not fully Indian', sack him, Subramanian Swamy writes to PM Modi

[INDIAPOSITIVE]

HIGHLIGHTS

1. Rajan is in this country on a Green Card provided by the US government and therefore mentally not fully Indian: Swamy
2. "The RBI governor is wilfully and deliberately wrecking the Indian economy"

Raghuram Rajan 'mentally not fully Indian', sack him, Subramanian Swamy writes to PM Modi

NEW DELHI: BJP leaderSubramanian Swamyhas written a letter to Prime Minister Narendra Modi seekingimmediate sacking of Raghuram RajanasRBIgovernor.

"The RBI governor is wilfully and deliberately wrecking the Indian economy," Swamy has written in the letter, adding, "He is mentally not fully Indian."

"The reason why I recommend this is that I am shocked by the wilful and apparently deliberate attempt by Dr Rajan to wreck the Indian economy," Swamy has written.

Bad loans with public sector banks have doubled to Rs 3.5 lakh crore in two years, Swamy said.

"These actions of Dr Rajan lead me to believe that he is acting more as a disrupter of the Indian economy than the person who wants the Indian economy to improve.

"Moreover he is in this country on a Green Card provided by the US government and therefore mentally not fully Indian. Otherwise why would he renew his Green Card as RBI governor by making the mandatory annual visit to the US to keep the Green Card current?" he has written.

Swamy in his letter to the Prime Minister said the BJP came to power under his inspiring leadership. "I cannot see why someone appointed by the UPA Government who is apparently working against Indian economic interests should be kept in this post when we have so many nationalist minded experts available in this country for the RBI governorship."

He urged Modi "to terminate the appointment of DrRaghuram Rajanin the national interest."

Rajan was appointed RBI governor by the previous UPA government in September 2013 for a three-year term, which can be extended.

The BJP leader had last week suggested thatRaghuram Rajan be removedfrom the post as he was responsible for "unemployment and collapse" of industrial activity.

"In my opinion, RBI governor is not appropriate for the country. I don't want to speak much about him. He has hiked interest rates in the garb of controlling inflation that has damaged the country," Swamy had told reporters in Parliament House.

Swamy's salvo against Raghuram Rajan came amid reports of theRBI chief being interested in a second term.

When asked about the possibility, Rajan had recently said "he has enjoyed every moment of the job but there is 'more to do' ".

"There is a lot of fulfillment from making things actually happen for improving the environment... I have enjoyed every moment of the job," Rajan said here.

On Monday, finance ministerArun Jaitleyhad refused to be drawn into the controversy, but said there is a "mature relationship" between the central bank and the government.

"As far as thefinance ministryand RBI are concerned, there is an institutional relationship between the two. It is a very mature relationship. We at the highest level at the two institutions have discussion and each other views is considered between us," he said.

To a question whether Rajan is getting an extension, he quipped "these are not issues which we discuss through the media."

(With inputs from agencies)

http://timesofindia.indiatimes.com/...my-writes-to-PM-Modi/articleshow/52305377.cms

 

[Nimitam]

Interesting. Raghuram Rajan is a US green card holder.

In most jobs that would be called "Conflict of Interest" ............ clearly in India anything goes. Maybe the next Chief Justice of SC can be a green card holder too.

 

[Bombermanx1]

Interesting. Raghuram Rajan is a US green card holder.

In most jobs that would be called "Conflict of Interest" ............ clearly in India anything goes. Maybe the next Chief Justice of SC can be a green card holder too.

When Siddarth Vardarajan was sacked as Editor of THE HINDU newspaper for being a US Citizen, why is Raghuram Rajan not removed from RBI Governors post? as he is technically US citizen enjoying the post of Government official.
Does any other country allow people who possess another nations citizenship into its most sensitive and crucial government posts?
Why is India still keeping this guy, lose him,get another one.

 

[Sky lord]

First of all a green card is a work permit not a citizenship document, you cannot vote with a green card.

Secondly Swamy himself must at some point have had a green card to be able to work at Harvard!

Thirdly inflation control is a political compulsion in India, the previous UPA govt had given clear instructions to RR that inflation control was to be a priority over growth.

I think Swamy should make a better argument than this if he thinks RR needs to go. He may just be dumbing down the argument for non economists but green card or not shouldn't be a criteria, we can't cut off well qualified Indians because they once worked in the US. Jayant Sinha is a green card holder and still maintains his house in Boston.

Having said all that, it may be time for a more business and growth oriented central banker.

 

[Nimitam]

First of all a green card is a work permit not a citizenship document, you cannot vote with a green card.

Secondly Swamy himself must at some point have had a green card to be able to work at Harvard!

Thirdly inflation control is a political compulsion in India, the previous UPA govt had given clear instructions to RR that inflation control was to be a priority over growth.

I think Swamy should make a better argument than this if he thinks RR needs to go. He may just be dumbing down the argument for non economists but green card or not shouldn't be a criteria, we can't cut off well qualified Indians because they once worked in the US. Jayant Sinha is a green card holder and still maintains his house in Boston.

Having said all that, it may be time for a more business and growth oriented central banker.

You are wrong.

A Green Card is a PERMANENT RESIDENCY DOCUMENT. It denotes his desire to settle in the US at some point in time, especially since he has taken effort to RENEW his Green Card.

This is quite a serous conflict of Interest. How can anyone be sure that his decisions are in India's best interest and not in US interest ?

Also Dr. Swamy could have worked with an H1 Visa like many Indians. It is disingenuous to claim that he had a green card.

Dr. Swamy's argument is not against inflation, its about making credit available for growth. Higher interest rate makes loan less business friendly and loans more difficult to return thus increasing the NPA and depressing the economy.

Though Dr. swamy may be dumbing down the argument, the Green Card is certainly a very valid concern. Let Rughuram Rajan public return his Green Card if he values the post so much.

If he values the Green Card more, then it is better he steps down as Governor of RBI.

 

[Sky lord]

You are wrong.

A Green Card is a PERMANENT RESIDENCY DOCUMENT. It denotes his desire to settle in the US at some point in time, especially since he has taken effort to RENEW his Green Card.

This is quite a serous conflict of Interest. How can anyone be sure that his decisions are in India's best interest and not in US interest ?

Also Dr. Swamy could have worked with an H1 Visa like many Indians. It is disingenuous to claim that he had a green card.

Dr. Swamy's argument is not against inflation, its about making credit available for growth. Higher interest rate makes loan less business friendly and loans more difficult to return thus increasing the NPA and depressing the economy.

Though Dr. swamy may be dumbing down the argument, the Green Card is certainly a very valid concern. Let Rughuram Rajan public return his Green Card if he values the post so much.

If he values the Green Card more, then it is better he steps down as Governor of RBI.

Ok, I stand corrected about the green card, it is a Permanent Residency document and gives more privileges than just a work permit. The point I was making is that it is NOT the same as citizenship.

No one can tell what is going on in RRs mind but there are plenty of Indians born and bred in India who have never stepped out of the country who happily sell India to anyone willing to pay. That Tamilian guy who took money from an US university to stop the nuclear power station in Tamil Nadu did so for a lowly sum of $40k. He kept an entire state short of power for some petty cash. You can merrily work against India's interest while holding down all the "son of the soil" requirements. The BJP has a shortage of experienced talent and they should take it wherever they find it after proper vetting of course.

I would rather have an American educated person than another Nehruvian socialist.

The banks in India are in a mess because the politicians have been writing off loans to their vote banks and pet projects. I dont think it is as easy as all that to re capitalize the banks. Ideally it should be a slow process with the increase in number of private banks and the slow re-capitalization of public sector banks. I think the governments has already started introducing efficiency measures to public banks. I remember hearing about several steps.


@Rain Man @Nilgiri @Pumba

Do you have an opinion on this?

 

[Nimitam]

Ok, I stand corrected about the green card, it is a Permanent Residency document and gives more privileges than just a work permit. The point I was making is that it is NOT the same as citizenship.

No one can tell what is going on in RRs mind but there are plenty of Indians born and bred in India who have never stepped out of the country who happily sell India to anyone willing to pay. That Tamilian guy who took money from an US university to stop the nuclear power station in Tamil Nadu did so for a lowly sum of $40k. He kept an entire state short of power for some petty cash. You can merrily work against India's interest while holding down all the "son of the soil" requirements. The BJP has a shortage of experienced talent and they should take it wherever they find it after proper vetting of course.

I would rather have an American educated person than another Nehruvian socialist.

The banks in India are in a mess because the politicians have been writing off loans to their vote banks and pet projects. I dont think it is as easy as all that to re capitalize the banks. Ideally it should be a slow process with the increase in number of private banks and the slow re-capitalization of public sector banks. I think the governments has already started introducing efficiency measures to public banks. I remember hearing about several steps.


@Rain Man @Nilgiri @Pumba

Do you have an opinion on this?

What kind of logic is that ?

Just because some Indians are spies for pakistan, you want to make that acceptable ? Just because thieves exist in society, you want to make theft acceptable ? After all a convicted thief might have many good qualities too ...... so let us give him benefit of doubt and keep him out of jail ?

There is a difference between 'Sufficient Condition' and "Necessary Condition".

Having absolute loyalty to India is a NECESSARY CONDITION for holding an constitution post or any Statutory or Regulatory position. That should never be open for Negotiations.

Reducing the interest rates INCREASES the Risk to the Banks and it makes them that much more careful in giving out bad loans.

It is BECAUSE interest rates are so high and the banks can cover up their losses , that they are ready to issue bad loans under pressure or favour.

If you want to eliminate bad loans, REDUCE interest rates and make the Banks work for their money rather than making the industry and rest of India work to make the bank rich.

Common sense is not very common.

 

[Sky lord]

What kind of logic is that ?

Just because some Indians are spies for pakistan, you want to make that acceptable ? Just because thieves exist in society, you want to make theft acceptable ? After all a convicted thief might have many good qualities too ...... so let us give him benefit of doubt and keep him out of jail ?

There is a difference between 'Sufficient Condition' and "Necessary Condition".

Having absolute loyalty to India is a NECESSARY CONDITION for holding an constitution post or any Statutory or Regulatory position. That should never be open for Negotiations.

Reducing the interest rates INCREASES the Risk to the Banks and it makes them that much more careful in giving out bad loans.

It is BECAUSE interest rates are so high and the banks can cover up their losses , that they are ready to issue bad loans under pressure or favour.

If you want to eliminate bad loans, REDUCE interest rates and make the Banks work for their money rather than making the industry and rest of India work to make the bank rich.

Common sense is not very common.

But this is the logic that Swamy is using, ie that RR is a holder of a green card and renewed it, hence his patriotism is suspect. As far as I can see, it is NOT, until he does something that shows otherwise. He is more left leaning and maybe not suitable for a right of center government, but that does not make him some kind of an US mole.

BTW RR also has strong opinions against the current insufficiently regulated US financial markets. Does that make him anti-American?

He is allowed to have his point of view without being accused of nefarious reasons.

Patriotism cannot be the ONLY criteria For a job like this. SKILL and KNOWLEDGE are even more important. He does not make decisions alone, he is surrounded by layers of sons of the soil who should be able to tell if he is doing something against India's interests plus there is always the media.

Around the world people in top positions are far more internationalist and have close connections across borders.

The US has no problem with John Kerry having an Iranian son in law, UK has no problem with Tony Blair having an affair with a Chinese woman while in office. Despite their being many obvious traitors in India, We cannot go crazy and mistake every difference of opinion suspect, as you say application of a little common sense is never a bad idea.

 

[Nimitam]

But this is the logic that Swamy is using, ie that RR is a holder of a green card and renewed it, hence his patriotism is suspect. As far as I can see, it is NOT, until he does something that shows otherwise. He is more left leaning and maybe not suitable for a right of center government, but that does not make him some kind of an US mole.

Wrong Again.

India cannot AFFORD to wait for him to compromise Indian interest so that you can make up your mind. (or the rest of India) That is beyond stupid.

A Conflict of Interest is a Conflict of Interest. You cannot spin to make it look less dangerous and give him 'benefit of doubt'.

If he was LEFT leaning then why does he have a Green Card ? that makes him a hypocrite. Is that one of the qualities you seek in a high office ?

BTW RR also has strong opinions against the current insufficiently regulated US financial markets. Does that make him anti-American?

He is allowed to have his point of view without being accused of nefarious reasons.

No one cares about his personal point of view about Sunny Leon. But his view financial views and political views are VERY relevant to the Job he holds.

His POV is limited to private matters not public matters. In ALL public matters his POV has to be aligned with the GoI.

Patriotism cannot be the ONLY criteria For a job like this. SKILL and KNOWLEDGE are even more important. He does not make decisions alone, he is surrounded by layers of sons of the soil who should be able to tell if he is doing something against India's interests plus there is always the media.

I find it had to believe that RR is the ONLY qualified person for the job

If that is your view, I do not share it.

If being surrounded by layers of son of the soil is acceptable, then why not appoint Dawood Ibrahim in RAW ? He clearly has good links in the ISI and can give us very good info. ......... after all if he does something against India, we always have the Media right ? not to mention layers of 'son of soil'.

Around the world people in top positions are far more internationalist and have close connections across borders.

Tell that to me when Indians can get Visa on arrival in the US or Europe. This one sided 'internationalism' leaves me with a bad taste in the mouth.

The US has no problem with John Kerry having an Iranian son in law, UK has no problem with Tony Blair having an affair with a Chinese woman while in office. Despite their being many obvious traitors in India, We cannot go crazy and mistake every difference of opinion suspect, as you say application of a little common sense is never a bad idea.

India is not the US or the UK. You might want India to imitate the west, I do not share your enthusiasm.

India is facing both Islamic and christian hostility (read the latest US report on religious freedom). Western imperialism and Chinese expansionism. While having a wonderful pakistan as neighbour supported by both the US and China.

You might be fine with Sonia Gandhi become PM, a LOT of Indians are NOT.

Come to think of it, Arnold Schwarzenegger never got to be POTUS, did he ?

 

[Sky lord]

Wrong Again.

India cannot AFFORD to wait for him to compromise Indian interest so that you can make up your mind. (or the rest of India) That is beyond stupid.

A Conflict of Interest is a Conflict of Interest. You cannot spin to make it look less dangerous and give him 'benefit of doubt'.

If he was LEFT leaning then why does he have a Green Card ? that makes him a hypocrite. Is that one of the qualities you seek in a high office ?



No one cares about his personal point of view about Sunny Leon. But his view financial views and political views are VERY relevant to the Job he holds.

His POV is limited to private matters not public matters. In ALL public matters his POV has to be aligned with the GoI.



I find it had to believe that RR is the ONLY qualified person for the job

If that is your view, I do not share it.

If being surrounded by layers of son of the soil is acceptable, then why not appoint Dawood Ibrahim in RAW ? He clearly has good links in the ISI and can give us very good info. ......... after all if he does something against India, we always have the Media right ? not to mention layers of 'son of soil'.



Tell that to me when Indians can get Visa on arrival in the US or Europe. This one sided 'internationalism' leaves me with a bad taste in the mouth.



India is not the US or the UK. You might want India to imitate the west, I do not share your enthusiasm.

India is facing both Islamic and christian hostility (read the latest US report on religious freedom). Western imperialism and Chinese expansionism. While having a wonderful pakistan as neighbour supported by both the US and China.

You might be fine with Sonia Gandhi become PM, a LOT of Indians are NOT.

Come to think of it, Arnold Schwarzenegger never got to be POTUS, did he ?

Dude, I can't believe you have put me in a position of having to defend RR when I myself am not sure he is the best pick for central banker!!

However, what I am defending is attacks on his patriotism simply because he has a green card, that is simply NOT on and I will not take part in that.

What conflict of interest are you talking about? Other than his having and retaining his green card, what has he actually knowingly done that is against India's best interest? You can't judge and try a person for what he may do in the future...in that case you and I can both be tried and executed for murder, after all who is to say we won't kill someone in the future??


There are plenty of LEFT leaning people in America. And one of them, a self declared socialist, is currently running to be the nominee of the Democratic Party and future President of the USA. In what alternate universe is it hypocritical to have a green card while having mildly left of center views like RR!


And now you are comparing RR to Dawood Ibrahim just because he has a green card!!

Dude, seriously !!

Ok , entertaining as this has been, I gotta go now, will look in again later. For now TA TA.

 

[dray]

Ok, I stand corrected about the green card, it is a Permanent Residency document and gives more privileges than just a work permit. The point I was making is that it is NOT the same as citizenship.

No one can tell what is going on in RRs mind but there are plenty of Indians born and bred in India who have never stepped out of the country who happily sell India to anyone willing to pay. That Tamilian guy who took money from an US university to stop the nuclear power station in Tamil Nadu did so for a lowly sum of $40k. He kept an entire state short of power for some petty cash. You can merrily work against India's interest while holding down all the "son of the soil" requirements. The BJP has a shortage of experienced talent and they should take it wherever they find it after proper vetting of course.

I would rather have an American educated person than another Nehruvian socialist.

The banks in India are in a mess because the politicians have been writing off loans to their vote banks and pet projects. I dont think it is as easy as all that to re capitalize the banks. Ideally it should be a slow process with the increase in number of private banks and the slow re-capitalization of public sector banks. I think the governments has already started introducing efficiency measures to public banks. I remember hearing about several steps.


@Rain Man @Nilgiri @Pumba

Do you have an opinion on this?

Someone having a green card doesn't make one any less Indian, and those without a green card is not guaranteed to be patriotic Indians, green card is not an issue here. The only thing that matters here is how Raghuram Rajan did his job, I think he was too conservative than he should have been, and he kept the interest rates very high for a bit too long, which was a bad decision imho.

 

[Sky lord]

Someone having a green card doesn't make one any less Indian, and those without a green card is not guaranteed to be patriotic Indians, green card is not an issue here. The only thing that matters here is how Raghuram Rajan did his job, I think he was too conservative than he should have been, and he kept the interest rates very high for a bit too long, which was a bad decision imho.

Great ! You summarized in two short sentences what I tried to say in several paragraphs.

I agree we may need a more business friendly central banker, this gentleman is a little left of centre. Good pick for UPA but not ideal for NDA. His green card is irrelevant.

 

[Laozi]

Someone having a green card doesn't make one any less Indian,

Someone always yearning to go to a Casino doesn't make him like gambling

He may just want to go there to enjoy food or Cabaret

 

[Nimitam]

Dude, I can't believe you have put me in a position of having to defend RR when I myself am not sure he is the best pick for central banker!!

I am not making you do anything. You have put yourself in this position

However, what I am defending is attacks on his patriotism simply because he has a green card, that is simply NOT on and I will not take part in that.

His patriotism is in doubt because he has dual citizenship.

Its like a Man having two wives (or vise versa for political correctness). He cannot claim his absolute love for any one wife.

What conflict of interest are you talking about? Other than his having and retaining his green card, what has he actually knowingly done that is against India's best interest? You can't judge and try a person for what he may do in the future...in that case you and I can both be tried and executed for murder, after all who is to say we won't kill someone in the future??

Do you even understand the CONCEPT of 'Conflict of Interest' ?

Conflict of Interest is defined as having more than one interests, financial or otherwise, one of which could possibly corrupt the motivation of the individual.

Which part of that do you not understand ? He is not required to do anything to prove of disprove it. The very fact that he has TWO interests w.r.t Citizenship has already created a scenario of possible corruption and motivation for corruption.

This is a universal definition and is in effect all over the world. Now unless you are saying that the rest of the world s wrong and you are right there is NOTHING to prove here. NO ONE is going to wait around to see what potential harm he can do or might do or might not do.

Let me put it in a simpler language. No one will give one's house key to a known thief. Why? because its a CONFLICT OF INTEREST.

There are plenty of LEFT leaning people in America. And one of them, a self declared socialist, is currently running to be the nominee of the Democratic Party and future President of the USA. In what alternate universe is it hypocritical to have a green card while having mildly left of center views like RR!

US is not my area of concern.

And now you are comparing RR to Dawood Ibrahim just because he has a green card!!

Dude, seriously !!

Ok , entertaining as this has been, I gotta go now, will look in again later. For now TA TA.

I am comparing RR to Dawood because of your theory that 'son of soil' and 'media' is enough to forestall any evil designs.

RR has US citizenship and Dawood has Pakistani citizenship. Both have unique skills which India can use.

 

[Rajaraja Chola]

I still believe Dr. Raghuram Rajan is one of the best things to happen to India. I sincerely believe he has the ability to forecast the future and he is taking the right steps. Even if he had reduced interest rates before, growth would have stagnated due to global slowdown, and inflation would have sky rocketed.

Now he is winding interest down, and economy will pick up stronger than ever.

Mr. Swamy is wrong on this one. His wish is most likely wont be granted.