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

Sowing wheat earlier can help increase yields in India: US researcher

Yield gaps in wheat production in India can be countered with an earlier sowing date, says a University of Michigan researcher.   Using a new way to measure wheat yields, Meha Jain, assistant professor at the U-M School for Environment and Sustainability, found that the wheat yie

Giving birth as a Baiga

Kharpariya village, about 50 km from the headquarters town of Madhya Pradesh’s Mandla district, is like many villages in the region, home to the Baiga, deemed a particularly vulnerable tribal group (PVTG) for whom permanent contraception methods are banned to prevent extinction. However, care for p

Being the prime minister’s brother

Somabhai Modi says he remembers only one occasion when he offered his younger brother prime minister Narendra Modi advice regarding work. This, he says, was when Modi was chief minister of Gujarat. After one of his weekly grievance redressal sessions, the then chief minister had enquired after the well-b

Should ration cards not linked to Aadhaar be rendered ineligible?

Should ration cards not linked to Aadhaar be rendered ineligible?

INS Kiltan commissioned into Indian Navy

 INS Kiltan, the third anti-submarine warfare (ASW) stealth corvette built under project 28 (Kamorta class), was commissioned into the Indian Navy by defence minister Nirmala Sitharaman at the naval dockyard in Visakhapatnam.    The anti-submarine warfare stealth corvet

SAIL`s special grade steel used to build stealth corvette

Maharatna enterprise, Steel Authority of India Ltd. (SAIL) has supplied defence grade micro-alloyed grade of steel (DMR 249A) steel plates for the indigenously built anti-submarine warfare (ASW) stealth corvette INS-Kiltan commissioned into Indian Navy.    SAIL’s integ



Video

Grand Diwali celebrations in Ayodhaya on eve of diwali

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter