Subramanian Swamy blames Rajan for inflation, unemployment

New Delhi, May 12: Bharatiya Janata Party (BJP) MP Subramanian Swamy on Thursday blamed Reserve Bank of India Governor Raghuram Rajan for rising inflation and increasing unemployment, and called for his immediate removal.

Swamy told reporters outside parliament that Rajan should be sent back to Chicago at the earliest. "In my opinion, RBI Governor Raghuram Rajan is not apt for our country," he opined.

"He raised the interest rates on the pretext of checking inflation. But it has resulted in the collapse of industry and thus unemployment has increased," he said.

"He should be sacked and sent back to Chicago. The earlier, the better," Swamy added.

Swamy's comments came after it was reported that Rajan on Wednesday had said that foreign banks have stopped opening branches in India as they have to put aside a lot more capital due to India's 'higher risk' credit rating.

IANS