We respect Raghuram Rajan’s decision: Sitharaman

The minister appreciated the contribution of Reserve Bank of India governor Raghuram Rajan

GN Bureau | June 20, 2016


#Nirmala Sitharaman   #Raghuram Rajan   #banking   #RBI   #Economy  


Commerce minister Nirmala  Sitharaman on Monday tried to play down the  controversy regarding RBI governor Raghuraman Rajan’s decision to quit,  saying “government respects his decision”.

“We appreciate his contribution and respect his tenure,” she said.

Raghuram Rajan announced on Saturday that he would not continue to head the central bank after his term expires on September 4.

Talking to members of the Indian Women’s Press Corps (IWPC) here on Monday, Sitharaman said she would not like to add to the speculations that Rajan’s announcement had shaken up the confidence of markets. “Is that a shake up,” she reacted when asked about the fall in sensex.

She however said the government was keenly watching the Brexit –  poll in UK to enable the country to determine if it should continue to be part of the European Union (EU)  – to see  what impact it would have  on exports. She said there were all kinds of analysis on whether the exit of UK from the EU would help India. “Frankly, at this moment, we are only watching the situation.”

Besides, she said, the changing economic situation – shrinking of economies and falling GDP in developing countries like Brazil and oil producing nations like Venezuela – would have a definite impact on the Indian exports.

Sitharaman announced that despite the not-so-good global situation, the Indian startup scenario was encouraging and the government was planning a major meet of the startups and investors in Hyderabad in September.  She admitted that the startups in India were already the third largest cluster in the world even before the advent of the Narendra Modi government.

 She claimed that the Modi government had paid attention to creating incubation hubs like a cluster of colleges. Now the government was working on focusing on creating these hubs in tier two cities.

Also read: India to create a buffer stock of pulses: Nirmala Sitharaman

 

Comments

 

Other News

First cargo of IndianOil’s crude oil imports from US shipped

 In a big leap aimed at diversifying its crude oil sources and boosting the country’s energy security, IndianOil Corporation has begun crude oil imports from the US. The first cargo of high-sulphur ‘Mars’ crude oil was loaded recently from St. James Port on ‘Bergitta`

Modi keeps his word: Turns up heat on benami properties

When prime minister Narendra Modi spoke about action against benami properties while delivering the I-Day address from the Red Fort ramparts, he was in fact fulfilling a promise he made during the last Mann ki Baat of 2016.   “The law against benami property was lying i

REC posts profit of Rs 1,890 crore

 Rural Electrification Corporation (REC) Limited’s, total income, as on June 30, has risen to Rs 34,614 crore as against Rs 29,952 crore in the previous corresponding quarter. The profit before tax (PBT) for the quarter is Rs 1,890 crore. The enterprise is focused on financing power pr

IRCTC unveils international tour packages

 Indian Railway Catering and Tourism Corporation Ltd. (IRCTC), an Indian Railways’ PSU, has come up with an International tour package based on leisure and pilgrimage theme. IRCTC is one of the biggest e-commerce website across Asia.   There is Ramayana Yat

SAIL achieves significant growth in turnover

 Steel Authority of India Ltd (SAIL) clocked a turnover of Rs 12,860 crore in the first quarter of 2017-18 FY, registering a growth of 26 percent over the turnover of Rs 10,180 crore achieved in corresponding period last year (CPLY). In the same quarter, the total sales volume at 3.028 milli

ONGC Foundation gives aid to National Cancer Institute

 ONGC has granted Rs 100 crore to turn the vision of affordable world class cancer care facilities in central India into reality. The National Cancer Institute’s (NCI) first phase at Nagpur was unveiled on August 13, 2017 in the presence of Maharashtra chief minister Devendra Fadnavis.



Video

Modi govt. imposes 1.7k penalty on RIL

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter