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Sooner Rajan sent back to Chicago the better, says Subramanian Swamy

Swamy blamed Rajan for harming the nation’s economy and said his policies shrunk employment.

Published: 13th May 2016 04:33 AM  |   Last Updated: 13th May 2016 04:33 AM   |  A+A-

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Bharatiya Janata Party (BJP) leader Subramanian Swamy (R) and Reserve Bank of India (RBI) governor Raghuram Rajan (L). (File Photo)

NEW DELHI: Senior BJP leader and Rajya Sabha MP Subramanian Swamy on Thursday slammed RBI governor Raghuram Rajan over his policies, demanding his removal and sending him back to Chicago. Rajan is the on-leave professor of finance at the University of Chicago.

Swamy blamed Rajan for harming the nation’s economy and said his policies shrunk employment as industries have collapsed.

“I think the RBI governor is not quite right for our country. I don’t want to say much about him, but his decision to increase interest rates so as to cut inflation and stabilise the economy has backfired and badly affected the nation,” Swamy said talking to the media outside Parliament. He added, “The sooner he is sent back to Chicago, the better it would be.”

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Swamy’s comments came against the backdrop of the RBI governor’s lecture in Cambridge University in London on Wednesday, saying that foreign banks have stopped opening branches in India since they need to set aside a lot more capital due to the country’s ‘high risk’ credit rating and they feel it is ‘not worth’ doing so.

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