Rajya Sabha MP and BJP leader Subramanian Swamy has said that he had started ‘exposing’ outgoing RBI Governor Raghuram Rajan from as early as 2013.

Speaking to newspersons here, he said that he “didn’t get Rajan out” as is being alleged. He had merely brought to the knowledge of the government “all things that he did to ruin the economy”.

‘No degree in economics’

Of course, in 2014, when the BJP formed the government, Swamy had advised it against retaining him.

Rajan is actually a B. Tech student from IIT and a management student from MIT, Swamy said, adding that Rajan doesn’t have a formal degree in economics, which is a complex subject.

“I’ve been a professor of economics for almost 50 years, have taught in the best universities, and been a joint author with world-famous people of the likes of Paul Samuelson.

“I know the subject; it’s a very complex one. There’s no simple rule that if you raise interest rates, prices will come down.”

What happened here is that as Rajan raised interest rates, the cost of capital went up. Subsequently, SMEs closed down; unemployment increased; SMEs couldn’t pay back their loans and banks ended up with NPAs on books, explained Swamy.

“So, I brought it to the notice of the government. If they wanted to retain Rajan, theycould have; thanks very much. I don’t go beyond that.

“I can’t dictate to the government. Narendra Modi is a man who knows his mind. Nobody can force him to do anything,” Swamy noted.

“I didn’t know that the government was going to remove Rajan. Show me a single statement of mine where I said I knew that he was being denied a second term.”

Kejriwal’s credentials

Separately, Swamy has also asked Delhi Chief Minister Arvind Kejriwal to come clean on his IIT-Kharagpur degree.

Citing RTI answers, Swami said Kejriwal did not come through competitive exams.

“RTI papers show…..Kejriwal has no rank. It is a clear sign that he made it through other methods than entrance exams,” Swamy said.

“Finally the government realised this in 2005…but between 1952 and 2005, it has been going on regularly. Kejriwal got into the IIT in 1985.

“Kejriwal’s father was an employee of the Jindals. It appears they had gifted the IIT seat to Kejriwal.

So the man who talks about the poor people being denied these privileges, is himself is a product of these privileges, Swamy said of Kejriwal.

“So I call upon Kejriwal to give an explanation if did he get into IIT through exams or through skulduggeries that used to take place.”

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