Subramanian Swamy’s letter to PM Modi for Raghuram Rajan's termination

Reserve Bank of India (RBI) Governor, Raghuram Rajan’s current three-year term is ending this September. Before ending of the term itself the controversy for the governor’s tenure has started.

Senior Bharatiya Janata Party (BJP) leader and Rajya Sabha member Subramanian Swamy on May 16, has written to the Prime Minister Narendra Modi, seeking the dismissal of RBI Governor Raghuram Rajan. Swamy blamed Rajan of ‘harming the nation's economy’.  He also added that due to Dr. Rajan the Indian economy has been damaged during his tenure.

Swamy also accused Rajan for increasing public sector bank’s non-performing assets by two folds to Rs 3.5 lakh crore in last two years. The letter also included that RBI Governor's focus moved from WPI to consumer price index (CPI), which has not however declined because of retail prices. Meanwhile, Rajan is stuck in wholesale price index (WPI) and interest rates.

Swamy also blamed Rajan of "acting more as a disrupter of the Indian economy than the person who wants the Indian economy to improve." He also said Rajan is "mentally not fully Indian" because he holds a Green Card.

The RBI Governor is not appropriate for the country. Therefore, Swamy urged for termination of Dr. Raghuram Rajan in the national interest. Meanwhile, The RBI Chief earlier indicated his interest in a second term. Rajan, had earlier served as the Chief Economist of IMF and is known as a key commentator on financial issues globally; and is the on-leave professor of Finance at the University of Chicago's Booth School of Business.