By easing out Raghuram Rajan, the BJP has shown its intolerance of talent, while it is comfortable with the likes of Gajendra Chauhan (FTII), Sudarshan Rao (ICHR), Pahlaj Nihalani (CBFC) and Chetan Chauhan (NIFT), not exactly known for their brilliance.
There is no noticeable reason other than Rajan’s fierce spirit of independence to explain why the Government has come to see him more as a liability than an asset despite his mastery of the inexact science of economics. His ‘forced’ exit at a time when the premier economist is most needed to steer and shore up India’s economy is an eloquent comment on BJP’s commitment to ‘India First’.
‘Rexit, it is, on his own terms’ by Raghuvir Srinivasan (June 20) is one of the best write-ups on the subject. Apart from the Government, no one else would be happy over the exit of the present RBI governor.
Vazhuthur Raghavan
Bengaluru
The Government had every right to appoint a new governor after September. It was saying as much even till last week. Yet it clearly intended to send a message to a much larger audience: you are with us or against us. The outcome could be sadly counterproductive. R Narayanan
Ghaziabad, Uttar Pradesh
The Government has played into the hands of Subramanian Swamy. This decision is bound to halt the process initiated by the governor to clean up bank balance sheets. His exit will send wrong signals to the financial world.
K George Varghese
Kochi
Given a ruling dispensation prickly about independent views, the governor has made the right decision, guided by the overriding consideration of preserving the credibility of the institution of the RBI. The timing of the decision must have been influenced by the need to put a quick stop to media speculation and attacks on his personal integrity.
Chandramohan Nair
Trichy, Tamil Nadu
Strange are the ways of the Government. It picks a former cricketer to head the National Institute of Fashion Technology and shows the door to a globally acclaimed economist. Arun Jaitley’s statement that the RBI chief wanted to go back to academics at the end of his assignment and the Government respects his decision, is contradicted by Rajan’s statement that he was open on the question of a second term but after consultation with the Government, decided to quit. His exit will be a setback for investors and the economy.
MC Joshi
Lucknow
Trendsetters of the sky
The first batch of women fighter pilots being inducted in the IAF is a matter of pleasure to every Indian. It’s a milestone aimed to create a semblance of gender parity in the armed forces. This will encourage others to follow suit.
HP Murali
Bengaluru
Nominee’s important
This is with reference to ‘Choosing a nominee for your assets’ by Maulik Madhu (June 20). The appointment of a nominee for your assets is essential. If the appointment does not take place correctly, the assets may be transferred or passed away. The procedure will become difficult as it is necessary to submit a court-obtained succession certificate apart from other documents. The nominee should also be educated about the certificates to be submitted in case of death of the property holder.
S Muthulakshmi
Virudhunagar, Tamil Nadu
Big shoes to fill
With reference to the articles on Raghuram Rajan (June 20), there will be discussions around what made him take this decision. Our country’s economy is dependent on many internal and external factors, and how the world perceives us as an investment destination surely impacts the direction of our economy. Rajan was clearly seen as a man in control of our economy and was taking it in the right direction with some strict measures. It would be a blunder if Subramanian Swamy or the BJP consider this development their victory, because that is the last message this government would like to send to the people of this country. Whoever succeeds Rajan will be stepping into big shoes.
Bal Govind
Noida, Uttar Pradesh
No self-respecting individual, leave alone an internationally acclaimed professional, worth his or her salt, would seek to continue in government if it is bent upon playing politics in governance rather trying to ensure good governance in politics. The undoing of Rajan is that he did not succumb to pleasing the boss, and the fact that he was appointed by the Congress government. The very image of the BJP, in world economics and politics, is now at stake.
RS Raghavan
Bengaluru
Rajan’s decision has shaken up investors’ confidence and has deeply pained economists, India Inc, leading bankers and outstanding foreign individuals such as Christopher Wood, MD of CLSA who said “Rupee at big risk if Raghuram Rajan’s term, not renewed”. Manipal Global Education chairman Mohandas Pai termed the event as “a very sad day for us, great talent driven away by malcontents, cronies, deeply concerned”. It is sad that real talent failed to get recognised in the country. Our government needs to introspect on this.
Jayant Mukherjee
Kolkata
Good idea
This is with reference to ‘Healthy learning curve’ by Jinoy Jose P (From the Viewsroom, June 20). Linking admissions to vaccinations is the best way for children below 5. The Centre and other State governments should also make it mandatory even for private schools. Parents in remote places, and tribal people, should be made aware of the importance of these vaccinations for their children.
Vedula Krishna
Hyderabad
Illogical charges
I was levied a transaction charge of ₹23 for withdrawing ₹100 from an ATM near my house. This amounts to 23 per cent interest, almost equivalent to the local money-lender’s exploitative charges. The transaction charges are the same for any amount but the debatable point is the financial impact on an average person who earns around ₹12,000 and draws a minimum of ₹400 every day and who ends up paying ₹500. The Government should urge banks to levy charges on high value transactions, otherwise the concept of financial inclusion will be difficult to implement.
Vikram Sundaramurthy
Chennai
Clarification
With reference to the report, ‘Govt to soon decide on Rajan’s successor’ (June 20), S Gurumurthy has stated: “I was surprised when I saw in your paper my name as one of the probables for RBI governor’s position. There is absolutely no truth in this. Those who know me in the system know I am not available for any position in the government.”
The report was based on information from highly-placed sources. However, we are placing this clarification on record in view of Gurumurthy’s statement.
— Editor
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