Congress Chief Rahul Gandhi on Tuesday urged Urjit Patel, the Governor of the Reserve Bank of India, to stand up to Narendra Modi to ‘protect the nation.’
His tweet came in the backdrop of Modi government’s demand for Rs 3.6 lakh crore from the RBI to fix the ailing economy. Rahul said that the PM needs the amount to fix the “mess his genius economic theories” have created.
“Rs 3.6 lakh crore- that’s how much the PM needs from the RBI to fix the mess his genius economic theories have created. Stand up to him Mr. Patel. Protect the nation,” Rahul tweeted.
- RBI to Issue new 100 Rupee Notes
- FICCI Comments on RBI Monetary Policy
- Was RBI Employee Found Stealing Currency?
A report claimed that the key reason behind the stand-off between the Union Finance Ministry and the RBI was the former’s proposal seeking to transfer a surplus of Rs 3.6 lakh crore, more than a third of the total Rs 9.59 lakh crore reserves of the central bank, to the government.
A report by the Finance Ministry had suggested that this surplus can be managed jointly by the RBI and the government. The RBI has reportedly rejected the government’s proposal stating that taking money from its reserves will severely impact macroeconomic stability.
Rahul Gandhi has accused the government of “destroying” institutions with its alleged strong arm-tactics. The differences between the government and RBI came out in public after a deputy governor raised concerns over the central bank’s autonomy. He warned that the governments that did not respect the central bank’s independence would sooner or later incur the wrath of markets.