Is it correct time to respect the sovereignty of every intellectual?

Kshitiz Kant; Weekend Special

Deputy Chairman of NITI Aayog Rajiv Kumar said this week that there had been an unprecedented cash crisis in the Indian economy. During an event in Delhi, he said that in the last 70 years no one saw a situation where the entire financial sector was going through a period of turmoil. Rajiv Kumar said, 'Nobody in the private sector is trusting others. Nobody is willing to give loans to anyone. Everyone is sitting on the cash. '

The Deputy Chairman of NITI Aayog also blamed demonetisation for this crisis. Rajiv Kumar said, 'Everything has changed after demonetisation, GST and IBC (Insolvency Act). Earlier 35 percent cash was available which has now reduced considerably. For these reasons, the situation has become very complicated. According to him, extraordinary steps have to be taken to break this impasse. Rajiv Kumar said, 'The government should do everything possible to remove the distrusts of the private sector.'

Earlier, many names of industry including HDFC chief Deepak Parekh have also said about the unprecedented crisis in the economy. Due to the slowdown in the automobile sector, more than three and a half lakh jobs have been reported slash since April. There is also coming negative news from other fronts whether it may be from manufacturing or to service sector. Only the news is to be noticed that the head of the Reserve Bank, Shaktikanta Das, has said that the recession is deepening.

Amid the negative news coming from the industrial sectors, the statement of Reserve Bank of India (RBI) Governor, Shaktikanta Das, may also increase the difficulty of the Modi government.

 According to him, economic activity after June 2019 indicates that the Indian economy is slowing down further. Shaktikanta Das said this in the meeting of the Monetary Policy Committee held on August 7. The proceedings of the meeting (minutes of the meeting) were released on Wednesday last week.

Shaktikanta Das said that the signs of further reduction in domestic demand are clear. He said that industrial activities had come to a standstill even in May this year, especially the slowdown in manufacturing and the mining were clearly visible.

 According to the RBI head, due to decrease in domestic growth rate and the uncertainty in the global economic environment, there is a need to increase domestic demand and encourage investment. RBI has continuously cut the repo rate for the last three times.

A partial review of economists activities

Subramaniam Swamy’s letter to PM Modi

What Swamy had written in letter to PM Modi on 12^th of May 2016. He had conveyed PM to send Raghuramrajan back to Chicago alleging him of his policies which had caused the rise in dearness in the country.

According to social media, the BJP leaders were resented on Rajan’s comment because he was vocal and had commented truly time to time on government.

Raghuramrajan’s tenure completed anyhow

On 18^th june 2016, Facing the cackling among government on economic decline RBI Governor Raghuramrajan had said that he was reluctant to work on second term. In spite of it he had said that even if the government had intended to extend his services for the second term, he would have like better go on his teaching profession.

The people were then seen to congrate Subramaniam Sawmy because he had written a letter to PM Modi to remove Rajan.

What comment came from NITI Ayog

The Modi led BJP government founded NITI Ayog and its deputy chairman on 3 September 2018 had made responsible then RBI governor Raghuramrajan for the economic decline in India.

The matter was then in limelight and many on social media were speaking that the Union Government had made this statement through deputy chairman for hiding its failure. The people then were introgative to NITI Ayog about which policies did they prove helpful to the country instead of making scapegoat to the RBI governor Raghuram Rajan. Even the people in social media had been so much attacking that they had compared Raghuramrajan to Pt Nehru. It was then in Modi government most prevalent that the wrong way of economic policies had been adopted in Nehru regime; consequently the Indian economy was going to be derailed in Modi's first term.

Yaswant Sinha; former Minister in BJP Government

“Petrol, diesel and gas prices are rising and are hitting all time highs daily. Why are opposition parties not hitting the streets? What are they waiting for?”
The statement was in media on 4 September 2018. The statement came by a senior BJP leader and former finance and foreign minister in Union Government during the tenure of Atal Bihari Bajpayee led BJP Government. Exactly the statement was propagandized then saying it a repercussion of resentment against Modi led BJP government which had not given him place in the ministries portfolios.

What did Urjit Patel, pro-Modi government RBI Governor

Urjit Patel who had taken charge from Raghuramrajan also resigned over a controversy of the reserved fund in bank. Modi Government and RBI Governor, Urjit Patel, now had been face to face for the reserve fund.

A senior journalist had commented through tweet:"Urjitpatel had shown all his tactic which  the government post holding person could seldom or ever shown. Taking risk and sacrificing on someone’s own level for the prestige and autonomy for his institution are a respectful work for nation."

Another famous journalist had commented on this resignation: “Urjit Patel has resigned…it is very ironical that Raghuramrajan was not allowed for the second term because he was self decisive and was vocal very much and now another RBI Governor who was away from all the showmanship and introvert has resigned.”