Never have two RBI governors been humiliated, forced to quit: Chidambaram

While Raghuram Rajan was denied a second term by the Modi government, his successor Urjit Patel quit last year before his term expired.

Published: 19th January 2019 11:28 PM  |   Last Updated: 19th January 2019 11:28 PM   |  A+A-

P Chidambaram

Former Union minister and senior Congress leader P Chidambaram. (File | AFP)

By PTI

MUMBAI: Former finance minister P Chidambaram Saturday targeted the Narendra Modi government over the "humiliation" of two Reserve Bank of India (RBI) governors.

He was speaking at a seminar on 'Indian Economy: Opportunities and Challenges' organised by the All India Professionals' Congress in suburban Bandra.

"Never have two successive RBI governors been humiliated and forced to quit," Chidambaram said, in apparent reference to Raghuram Rajan and Urjit Patel.

While Rajan was denied a second term by the Modi government, Patel quit last year before his term expired.

The senior Congress leader also tore into the Bharatiya Janata Party (BJP)-led regime's agrarian policies.

"MSP (minimum support price) has failed. There is no procurement machinery in place. As a nation, we have to pay our farmers an income which will keep them in farming sector," he said.

"I believe Universal Basic Income should be given for the bottom 40 per cent of people," Chidambaram said.

The Modi government has not handled the issue of fuel prices well, he said.

"I don't see where the government has spent the windfall they received from lower global oil prices," he said.

"Mudra loans did not create jobs, it has created NPAs (non-performing assets)," Chidambaram said, commenting on the government's flagship scheme for funding small-scale enterprises.

To a question about the current status of the economy, he said, "If you have a short-term view, up to mid-May, then BJP can't do more damage, but they will leave a lot of unpaid bills for the next government to pay."

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp