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Rajan bats for four-year tenure of RBI governor for Swamy to note
LUCKNOW: Much is being read into Reserve Bank governor Raghuram Rajan's suggestion that the tenure of the central bank's head should match the tenure of his counter- part in America. The chief of American central bank ,Federal Reserve , is appointed for four years.
Significance is being attached to it because it has come up for the first time on Thursday following his meeting with Union finance minister Arun Jaitley, in Delhi.
In some circles it is believed that the suggestion is aimed at countering the attack by Bhartiya Janata Party MP Subramanin Swamy who is targeting both, more openly the governor.
It is also noticeable in view of the fact that the suggestion was made at a parliamentary party meeting in Delhi which can become a talking point in the political circles. To make it a debatable point could also be a purpose.
here was some motive behind it as Rajan had met media persons after meeting Jaitley but he had not said anything in this regard.
At present the governor's tenure ends in three years, though it can be extended by another three years.
The debate may be joined by Swamy's critics which may be another purpose . So far none has come out in open support of either Jaitley or Rajan.
Going by the current trend it appears that all this will not make any impact on Swamy. For, he has continued to attack Rajan despite Prime Minister Narendra Modi's advice to him to not make any personal attack and his appreciation of Rajan as a patriot.
It had made an impact on Swamy but only for a day.In the tweet message the next day ,Swami said that Rajan had studied business administration in Chicago University of America and , as such, cannot be called an economist. It supports his theory that Rajan is not fit to be a governor of the central bank.
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