Raghuram Rajan has finished small industries to help US multinationals: Subramanian Swamy

Discussion in 'Economy & Infrastructure' started by gpawar, May 28, 2016.

  1. gpawar

    gpawar Regular Member

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    NEW DELHI: Continuing his tirade against Raghuram Rajan , BJP MP Subramanian Swamy today said RBI Governor's policies have finished small industries and are anti-agriculture.

    "I have made comments on the basis of his (Rajan's) wrong policies. He has finished the small and medium industries to help American multi-national corporations to come here and take over," Swamy said on the sidelines of an event organised by Bhartiya Kisan Abhiyan here.

    "The banking policare anti-agriculture. I have given six-point chargesheet and included them in that," he said.

    Yesterday, Swamy asked him to sack Rajan, charging that his insistence on high interest rate had led to recession in the domestic small and medium industries causing not only sharp decline in output but also massive unemployment of semi-skilled labour.

    Recalling how the crisis in Japan and East Asia led to strong dominance of the US in the region, Swamy had said: "This seems now also the modus operandi of Dr Rajan in his strangulating the small and medium industries by untenable high interest rates".

    Referring to Modi's interview to Wall Street Journal, Swamy said: "Today Prime Minister has also said that what is the media interest in Raghuram Rajan's appointment."

    Following up on his barbs against Rajan, Swamy had also alleged that the former IMF Chief Economist should have known the "inevitable consequence of rising and high interest rate and his policy was wilful and thus anti-national in intent"

    Rajan's tenure is scheduled to end in early September.

    http://economictimes.indiatimes.com...ls-subramanian-swamy/articleshow/52469030.cms

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    @Sakal Gharelu Ustad @Navneet Kundu :What do you think about swamy's claim that small scale industries are suffering? From media news channel outlets it looks like Rajan is good RBI governor.
     
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  3. Sakal Gharelu Ustad

    Sakal Gharelu Ustad Detests Jholawalas Moderator

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    Well the entire media is parroting Rajan as God.

    Interest rates have been kept high by Rajan, that is true. And it would impact industries-that is also true. Specially small ones, who anyway cannot raise money in any other way like issuing equity. But it is not a perfect world, so one cannot say precisely.
     
  4. Bahamut

    Bahamut Senior Member Senior Member

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    There should providing of long term loans on low interest for industry as they form the backbone of our economy. This might lead to deflation of currency but now when oil prices where down we could afford a weak Rupee but the time is almost gone. He might have its reasons but the govt should ask why ?
     
  5. Sakal Gharelu Ustad

    Sakal Gharelu Ustad Detests Jholawalas Moderator

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    Inflation........................................
     
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  6. raja696

    raja696 Regular Member

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    Our small and medium so called local businesses form most of our economy and are not accounted in to system , for which rbi has no tool to control Or regularise.It is high handed ness of rajan to keep interest rates high given the fact that economy was recovering rapidly. This only effected small businesses and burdened them. What rajan acted upon Npa policy is positive and brought him good name but still his policies are in question when comes to rich wilful defaulters would get more loans to pay his previous debt, where as poor en middle class people are effected by that Cibil policies and can not get loans .Since people are desperate for loans as it questions there existence they had to pay bribes for the very same loans they use to get for free. All this cibil en drt is trash and this has made private banks more rigid in negotiations with client , most of the times even banks are clearly a bully not agreeing for there mistakes en vilify customer. Hence loans are left as Npas.

    FOR SAKE OF POLICY HIS DECISIONS ARE BEST BUT IN REALITY THEY SUCK AND COUNTRY IS PAYING FOR THAT.
     
    Last edited: May 28, 2016
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  7. Bahamut

    Bahamut Senior Member Senior Member

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    Yes ,since global commodity prices where down we could afford a bit of inflation by providing more credit to the small business to increase their capability ,but mow the opportunity is almost gone .I think RBI should make it easier for small and medium business to get access to long term loans on low interest more easy.
     
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  8. gpawar

    gpawar Regular Member

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    Interest rates can be reduced for small and mid size enterprises. Last thing we need is growth of small scale industries slowing down. I hear many US politicians saying small scale industries provide more employment opportunities. It might help modi politically and boost economy as well with small risk coming with it.
     
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  9. OneGrimPilgrim

    OneGrimPilgrim Senior Member Senior Member

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    whr invaders hv been eulogised, heroes binned!!
    interest-rates for small-medium scale industries and for sr. citizens could be separated I presume. both parties will be happy.
     
  10. Sakal Gharelu Ustad

    Sakal Gharelu Ustad Detests Jholawalas Moderator

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    WHat good are snr citizens?................................
     
  11. OneGrimPilgrim

    OneGrimPilgrim Senior Member Senior Member

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    whr invaders hv been eulogised, heroes binned!!
    none in the grand scheme of things. but some people do accord importance to this aspect too, citing lack of healthcare/insurance schemes like in the west, and esp. for those for whom pension is the only source of income and a need. I was made privy to this fact recently by a friend, son of a single parent.
     
    Last edited: Jun 3, 2016
  12. Sakal Gharelu Ustad

    Sakal Gharelu Ustad Detests Jholawalas Moderator

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    Why else do you need kids!!!!!!!!!!!!!!
     
  13. OneGrimPilgrim

    OneGrimPilgrim Senior Member Senior Member

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    whr invaders hv been eulogised, heroes binned!!
    usually parents wouldn't like to live off of their children's income; they're considered a support.
     
    Last edited: Jun 3, 2016
  14. Sakal Gharelu Ustad

    Sakal Gharelu Ustad Detests Jholawalas Moderator

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    Most still do. Except of course few middle class.

    Sent from my MI 3W using Tapatalk
     
  15. Zebra

    Zebra Senior Member Senior Member

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    That is discrimination. :biggrin2:

    What if someone don't have enough money to keep as bank deposits in first place.

    Better govt. must provide enough 'age care pension' to all the senior citizens, no matter what basis.
     
  16. prohumanity

    prohumanity Regular Member

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    Rajan is a product of western economics and academics ..so his bias towards western model is deeply entrenched in his brain. He has hard time understanding the need for balance between economic growth and social justice.
    Numbers don't feed people ...food does. If the citizens of India can not even afford the most basic source of protein , that is pulses and lentils.... what you do with these growth numbers...shovel up in his a*ss...
    People matter...their basic needs matter...
    I want to ask Rajan and other leaders of India...Why you can not provide affordable lentils (daal) to your masses...its shameful...whats the point of these missiles/ nukes/ sattelites ...if Indians are not even able to get nutritional food.....Rajan needs to learn to serve needs of people of India and not keep playing songs of his masters voice..meaning his western mentors. I say...good riddance !
     
  17. curryman

    curryman Regular Member

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    India cannot provide affordable lentils to the masses yet farmers are committing suicide because they cannot eke out a living working the land. Something is amiss here.

    Living in the US, the cost of food is the least of everyone's concerns. So I don't see how this is Rajan's or his western economic thinking has anything to do with what you said. Perhaps you should ask Modi, the BJP, and Swamy (he's an economist, after all) what the hell has the government done -- not just RBI and Rajan -- to make things better.
     
  18. Sakal Gharelu Ustad

    Sakal Gharelu Ustad Detests Jholawalas Moderator

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    Perhaps according to him the job of the central banker is to go around PDS shops and give lentils to people.

    Seriously, people have no clue about economics or role of RBI governor!!
     
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  19. A chauhan

    A chauhan "अहिंसा परमो धर्मः धर्म हिंसा तथैव च: l" Senior Member

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    Swamy never says anything without reason so he must be having his points though his allegations against RRR are not easy to understand for the commoners. One allegation He made is that RRR is working for Congress !
     
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  20. OneGrimPilgrim

    OneGrimPilgrim Senior Member Senior Member

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    whr invaders hv been eulogised, heroes binned!!
    which was, Rajan apprising chornia's loot security-guard, the scum PC of critical details regarding investigation against him?
     
  21. LETHALFORCE

    LETHALFORCE Moderator Moderator

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    Most social programs in Western countries have destroyed their economies and ran up huge debt and deficits . India needs to balance social and economic programs but the economy needs to be much stronger. In Asia I would say India has balanced better than many other countries . The western social program model will not fit India.


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