Arab Today, arab today indias economic image receives dent
Last Updated : GMT 02:01:08
Arab Today, arab today
Arab Today, arab today

India's economic image receives dent

Arab Today, arab today

Arab Today, arab today India's economic image receives dent

India's economic image receives dent
New Delhi - Arab Today

The decision by India’s Reserve Bank Gov. Raghuram Rajan to stand down at the end of his term and return to the United States is an embarrassment for India’s fiscal ambitions on the global stage. Rajan was handpicked by Prime Minister Narendra Modi and even given the wink that he could be elevated to a cabinet rank. Modi had plans to use the Rajan reputation to advantage if one is to believe the rumors which ricochet off the corridors of power in New Delhi.
What then went wrong and slowed down India’s emerging fiscal power juggernaut?
Clearly, Arun Jetley and his tacit if not needlessly shrill support from Subramaniam Swamy who had no real reason to declare war conspired to keep Rajan at bay and clip his wings.
In all fairness Rajan’s outspoken manner and his willingness to give opinions on issues unrelated to his role fed the hostile machine as Jetley adroitly allowed Swamy to create a furore every few days. Rajan spoke of corrupt politicians, the obtaining of wasteful educational degrees, mocked the way the government was allowing inflation to eat into the common man’s disposable income and generally was to put it bluntly, blunt.
Also working against his tactics was former Reserve Bank Gov. Gurumurthy and this triumvirate vexed Modi enough to backtrack on using Rajan as his ace in the hole to attract foreign investment and give credibility to the Modi era economic policies. The shabbiness of the departure hastened by Rajan himself shows the huge gap that had formed between him and Modi.
The prime minister, who had once referred to Rajan as the best "economics teacher" on the planet was clearly motivated and irritated by Rajan’s criticisms of current governance and piqued that his choice was putting his government to the sword.
While Rajan will disappear into history and Jetley and co. will promise to fill in the void on the global stage the fact is that Modi displayed relatively thin skin and was unable to take either the "betrayal" as he saw it by Rajan’s honesty and must now contend with the fallout.
To that extent he is on the hot spot because he now has to depend that much more on Jetley and also contend with the naked ambitions of Swamy who will most definitely make a bid to be a considered replacement.
Thing is the world may not be interested in India’s realpolitiks and intrigue and be a little more concerned with the message that dumping Rajan sends out.
One that underscores the promise of a robust economic revolution.
One that indicates a fall back to old practices that have proven to have failed.
One that stresses the fact the Modi brooks no resistance even if he has to let the best man go.
For India the doubt that the more things change the more they stay the same.
True, Rajan is not indispensable but was he thrown under the bus for bigger interests and his refusal to lower interest rates and let the big boys of business pay less on their huge loans?

Source: Arab News

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today indias economic image receives dent Arab Today, arab today indias economic image receives dent

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 06:01 2017 Sunday ,26 February

BRIC funds see inflows amid emerging equity boom

GMT 05:43 2017 Sunday ,26 February

Al-Gergawi quits Dubai Holding to focus on govt role

GMT 05:14 2017 Sunday ,26 February

Oil prices to average $50-$70 through 2022

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 01:04 2017 Tuesday ,28 February

Nokia 3310 is back — and so is 'Snake'

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday