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

How to leverage AI to solve urgent global issues

The world seems to be hurling towards World War III in all the possible scenarios: hot war, cold war, and proxy war. The battleground seems to have expanded beyond physical to digital or virtual/mixed reality with technology like drones. Moreover, the line between civilian and military targets seems to hav

Budget: Progress towards SDGs and areas for improvement

The Union Budget 2025-26 outlines India`s vision for economic and social growth while also reflecting the country`s commitment to sustainable development. As India moves closer to the 2030 deadline for the United Nations’ Sustainable Development Goals (SDGs), this budget presents a balanced approach

Repo rate cut by 25 basis points to 6.25%

The Reserve Bank of India has, for the first time in five years, reduced the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.25% with immediate effect. Consequently, the standing deposit facility (SDF) rate will stand adjusted to 6.00% and the marginal

Amitav Ghosh’s new work: Connections between the word and the world

Wild Fictions: Essays By Amitav Ghosh HarperCollins, 496 pages, Rs 799.00 Amitav Ghosh, one of a handful of Ind

How markets can help (and also hinder) fight against pollution

In the annals of environmental policy, few ideas have been as transformative as the Emissions Trading System (ETS). Born from the minds of economists in the late 1960s, this market-based approach to pollution control has evolved from a theoretical concept to a global tool in the fight against climate chang

Will Bihar complement the resolution of Viksit Bharat 2047?

As India completes its diamond jubilee as a republic, I am reminded of a statement by Dr. A.P.J. Abdul Kalam, delivered during an address to the Bihar Chamber of Commerce in Patna on March 28, 2006. He said, “I have visited Bihar numerous times, and it has always been a source of happiness for me to

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now



Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter