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THREAD (Who is Raghuram Rajan?)
1/n
This thread is a reply to an article written in publication "The Print India" where I debunk the theory that Raghuram Rajan is a reformist!
This is nothing but a myth created by the Ecosystem.
Let's begin.
1/n
This thread is a reply to an article written in publication "The Print India" where I debunk the theory that Raghuram Rajan is a reformist!
This is nothing but a myth created by the Ecosystem.
Let's begin.
2/n
The article starts with a narrative that Manmohan Singh saved economy from Balance of Payments crisis in 1991 by Reforms.
Great amount of debate whether this was done by MMS or Late PM PV Narasimha Rao.
We know how PVN Rao was treated by Congress before and after death.
The article starts with a narrative that Manmohan Singh saved economy from Balance of Payments crisis in 1991 by Reforms.
Great amount of debate whether this was done by MMS or Late PM PV Narasimha Rao.
We know how PVN Rao was treated by Congress before and after death.
3/n
The Article glorifies 10 years of MMS misrule.
UPA allegedly presided over some big scams, Terrorist attacks across India, Governance through EGoMs, Parallel cabinet NAC, inflation, minority appeasement..
In 2006, MMS said "Minorities have first right on resources of India"
The Article glorifies 10 years of MMS misrule.
UPA allegedly presided over some big scams, Terrorist attacks across India, Governance through EGoMs, Parallel cabinet NAC, inflation, minority appeasement..
In 2006, MMS said "Minorities have first right on resources of India"
4/n
So the article says Rajan rescued economy in 2013! Wow.
We should learn from them how to revise History.
The question is why India became a Fragile Five country in 2013.
Answer: Poor policy making resulting in High Inflation, High fiscal deficit and low RBI reserves.
So the article says Rajan rescued economy in 2013! Wow.
We should learn from them how to revise History.
The question is why India became a Fragile Five country in 2013.
Answer: Poor policy making resulting in High Inflation, High fiscal deficit and low RBI reserves.
5/n
So here are the answers.
2007:08: Rajan was Chairman of High level Committee on Economic Reforms.
2008-2012: Economic Advisor to PM Manmohan. Pls note this was peak Corporate Phone banking led NPA period.
2012-13: Economic Advisor to FM Chidambaram.
He was always around
So here are the answers.
2007:08: Rajan was Chairman of High level Committee on Economic Reforms.
2008-2012: Economic Advisor to PM Manmohan. Pls note this was peak Corporate Phone banking led NPA period.
2012-13: Economic Advisor to FM Chidambaram.
He was always around
6/n
This Raghuram Rajan not only politicised the RBI chair but also left a time bomb of NPA for @narendramodi
An RTI query in 2018 revealed his intentions. Why didn't he act on this list in 2013? https://m.businesstoday.in/story/rti-finds-raghuram-rajan-sent-list-of-npa-defaulters-to-modi-not-manmohan-singh/1/287243.html
This Raghuram Rajan not only politicised the RBI chair but also left a time bomb of NPA for @narendramodi
An RTI query in 2018 revealed his intentions. Why didn't he act on this list in 2013? https://m.businesstoday.in/story/rti-finds-raghuram-rajan-sent-list-of-npa-defaulters-to-modi-not-manmohan-singh/1/287243.html
7/n
The article calls him "Man for the Job" to repair Indian Economy.
The fact is that Indian Economy is already under repair mode. Tons of Reforms like JAM Trinity, GST, RERA and IBC have broken the back of corruption. There Reforms are inherently deflationary in nature.
The article calls him "Man for the Job" to repair Indian Economy.
The fact is that Indian Economy is already under repair mode. Tons of Reforms like JAM Trinity, GST, RERA and IBC have broken the back of corruption. There Reforms are inherently deflationary in nature.
8/n
This man Raghuram Rajan had/has contempt not only for Modi but his colleagues at RBI. He is NOT a REFORMIST.
In the article below, he said that he felt that the Idea of FCNR deposits to boost RBI reserves was IDIOTIC.
Later he thought it to be good https://m.economictimes.com/industry/banking/finance/i-thought-fcnrb-was-idiotic-but-now-it-seems-brilliant-raghuram-rajan/articleshow/53674222.cms
This man Raghuram Rajan had/has contempt not only for Modi but his colleagues at RBI. He is NOT a REFORMIST.
In the article below, he said that he felt that the Idea of FCNR deposits to boost RBI reserves was IDIOTIC.
Later he thought it to be good https://m.economictimes.com/industry/banking/finance/i-thought-fcnrb-was-idiotic-but-now-it-seems-brilliant-raghuram-rajan/articleshow/53674222.cms
9/n
The article further states that Rajan is liked by Middle Class. What a joke!
People don't even have time to get into RBI policy details. This is the same glorified Economist who endorsed #NYAY scheme of INC in 2019 Loksabha Elections. Middle Class Voters rejected this Idea.
The article further states that Rajan is liked by Middle Class. What a joke!
People don't even have time to get into RBI policy details. This is the same glorified Economist who endorsed #NYAY scheme of INC in 2019 Loksabha Elections. Middle Class Voters rejected this Idea.
10/n
So, Rajan is being projected as next Prime Minister on following arguments:
1. NRI, CEO connections
2. Women and Middle Class Voters
3. Rajan can speak Hindi (Joke!)
4. National appeal.
5. Symbol of New contract between Aspirational Indian and Congress Party.
So, Rajan is being projected as next Prime Minister on following arguments:
1. NRI, CEO connections
2. Women and Middle Class Voters
3. Rajan can speak Hindi (Joke!)
4. National appeal.
5. Symbol of New contract between Aspirational Indian and Congress Party.
11/n
No let me tell you why we don't trust Raghuram Rajan.
He is the only RBI Governor since 1935 to have politicised the solemn chair.
He has attacked a sitting government like no other RBI governor has ever done.
He was a true asset of Congress Party after they lost centre
No let me tell you why we don't trust Raghuram Rajan.
He is the only RBI Governor since 1935 to have politicised the solemn chair.
He has attacked a sitting government like no other RBI governor has ever done.
He was a true asset of Congress Party after they lost centre
12/n
Your statements were unbecoming of an RBI Chair. You maligned the institution.
What had you said?
1. India is a "one-eyed king" in the land of Blinds. Andho mein KANA Raja. This you said when India became the fastest growing economy in the world in FY17.
Contd..
Your statements were unbecoming of an RBI Chair. You maligned the institution.
What had you said?
1. India is a "one-eyed king" in the land of Blinds. Andho mein KANA Raja. This you said when India became the fastest growing economy in the world in FY17.
Contd..
13/n
Your contempt for country continued.
2. You said that India has become an Intolerant Country and hence you joined the Unholy Award Wapasi Gang.
3. You blackmailed Late Shri Arun Jaitley during FY15 budget. You gave rate cut of 50 bps only after he reduced fiscal deficit
Your contempt for country continued.
2. You said that India has become an Intolerant Country and hence you joined the Unholy Award Wapasi Gang.
3. You blackmailed Late Shri Arun Jaitley during FY15 budget. You gave rate cut of 50 bps only after he reduced fiscal deficit
14/n
4. Your Political statements invited criticism from Finance Minister and many other eminent personalities.
5. You were expecting an extension in Jul-2016 and you had audacity to influence process by giving interview to NDTV where you said you have support of RBI Unions!
4. Your Political statements invited criticism from Finance Minister and many other eminent personalities.
5. You were expecting an extension in Jul-2016 and you had audacity to influence process by giving interview to NDTV where you said you have support of RBI Unions!
15/n
What Rajan did was unbecoming of an Economis. He clearly reduced the stature of RBI Chair by making continuous Political attacks on Modi Government.
No wonder @Swamy39 Ji understood your designs and ensured that you don't get 2nd term.
@jimmy_wales : Wikipedia is biased
What Rajan did was unbecoming of an Economis. He clearly reduced the stature of RBI Chair by making continuous Political attacks on Modi Government.
No wonder @Swamy39 Ji understood your designs and ensured that you don't get 2nd term.
@jimmy_wales : Wikipedia is biased
16/n
Let's talk something about the subject of your interest.
"ECONOMICS"
The Inflation Targeting Framework was a beautiful law passed by Modi Government in 2015. It ensured that the Indians don't have to face high inflation
But you misused it by keeping interest rates higher
Let's talk something about the subject of your interest.
"ECONOMICS"
The Inflation Targeting Framework was a beautiful law passed by Modi Government in 2015. It ensured that the Indians don't have to face high inflation
But you misused it by keeping interest rates higher
17/n
Your policy of extremely high Real Interest Rates (sometimes as high as 400 bps) ensured that growth, inter alia, took a hit.
Eminent Economist like @dravirmani have publically criticised this policy!
Was it done to benefit savers or was there a different objective?
Your policy of extremely high Real Interest Rates (sometimes as high as 400 bps) ensured that growth, inter alia, took a hit.
Eminent Economist like @dravirmani have publically criticised this policy!
Was it done to benefit savers or was there a different objective?
18/n
There are many other blunders done during your tenure which are beyond the scope of this thread.
You consistently changed goalpost on whether to target Headline or Core Inflation.
I urge @FinMinIndia to review the Inflation Targeting Framework.
Cc: @ashwani_mahajan
There are many other blunders done during your tenure which are beyond the scope of this thread.
You consistently changed goalpost on whether to target Headline or Core Inflation.
I urge @FinMinIndia to review the Inflation Targeting Framework.
Cc: @ashwani_mahajan
19/n
So the wishful thinking by few people around you to project you as Prime Ministerial candidate for 2024 is nothing less than fiction.
You have not only betrayed the RBI chair but also ensured that the NPA crisis prolongs further by your actions/inactions.
So the wishful thinking by few people around you to project you as Prime Ministerial candidate for 2024 is nothing less than fiction.
You have not only betrayed the RBI chair but also ensured that the NPA crisis prolongs further by your actions/inactions.
20/n
Rajanomics will never be able to beat Modinomics because of the intention to serve country and be in the "Realm of India" instead of US.
He warns about Financial Crisis every year. Obviously, he will be right once in 10 years!
Rajanomics will never be able to beat Modinomics because of the intention to serve country and be in the "Realm of India" instead of US.
He warns about Financial Crisis every year. Obviously, he will be right once in 10 years!
21/n
India has been undergoing Reforms.
1991 and 1999 Reforms happened on a small-sized economy. Took 2-3 years even then to recover.
Economy size is now 6 times, hence the FRUITS will come bit later.
But Rajan as PM Candidate?
No way
#ModiBestPmEver
===End of THREAD==
India has been undergoing Reforms.
1991 and 1999 Reforms happened on a small-sized economy. Took 2-3 years even then to recover.
Economy size is now 6 times, hence the FRUITS will come bit later.
But Rajan as PM Candidate?
No way
#ModiBestPmEver
===End of THREAD==
