New Delhi, June 21: RBI Governor Raghuram Rajan's announcing that he is not going to take up a second tenure has created quite a repercussion in India and abroad. But who was actually responsible to make Rajan take the decision that left many tasks unfulfilled?
According to a report published in Anandabazaar Patrika, Rajan, whose first tenure is set to end in mid-September, could sense that the government was not keen to continue with him for another term. Beside BJP leader Subramanian Swamy who openly sought Rajan's disaster, the RSS considered the latter an "American agent" and did not want him to stay in India and threaten the 'nationalistic' scheme of things, said the report. [Modi needed to back Rajan, just like Nehru had done for Mahalanobis]
Prime Minister Narendra Modi had never asked Rajan to retreat but a couple of things didn't assure the latter about his future as the RBI governor. First, Modi's remark that Rajan's reappointment shouldn't be of the media's interest gave the message that he did not give the latter a full backing and secondly, a news report that a panel was being made to decide on Rajan's successor also implied that Rajan could have just one term, said the ABP report. ['Raghuram Rajan was no Bollywood actor that he had to depend on PR']
Hence, Rajan took the step himself instead of being at the receiving end.
According to the report, PM Modi and Union Finance Minister Arun
Jaitley personally prefer Rajan but the Sangh Parivar's pressure
was too much. But above everything, Rajan's free mind was perhaps
not giving the political leadership the comfort of working with a
On a number of occasions, Rajan had differences with opinion with Jaitley and the PMO over policy-making in financial matters and that might have gone against him at the end. The crony capitalists, too, were looking for his ouster.
Rajan's departure, hence, doesn't have one particular reason or individual responsible for it. It was an entire system that made him take the exit route.