View From The Right: RBI transfer

View From The Right: RBI transfer

The editorial starts by saying that the nationalisation of banks by former Prime Minister Indira Gandhi in 1969 was “the biggest infringement on autonomy of not just the RBI but the entire banking system”.

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Titled ‘Utilising Reserves for Bharat’ the editorial argues that “the real focus of the debate should be the utilisation of this amount and not the transfer of amount”. (Express Photo by Tashi Tobgyal)

The recent decision of the Reserve Bank of India to transfer Rs 1.76 lakh crore, which has come under sever criticism by the Opposition, is the defended by Organiser’s editorial. Titled ‘Utilising Reserves for Bharat’ the editorial argue

The editorial starts by saying that the nationalisation of banks by former Prime Minister Indira Gandhi in 1969 was “the biggest infringement on autonomy of not just the RBI but the entire banking system”. It then says that the critics of the recent RBI transfer, including Rahul Gandhi, are “considering this fact” and says that certain issues need to be put in context. It argues that the autonomy of RBI’s decisions is maintained by its independent directors. It says that the profit earned by the RBI is “not kept with the bank and government, in a way people of the country, has natural ownership over it”. Of the Rs 1.76 lakh crore, it says, Rs 1.23 lakh crore is the dividend “that the RBI has earned in terms of profit and in any case Government would have got that”. It asks, “if those reserves are meant for Bharat, where’s the question of raiding the RBI?”

The remainder of Rs 52,000 crore being transferred to the government, Organiser says, is as per the report of the committee headed by the former RBI governor Bimal Jalan.

The editorial adds: “Though the government has announced various policy measures to boost the economy, over-reliance on FDI and FII has been the real problem, as these investments will always be opportunistic, profit-fleecing and antithetical to our domestic supply chain. Not just the recapitalisaion of banks, but also investing in economic and social infrastructure in such a way that small and medium scale industries, which are the natural employment generators in Bharat, will get the boost.”


Pakistan’s madness

Panchajanya has given its attention to the “madness” of Pakistan when it comes to Kashmir in its editorial. It begins by saying “just like depression makes a person either sleepy or crazy,” a similar negativity can be seen “when it comes to issues related to a India” and Pakistan has come to the brink of craziness. It says that it is in this context that Pakistan’s fuming — after India has “removed Article 370” and reconstituted Jammu and Kashmir — should be seen.

It adds that even after Pakistan has gone to numerous countries and knocked on the door of the UN four times, the issue of Kashmir has not been internationalised. Instead the editorial says, “Pakistan’s madness has definitely become evident to the world for trying to intervene in affairs of other nations”.

Talking about the basis for Pakistan’s existence, the editorial says that “if the meaning of an Islamic country is Pakistan, then which country would want to become what Pakistan today?”.

Noorani’s polemics

Organiser has carried a review of AG Noorani’s book on the RSS titled, The RSS: A Menace to India. Written by BS Harishankar, the article argues that the book is “another addition in the smear campaign against RSS” and is”spineless polemics”. As the book was released by former Vice President of India Hamid Ansari, the article first talks about Ansari inaugurating a conference of the Popular Front of India and says that “it shall be untrue if Ansari claims he was not aware of aware of PFI’s background” and then says that “now the equations are clear: Why has the PFI been left out from the book by Noorani? It mentions then that the PFI has been accused of various anti-national activities, which include links with various Islamic terrorist groups”.

The review then talks about the various parts about the book and tries to counter the assertions made by Noorani. It has several examples of accusing Noorani of not looking at other religions, especially Islam. It says that “Noorani conceals many truths, especially the heavy criticism by Churches against Islamic fundamentalists in India”. Later it said that “instead of acknowledging these serious criticisms against Islamic outfits by Churches in India, Noorani accuses Uttar Pradesh Chief Minister Yogi Adityanath of coining the term ‘love jihad’ for Muslims who marry Hindu girls”.