New Delhi: Firebrand Bharatiya Janata Party (BJP) leader Subramanian Swamy, who has been in the news for his relentless attacks against the central banker, the PM’s chief economic advisor and a top bureaucrat of the Finance ministry, today found support in a US report and remarks made by noted economist and Nobel laureate Joseph Stiglitz.
In what may be perceived as a dig on the central government, led by his own party, and RBI Governor Raghuram Rajan, Swamy today cited a recent US report on India’s GDP that noted that the reforms had failed to match the rhetoric by the Narendra Modi led government.
Just yesterday, the US State Department said in a report that India's 7.5 per cent growth rate may be "overstated".
"Ostensibly, India is one of the fastest growing countries in the world, but this depressed investor sentiment suggests the approximately 7.5 per cent growth rate may be overstated," the report said.
Swamy also cited remarks by Stiglitz to target RBI Governor Raghuram Rajan over the focus of the monetary policy on inflation than growth.
Stiglitz, an eminent economist, at a media interaction yesterday opined that Indian policymakers should focus on growing India's economy rapidly rather than "getting overly obsessed about inflation". Stiglitz had also suggested that “excessive focus on inflation could hurt growth leading to unemployment and inequality.
Recently, Swamy had questioned India’s GDP growth and the new calculation methodology.
“If I apply Samuelson-Swamy Theory of Index Numbers to India’s GDP calculation or RBI interests rates, media will scream anti party activity!” Swamy had tweeted.
Swamy had in past criticised the RBI Governor and accused hum of not being ‘mentally fully Indian’. Rajan’s decision to not take up a second term is seen by many as a result of Swamy’s consistent tirade against the RBI governor.
Swamy also criticised journalists in Delhi for being ‘silent’ about those two observations.
"Lutyen journos silent on US State Dept stating growth rate over-estimated and Stiglitz says growth more important than controlling inflation," Swamy tweeted.
It should be noted that Prime Minister Narendra Modi had last month, during an interview to a TV channel, had snubbed party MP Subramanian Swamy for his attacks on top policy makers that embarrassed the government. The Prime Minister had also described Swamy’s diatribe against outgoing Raghuram Rajan and others as “inappropriate”.
“If anybody considers himself above the system, it is wrong. This fondness for publicity is never going to do any good to the nation,” Modi said when asked about comments by a “Rajya Sabha MP” against top officials.
