Raghuram Rajan, former Governor of Reserve Bank of India, targeted the Modi government, saying that a single man cannot run India’s economy on his own. India’s economy has become quite large. It cannot be run by one person and we have all seen the example of this.
Raghuram Rajan has said many times about this that if one person decides on the economy then it will prove fatal. He said that increasing the fiscal deficit will have a negative impact on the Indian economy, which may take a long time to come out. Giving a lecture at Brown University, Raghuram Rajan said that there is still an atmosphere of lethargy due to the government not taking any concrete steps about the economy.
Growth rate was nine percent in 2016
In the first quarter of 2016, the growth rate was near nine percent, which has now come down to 5.3 percent. The financial sector and power sector in the country need help, but in spite of this, new sectors were not taken care of to increase the growth rate. The instability in the financial sector is a kind of symptom, not a fully responsible one.
GST, demonetisation largely responsible
Raghuram Rajan said that demonetisation and later hastily implemented GST were responsible for this economic slowdown. Had it not been both, the economy would have been doing well. The government implemented demonetisation without anyone’s advice. There should have been thorough deliberations before conducting such tests. Demonetisation caused harm to people and by doing this nobody gained anything.
Is Narendra Modi Acting Like A Dictator In The Country according to Raghuram Rajan?
Many a time we all have seen that Narendra Modi is acting like a dictator, a kind of new age hitler or tughlaq, he do not listen to anyone, do not take any feedback or suggestions from his cabinet ministers and even don’t consider any feedback of civil servants like IAS & IPS officers, He believes in taking decisions single handedly holding absolute powers in his hands and this is the reason, why most of his decisions has come out as a threat to the peace and prosperity in the country.
- Take example of demonetization, it created a ruckus within the country and many people faced issues due to his decision.
- Take another example of increasing fine for traffic violations, many state government of his own political parties denied to implement the new fine rates in their own states.Â
Narendra Modi believes in absolute powers and is acting like a blind horse running aimless behind powers, his decisions are not in favor of the country and its citizens, He absolutely do not care about the outcomes and don’t have any knowledge to handle the issues arise by his decision. As a matter of fact, Narendra Modi do not have any idea, how dangerous his decisions could be for the nation. The declining economy growth, jobless economy, slowdown is clearly the outcome of his arrogant and ignorant attitude.
He just comes in the country for a day and two, pass some random decision and moves out of the country making country people face it and escapes from all the criticism. He was choosen by the citizens of India as their PM and not a business development agent for some corporates but now he is only acting as a agent for two business houses in the country.Â