In a reply to Subramaniam Swamy's jibe, RBI governor Raghuram Rajan said he was enjoying every moment of the job but there was "more to do" despite calls from some sections of the ruling BJP against any extension for him. With his current three-year term ending this September, Rajan said, "There is a lot of fulfilment from making things actually happen for improving the environment. I have enjoyed every moment of the job."
BJP leader Subramaniam Swamy had suggested lately that Rajan should be removed from the post of the RBI chief, accusing him of being responsible for "unemployment and collapse" of industrial activity. Talking to media reporters outside the Parliament, Swami said, "In my opinion, the RBI Governor is not appropriate for the country. I don't want to speak much about him. He has hiked interest rates in the garb of controlling inflation that has damaged the country. The sooner he is sent back to Chicago, the better it would be." He said the Governor's actions have "led to collapse of industry and rise of unemployment in the economy. The sooner he is sent back to Chicago, the better it would."
Rajan, who had earlier also served as the Chief Economist of IMF and is known as a key commentator on financial issues globally, is the on-leave Professor of Finance at the University of Chicago’s Booth School of Business. After assuming charge as the RBI Governor in September 2013, Rajan has gradually raised the short-term lending rate from 7.25 per cent to 8 per cent and retained the high rates throughout 2014. He had earlier kept the rates high, citing inflationary concerns despite intense pressure from the Finance Ministry and the industry for softening them with a view to boosting growth. The Governor began the process of lowering the rates in January 2015 and since then it has come down by 1.50 per cent to 6.50 per cent.
