Thursday, 27 December 2018

Don’t destroy autonomy of RBI

Press Release

            The present government seems bent upon to destroy all the constitutional institutions. After insulting  the Judiciary and manipulating the CBI, Jaitley-Modi duo hurling open threats towards Reserve Bank of India (RBI). They say that they would exercise the powers, as indicated in Sec-7 of the RBI Act 1932 (which was there to enable British imperialist power to safeguard their interests) to prevail upon the RBI to relax rules governing the non-banking financial institutions so that supply of credit be augmented to the medium and  small enterprisers. In their avarice for concentration of power, Modi-Jaitley had already three members of the 5-member Monetary Policy Committee under RBI.
            The duo should remember that the USA and consequently the whole world had to suffer rising unemployment and slowing down of trade because powers of the Federal Reserve (their Central Bank) were curtailed by the Congress in 1971 and again in 1995.
            Market fluctuations are behaving irrationally. Overall concern should be to keep inflation under control. Increasing oil prices is greatly disturbing factor. At such a juncture the ruling clique has already forced Urjit Patel to offer to resign (who was handpicked by the duo).
            The Socialist Party warns Jaitley-Modi duo that they have done enough damage to the economy of the country. The economy, particularly the peasants and small businessmen, is still struggling with ill-effects of demonetisation. Therefore, for the sake of working and middle classes of the country, Jaitely-Modi should desist from destroying the autonomy of RBI, the sterling institution. The Socialist Party believes if anything goes wrong in the smooth functioning of the monetary system, the whole national economy will be thrown in a whirlpool.

Pannalal Surana
Senior Member National Executive
Socialist Party 

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