Raghuram Rajan’s “Diagnosis” Of Economy Absolutely Correct: Shiv Sena

 

Mumbai: The Shiv Sena today said that centralisaton of power in the Prime Minister’s Office or PMO was one of the main reasons for the “poor” economic health of the country.
The central government wants the finance minister and RBI governor under its control, an editorial in Shiv Sena’s mouthpiece ‘Saamana’ claimed, adding that the present BJP-led dispensation in the Centre is not ready to listen to economists as it considers the economy as a “share market gamble”.It supported concerns raised by former RBI governor Raghuram Rajan, who recently said India is in the midst of a “growth recession” with signs of deep malaise in the economy that is being run through extreme centralisation of power in the PMO and powerless ministers.
India’s economic growth slowed to a six-year low of 4.5 per cent in the July-September quarter. With inflation rising, fears of stagflation – a fall in aggregate demand accompanied by rising inflation – have resurfaced.
The Shiv Sena said former Prime Ministers Jawaharlal Nehru and Indira Gandhi cannot be held responsible for the country’s present economic situation.
“Centralisation of power in PMO and powerless ministers – this situation is not good for the economy,” the Marathi publication alleged.
“The present government is not ready to listen to economists as it considers the economy like a ‘share bazaar satta’. What is Nirmala Sitharaman’s contribution as finance minister – ‘I don”t eat onion, you also do the same’,” the Uddhav Thackeray-led party said in taunting remarks.