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Modi government came in power with a ‘probably unrealistic’ promise: RBI Governor Raghuram Rajan

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By NewsGram Staff Writer

Addressing the audience of the Economic Club of New York on Tuesday, Reserve Bank of India (RBI) Governor, Raghuram Rajan, said that the Modi Government came in power with a ‘probably unrealistic’ promise, but the government is taking steps to create an environment for investment and is “sensitive” to the concerns of investors.

“The government has taken steps to create the environment for investment, which I think is important,” said RBI Governor.

Rajan said that the government is creating an environment for investors and that will be a boon for thousands of unemployed youths of India. A “big part” of the business environment is taxes and the government has made it clear that it will not bring retrospective taxation again.

“However, once the tax authority levies a demand on you, there is a quasi-judicial nature of that proceeding and therefore it has to go through the courts before it is resolved. The government cannot intervene,” Rajan added, while adding, “Legacy issues are winding their way through the courts, including issues based on laws that existed before they were changed.”

Rajan also praised government’s different policies from Land Acquisition Bill to monetary reforms.

He said that since different states have their own Land Acquisition Bills, some commentators have suggested the possibility that the states should decide for themselves as to how to implement their respective land acquisition provision, as per the report of The Financial Express.

He stated that inflation “has come down tremendously in India” and the rupee has basically stayed relatively flat since the beginning of the year.

“If you look at rupee’s volatility relative to other currencies, you’d have to argue that the rupee has been one of the most stable currencies (against) the dollar,” Rajan said.

The RBI governor’s statement came in the note of Modi’s one year in office.

Rajan commented, “It is appreciable the way the government tried to implement its ‘probably unrealistic’ promise and to create a friendly relation with its neighbors.”

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An insight into the biggest political parties of India

The next state polls of 2018 will be an acid test for Rahul Gandhi to prove his mettle as a leader

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The recent clash of BJP and Congress have re-balanced the political scenario of India. Wikimedia Commons
The recent clash of BJP and Congress have re-balanced the political scenario of India. Wikimedia Commons

NEW DELHI: Indian being a political democratic country, houses a lot of political parties. Since independence, many new parties have emerged to take up the fight for various sections of the society. One of the examples of such a party is AAP (Aam Admi Party). AAP came up with strong political ethics to root out issues faced by a commons man but now the very existence of this party is in question due to poor performance and incompetence of some of its top leaders. But the most prominent of all of the political parties in India are BJP (Bharatiya Janta Party) and the Indian National Congress.

BJP encouraged the construction of the temple of God Rama at the site of the Babri Masjid. Wikimedia Commons
BJP encouraged the construction of the temple of God Rama at the site of the Babri Masjid. Wikimedia Commons

In 1980, BJP surfaced from a former party known as Bharatiya Jana Sangh which was founded by Syama Prasad Mookerjee. BJP’s agenda during the 1980s focused on the ‘Ram Janambhoomi movement’. The party encouraged the construction of the temple of God Rama at the site of the Babri Masjid. This issue gave the Hindu colour denomination to BJP and in 1996; it emerged as the largest party in the parliament. After being kept away from the power for long, Narendra Modi led the BJP to unprecedented heights in the last elections and the competition was put up by him was unmatchable.

On the other hand, Congress is a more matured political party of India. It got established in the year 1885. After the independence, Pt. Jawaharlal Nehru became the leader of free India. Nehru was the front face of the political governance in India but after his assassination, his daughter Indira Gandhi took the charge and became the prime minister in 1966. Unfortunately, Indira Gandhi also got assassinated and her son, Rajiv Gandhi took up the reigns of the party. In the sequence of assassination, Rajiv Gandhi was the next target. Sonia Gandhi came to power in 1998 and she led the party from the front in 2004 elections. This resulted in the political rule of Congress under Manmohan Singh.

After the independence, Congress head Pt. Jawaharlal Nehru became the leader of free India. Wikimedia Commons
After the independence, Congress head Pt. Jawaharlal Nehru became the leader of free India. Wikimedia Commons

The recent Assembly election of Gujarat was a real eye-opener for many, as the people’s right to vote was seen quite considerably y exercised. The Congress resistance in the very own fortress of Narendra Modi was a heavy blow to the Modi wave that swept the country. Although, BJP had the last laugh in the election results but the close fight Syama Prasad Mookerjee from the Congress side was appreciable. The new trend seems to be rebalancing the political scenario in India. The tussle between the BJP and Congress will definitely go down in the history of Indian politics.

Nowadays, Twitter is another playground for political parties. The rule of social media platforms has pushed Indian leaders to communicate in the same manner. It’s vividly seen that people take up to twitter to express their views and differences. Rahul Gandhi vetted his displeasure over the performance of BJP in the latest series of attacks by Rahul against Prime Minister Modi.

Last month only, Rahul Gandhi was crowned as the party head. Therefore, the state polls of 2018 will be an acid test for Rahul to prove his mettle as a leader. It will be interesting to see the new strategies that will be deployed by Congress to take an edge over their arch rivals, BJP.