Folks, the last time I had raised a rhetorical question if we shall ever see an end to the most illogical "Hate Modi Hate BJP" campaign by a section of the media ? The question still remains open.
Now, RBI Chief Raghuram Rajan has finally said that he does not want a second term. Can we take him seriously ? My feeling or view is negative, because going by his recent utterances, it can easily be surmised that he was expecting at least an extension of his term, if not a full term of 3 years. Now he has stated otherwise. Is it because he was expecting some signals from Govt which did not come ?
Or was the diatribe unleashed by Rajya Sabha MP Subramaniam Swamy responsible for his saying 'goodbye' in a huff ? Was he expecting the Govt / PM / FM to defend him more vociferously or to do something to stop the sharp attacks by Swamy ? Did he decide to quit since it has not happened ?
Now look at it from a different angle. Govt / PM / FM had already stated that the decision regarding an extension of his term, if it were to be so, or the selection of his successor will be taken up in due course or at the most appropriate time which was expected to be during the month of August 2016.
Just a few days earlier, Rajan had himself made light of the continuous media interest on this issue and had asked them to wait. Hence, this sudden announcement made by Rajan comes as a surprise.
As would be expected, media is going berserk in the wake of his his saying 'goodbye'. It is being made out as if Rajan leaving RBI would lead to a big catastrophe. Some are taking up cudgels on behalf of industry. But what is so hugely annoying is that some guys are blaming 'Hindutva' for it.
No need to mention that share market would plunge and a swift weakening of Rupee would certainly be witnessed on Monday but it is not the end of the world. We have seen the crisis of 1990-91. USSR, our most trusted ally and sadly an exploiter, had disintegrated. Russia, the largest and most powerful state, was itself struggling to survive and other states, except a few big ones, had just been forgotten.
The crisis of 1991 had forced the country to accept a drastic change in the basic policy structure. The needless chest thumping in the name of socialism was shunned for good and India was persuaded to embrace capitalistic culture. Well, we needed funds from the global financial bodies created and nurtured by the capitalist nations. All the dogma was dumped and we agreed to sign on dotted lines in order to save us from the hole we had landed ourselves in while yearning for socialistic manna.
Coming back to this day, a question arises as to what did Rajan aim to gain by saying a full throat well publicised 'goodbye' to his colleagues and whether it may be seen as a pressure tactics or as a deliberate hit back by a disgruntled technocrat who has been spurned by the political masters.
The question is whether destiny of one billion and a quarter plus Indians can be left in the hands of just this one man. Well, some say he is a wizard. Let him be. In fact, he appears more keen to go out. Perhaps, the paltry salary of Rs. 2 lakh per month might be the reason. It is far too less for the man since a person of his stature may easily earn this much in just 1 week - say in just 5 days.
Also, if he was sincerely expecting an extension of his term, he could have maintained at least the basic decorum. Officials are not expected to throw regular taunts and barbs at political bosses. Hope you agree that despite autonomy of RBI, its Gov still remains a Govt officer.
And if you may look at it from a different perspective . please tell us if there was any need to cry ''goodbye folks'', full 78 days ahead of the due date. Unless he plans to go away sooner, his term officially ends on Sept 04. Views may differ on various related issues but one thing is sure that he has not done any great service to the nation by this premature announcement of his intended exit.
Now, RBI Chief Raghuram Rajan has finally said that he does not want a second term. Can we take him seriously ? My feeling or view is negative, because going by his recent utterances, it can easily be surmised that he was expecting at least an extension of his term, if not a full term of 3 years. Now he has stated otherwise. Is it because he was expecting some signals from Govt which did not come ?
Or was the diatribe unleashed by Rajya Sabha MP Subramaniam Swamy responsible for his saying 'goodbye' in a huff ? Was he expecting the Govt / PM / FM to defend him more vociferously or to do something to stop the sharp attacks by Swamy ? Did he decide to quit since it has not happened ?
Now look at it from a different angle. Govt / PM / FM had already stated that the decision regarding an extension of his term, if it were to be so, or the selection of his successor will be taken up in due course or at the most appropriate time which was expected to be during the month of August 2016.
Just a few days earlier, Rajan had himself made light of the continuous media interest on this issue and had asked them to wait. Hence, this sudden announcement made by Rajan comes as a surprise.
As would be expected, media is going berserk in the wake of his his saying 'goodbye'. It is being made out as if Rajan leaving RBI would lead to a big catastrophe. Some are taking up cudgels on behalf of industry. But what is so hugely annoying is that some guys are blaming 'Hindutva' for it.
No need to mention that share market would plunge and a swift weakening of Rupee would certainly be witnessed on Monday but it is not the end of the world. We have seen the crisis of 1990-91. USSR, our most trusted ally and sadly an exploiter, had disintegrated. Russia, the largest and most powerful state, was itself struggling to survive and other states, except a few big ones, had just been forgotten.
The crisis of 1991 had forced the country to accept a drastic change in the basic policy structure. The needless chest thumping in the name of socialism was shunned for good and India was persuaded to embrace capitalistic culture. Well, we needed funds from the global financial bodies created and nurtured by the capitalist nations. All the dogma was dumped and we agreed to sign on dotted lines in order to save us from the hole we had landed ourselves in while yearning for socialistic manna.
Coming back to this day, a question arises as to what did Rajan aim to gain by saying a full throat well publicised 'goodbye' to his colleagues and whether it may be seen as a pressure tactics or as a deliberate hit back by a disgruntled technocrat who has been spurned by the political masters.
The question is whether destiny of one billion and a quarter plus Indians can be left in the hands of just this one man. Well, some say he is a wizard. Let him be. In fact, he appears more keen to go out. Perhaps, the paltry salary of Rs. 2 lakh per month might be the reason. It is far too less for the man since a person of his stature may easily earn this much in just 1 week - say in just 5 days.
Also, if he was sincerely expecting an extension of his term, he could have maintained at least the basic decorum. Officials are not expected to throw regular taunts and barbs at political bosses. Hope you agree that despite autonomy of RBI, its Gov still remains a Govt officer.
And if you may look at it from a different perspective . please tell us if there was any need to cry ''goodbye folks'', full 78 days ahead of the due date. Unless he plans to go away sooner, his term officially ends on Sept 04. Views may differ on various related issues but one thing is sure that he has not done any great service to the nation by this premature announcement of his intended exit.
