RBI Governor Raghuram Rajan gets massive online support for second term

Chennai, June 6  Nearly 60,000 people want Reserve Bank of India (RBI) Governor Raghuram Rajan offered an extension, according to Change.org, an online petition platform.

This is perhaps for the first time in the RBI’s history that a public petitioning is happening on whether the incumbent governor should be given a service extension.

Rajan’s term ends in September.

Rajesh Palaria’s petition to Prime Minister Narendra Modi that has garnered 58,262 supporters.

In his petition, Palaria, as an Indian citizen drew Modi’s attention to Rajan, saying he has been doing great job by balancing and maneuvering the Indian economy.

“I was recently noticing how Shri Subramanian Swamy has been bullying and threatening him (Rajan) at large. I request all of my fellow citizens to sign this petition and seek Modi to depute Raghuram Rajan for second term as RBI Governor. He is very crucial for India Growth Story now,” Palaria said in his petition.

As to the reason for starting the petition, Palaria said harsh words were spoken about Rajan with a strong hint of prejudice and malice which he did not approve of.

“I had never in my wildest dreams thought of making this far, all I wanted was to calm down my nerve which was being disturbed by the bullying rhetoric; posting this petition was only to make myself complacent,” he added.

In her petition — that received 18 supporters, Gita Subramanian said it was Rajan who had pointed out the debts owed to banks.

“The banks have written off a total of Rs 1.14 lakh crore of bad debts between financial years 2013 and 2015, much more than they had done in the preceding nine years,” she said.

Deepak Venkateswaran, whose petition got 55 supporters, termed Rajan as a man way ahead of his time in thinking and knowledge.

“His overhaul of the RBI and his boldness in taking decisions may it be to maintain the stability of the rupee; or stabilising the macro-economy of India is truly commendable,” Venkateswaran said in his petition.

There also were petitions against giving Rajan an extension but they gained very few supporters.

In his petition that got 22 supporters, Ajay Paul Jagga said there should be no second term for Rajan as he holds a US green card.

“Residents of India, definitely feel as to why we can’t find a single Indian resident for this job. It is will be a great and patriotic step if an Indian citizen and permanent resident is appointed as RBI Governor,” he said.

Arguing his case against Rajan’s second term, Lokesh Rastogi whose petition garnered 16 supporters, asked how the economy would grow if RBI Governor didn’t work at the same pace and direction as the government.

“What the country needs is a new governor with a positive approach towards the economy and growth of the country and with different and modern ideas. The old theory of economics that to control inflation reduce the availability of money and increase the interest rate now doesn’t work,” he said.

“In a growing country to fight the inflation we need to increase production, create jobs and increase the income of people. Raghuram Rajan is a student of old school of thoughts and need to be changed without delay. If there would have been a different governor the interest rate would have lower by atleast 1-2 per cent then the prevailing rates which would have resulted with a boom in the economy,” he said in his petition.