The economic wing of the RSS, Swadeshi Jagran Manch (SJM), has warned the Modi government against full convertibility of rupee on capital account, hinted at by both the government as well as the RBI governor, saying it will have an adverse impact on the economy.
“Taking objection to the recent statements of the RBI Governor and MoS Finance that rupee should be made convertible on Capital Account, the National Council of the Swadeshi Jagran Manch cautions the government not to make this mistake,” the SJM resolution said.
“Full Capital Account Convertibility will not suit an economy like India, which is undergoing the process of structural reforms which needs controls and regulations for the time being,” said the SJM.
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The outfit had also strongly protested against the FDI in multi-brand retail and the controversial land bill.
The resolution was passed at the National Council at Vijaywada on June 27 and 28, which discussed the issue at length and felt that full rupee convertibility would lead to outflow of domestic savings.
Pointing out that various governments had attempted the Capital Account Convertibility of the Rupee, the resolution said: “Swadeshi Jagran Manch firmly believes that a free Capital Account will lead to export of domestic saving, which for a capital-scarce country like India, can seriously affect the economy.”
Meanwhile, another RSS backed body that works in the education sector sought greater autonomy for higher education institutions.
Slamming the present regulatory system as “complex and confusing”, the Hindu Education Board has asked the HRD ministry, which is holding consultation for formulating a new education policy, to create an “accomodative system”.
“Our regulatory system is complex and confusing. It breeds inefficiency and corruption while stifling initiative and experimentation. It should give way for a facilitative and accommodative system which stresses on objectivity, compliance, transparency and disclosure,” the Hindu Education Board said. The body is of the view that the government should do away with the affiliation system as it dissuades colleges from innovating and “encourages non-serious players to enter education market” as the system has rendered universities as mere controller of examinations.
It has pitched for a system where institutions have “latitude” to craft their own programmes. “We should rather have a system where educational institutions have the latitude to craft their own academic programmes, develop appropriate curricula and also grant degrees,” the Board said. It added that a robust accreditation system, run by professional bodies, should also be set up.
With PTI inputs