Raghuram Rajan on tenure: Would be ‘cruel to spoil the party’

Rajan’s statement follows reports that he wrote to policymakers to put an end to being dragged in the political slugfest over the issue.

By: ENS Economic Bureau | Mumbai | Published: June 8, 2016 2:24:47 am
Higher-than-expected rise in inflation in April and the progress of monsoon, after two straight drought years, will determine the Reserve Bank of India’s stance on key rates on Tuesday. Rajan came to the post-policy press conference with a prepared statement and read it out when asked whether he would continue after his tenure ends in September this year

With intense speculation in the media about his tenure as the Reserve Bank of India Governor when his term comes for renewal in September, Raghuram Rajan on Tuesday chose to keep the suspense alive, saying that it would be “cruel to spoil the party” and expressing his “intrigue” over letters purportedly written by him on the issue.

“As far as the question of my continuing in the position after September 4 goes, it would be cruel of me to spoil the fun that press is having with all its speculation,” Rajan said.

“I am personally intrigued by all the letters I am supposed to have written. Seriously, in all such cases, the decision is reached after discussion between the government and the incumbent. I am sure you will know when there is news. I cannot do better than point you to the statements of the finance minister and the Prime Minister on this. That is all I have to say,” he said.

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Rajan came to the post-policy press conference with a prepared statement and read it out when asked whether he would continue after his tenure ends in September this year. Rajan’s statement follows reports that he wrote to policymakers to put an end to being dragged in the political slugfest over the issue.

BJP’s Rajya Sabha MP Subramanian Swamy had written two letters to the Prime Minister demanding Rajan’s removal as Governor. Two weeks ago, Swamy wrote to Prime Minister, Narendra Modi levelling fresh allegations of “leaking” sensitive and confidential financial information by Rajan to the world.

Swamy, who had earlier written to the PM on May 17 seeking Rajan’s removal from the post, this time listed six charges against him. He wrote, “Despite being a government official, Rajan has been publicly disparaging of the BJP government. For example, he has by innuendos in effect held our government responsible for the ‘climate of intolerance’ in the country.”

In an interview to PTI last week in Tokyo, finance minister Arun Jaitley had denounced the personal attacks on Rajan saying the debate should be about issues and policies, and not about the personalities, while Prime Minister Narendra Modi told WSJ recently that appointment of the RBI Governor was an “administrative subject” which was none of media’s business.

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