RBI Governor 'highly corrupt', got him removed from Finance Ministry: Subramanian Swamy

Agencies
December 23, 2018

Hyderabad, Dec 23: BJP leader Subramanian Swamy on Saturday alleged that Reserve Bank of India Governor Shaktikanta Das was involved in corruption and termed his recent appointment to the top post a "surprise". Swamy, however, did not give any specific details about the "corruption", an allegation he had made in the past as well.

"The new governor of (RBI) is highly corrupt. I got him removed from the (Finance Ministry). I am calling Shaktikanta Das as a corrupt person. I am surprised that the man I got removed from the Finance Ministry for corruption was brought in as governor," Swamy said at an interactive session at the Indian School of Business in Hyderabad.

Later, when reporters asked Swamy who he thinks should head the RBI, the Rajya Sabha member named Indian Institute of Management, Bangalore, professor R Vaidyanathan. "Professor R Vaidyanathan, former professor of finance (IIM-B), would have been much better. He is also (an) old Sangh man. He is our man," he said, adding that bringing S Gurumurthy on the RBI board was a mistake.

"He (Das) was removed from the Finance Ministry because he tried to interfere in my corruption case against (senior Congress leader) Chidambaram. He is Chidambaram's 'chela' (disciple). When he was in Chennai, he was involved in a lot of corruption," Swamy said.

Das, who spearheaded the post-demonetisation normalisation of the economy, was named the new RBI governor on December 11, a day after incumbent Urjit Patel quit the post.

On being asked about the 2019 general elections, Swamy asserted that the saffron party would come back to power as "there is no anti-incumbency" against the Narendra Modi government.

To a question on Congress president Rahul Gandhi, Swamy alleged he held a British citizenship and cannot become a prime minister, a charge already rejected by the former. "by the way Rahul Gandhi cannot be a prime minister because he is a citizen of Britain and his Indian citizenship will be cancelled, he won't even be an MP," he claimed.

Swamy had in 2016 made the allegation and, after it was raised in the Parliament Ethics Committee, Gandhi, in his response in March that year, had rejected the charge, saying it was a move to malign him.

The BJP leader had alleged that Gandhi declared himself a British citizen to occupy the post of the director of a company there.

On the Ram temple issue, Swamy said, "There is a widespread desire, even in Tamil Nadu, that a Ram temple must be built (in Ayodhya). And we will build it..."

Swamy said he had given a proposal to the Hindu Dharma Acharya Sabha on the Ram temple. He added that he would the fight Ayodhya issue "as he has fundamental right to pray there".

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News Network
July 26,2020

New Delhi, Jul 26: India reported a spike of 48,661 coronavirus cases in the last 24 hours, said the Union Ministry of Health and Family Welfare on Sunday.

The total COVID-19 positive cases stand at 13,85,522, including 4,67,882 active cases, 8,85,577 cured/discharged/migrated, it added.
With 705 deaths in the last 24 hours, the cumulative toll reached 32,063.

Maharashtra has reported 3,66,368 coronavirus cases, the highest among states and Union Territories in the country.

A total of 2,06,737 cases have been reported from Tamil Nadu till now, while Delhi has recorded a total of 1,29,531 coronavirus cases.

According to the Indian Council of Medical Research (ICMR), 4,42,263 samples were tested for coronavirus on Saturday and overall 1,62,91,331 samples have been tested so far.

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Agencies
May 17,2020

New Delhi, May 17: Following the COVID-19-induced economic disruptions, up to 135 million jobs could be lost and 120 million people might be pushed back into poverty in India, all of which will have a hit on consumer income, spending and savings, says a report.

According to a new report by international management consulting firm Arthur D Little, the worst of COVID-19's impact will be felt by India's most vulnerable in terms of job loss, poverty increase and reduced per-capita income, which in turn will result in a steep decline in the Gross Domestic Product (GDP).

"Given the continued rise of COVID-19 cases, we believe that a W-shaped recovery is the most likely scenario for India. This implies a GDP contraction of 10.8 per cent in FY 2020-21 and GDP growth of 0.8 per cent in FY 2021-22," the report said.

India's COVID-19 tally has crossed 90,000 and the nationwide death toll has touched nearly 2,800 so far.

The report titled "India: Surmounting the economic challenges posed by COVID-19: A 10-point programme to revive and power India's post-COVID economy" said the 'collateral damage' of the forecasted GDP slowdown, will be felt most acutely in employment, poverty alleviation, per-capita income and overall nominal GDP.

"Unemployment may rise to 35 per cent from 7.6 per cent resulting in 136 million jobs lost and a total of 174 million unemployed. Poverty alleviation will receive a set-back, significantly changing the fortunes of many, putting 120 million people into poverty and 40 million into abject poverty," the report said.

"India is headed towards a W-shaped economic recovery with a potential GDP contraction of 10.8 per cent in FY21. An opportunity loss of USD 1 trillion is staring India in its face," said Barnik Chitran Maitra, lead author of the report and Managing Partner & CEO of Arthur D Little, India and South Asia.

Maitra further said "for its USD 5 trillion vision, a radical economic approach is needed, centred on an immediate stimulus and structural reforms. The Prime Minister's visionary 'Atma Nirbhar Bharat Abhiyan' is a good start to this new approach."

The report lauded the steps taken by the government and the Reserve Bank of India, but said a far more assertive approach may be required given the magnitude of the adverse economic output.

The report suggested a 10-point programme to accelerate the recovery which include strengthening the 'safety net' significantly for the most vulnerable, enable survival of small and medium businesses, restarting the rural economy and providing targeted assistance to at-risk sectors.

It further said the government should launch "Make in India 2.0" to capture global opportunities, build 'Modern India', accelerate Digital India and Innovation, strengthen global investment corridors with the US, UAE, Saudi Arabia, Japan and the UK, debottleneck land and labour and transform banking and financial markets in a bid to secure a sustainable economic future for 1.3 billion Indians. 

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News Network
July 1,2020

New Delhi, Jul 1: 18,653 COVID-19 cases have been reported in India in the last 24 hours, taking the country's tally of coronavirus cases to 5,85,493, informed the Union Health and Family Welfare Ministry on Wednesday.

As per the Ministry, there are presently 2,20,114 active cases in the country. The number of patients cured/discharged and migrated stands at 3,47,979.

507 deaths due to COVID-19 were reported in the last 24 hours taking the total deaths due to the virus to 17,400.

According to the ministry, Maharashtra is the worst-affected state by the virus with 1,74,761 cases including 7,855 fatalities.

Tamil Nadu is the second worst-hit state with 90,167 cases including 1,201 deaths. Meanwhile, Delhi has a total of 87,360 cases.

The Indian Council of Medical Research said that a total number of 86,26,585 tested up to June 30 of which 2,17,931 samples were tested on Tuesday.

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