Raghuram Rajan has made a bold yet a pretty much called for the decision not to seek a second term as RBI Governor or popularly called Rexit.
It’s not a coincidence that it sounds similar to Brexit as we Indians have a general inclination towards adopting or rather copying foreign words capable of creating fuss and hype.
Well, the motto of this concise yet self-explanatory term has been achieved, spark controversies all across the nation and make fancy allegations towards other parties. It has stirred a series of fracas arguments among politicians, economists and all others capable of understanding it’s pros and cons.
There is so much hue and cry over this step that mainstream media has no other task than to cover it. For past couple of months, there have been so many speculations regarding the silent war between the ruling government and the Reserve Bank of India even though none of the abovementioned started this brawl. Then who should be held responsible for this imbecility? Political patrons who were once used as a shield to fight the uncanny arguments of the opposition, or opposition itself for looking into every minute detail of the instability developing between these two and not leaving any chance to make scathing attacks, or few of the disgruntled employees of either of the two who can’t accept a possibility of real change coming into action without their so called pious presence, or rather just the media exaggerating every innocuous spat between them? Let’s look at this objectively.
All of us are well aware about this prominent figure in the economic world, who singlehandedly forecasted the financial crisis of 2008. An erudite and genteel person with sublime educational qualifications who has an independent approach towards all his endeavors. He was given the position when Indian Economy was in a shambles and the repercussions of the misjudgments of the previous ruling party were prominent. In fact, the same party that had asked him to be the in charge of Central bank didn’t believe in his abilities as he was given an initial time period of 3 years and rest of the tenure would have been granted only after looking at his achievements. Now this same party finds itself in the opposition and claims that the ruling party doesn’t deserve him. How insinuating and ghastly this is? Don’t they have to part ways with the internal turmoil within their party itself that they go on ranting about someone’s deserving or not? Time has come to look upon the actual role of opposition parties in the democracy rather than just lamenting others with their shrewd comments.
Not everything here can be attributed to opposition only. Few of the sidelined members of the ruling party are leaving no stones unturned to criticize their own dispensation for no acceptable reason. Just because a person has been appointed by your enemy doesn’t mean he isn’t in your favour or doesn’t work according to you. Well, a person with such high stature and a position so venerable as well as vulnerable doesn’t need your approval in every decision. Rather you are not worthy of either commenting or commending his work as you are unable to even carve out the difference between the two.
Last is media, it does make sure on its own that it’s not the least. Media has always been involved in every political, social or economic outburst. And some of them have turned out to be fatal in one way or other. As rightly pointed out, in this case,media has contributed immensely in turning this little spat or rather the inability to settle an unfortunate conjuncture into a ruckus that has led to a point where every department is busy in demeaning other ones. Media today has really forgotten the reason behinds its inception and is in the hands of a bunch of hoodlums trying to force their ideologies everywhere. Let’s just say media has an immense potential of being a harbinger of a better future with socioeconomic tranquility if harnessed properly.
About the decision by Mr. Rajan, I feel it should be respected as he has his own personal say in such matters. Moreover why such hue and cry over this matter? What is the big deal if he doesn’t seek a second term? It hasn’t happened before then why now? It’s not the situation where we don’t have any economist left who could be the front runner in taking reigns of our economy along with the government. I mean changing a Governor is inevitable. We have had dignitaries in the past who did commendable job holding this revered post and we will be having them in future as well. Why waste substantial amount of time in between the departure and arrival of two Governors?