With the on going launch of his recent book, titled ‘The Third Pillar’, the former RBI governor Raghuram Rajan, has been occupying national headlines. He has also been addressing and giving suggestions to all and sundry who seek his advice. His open endorsement of the proposed minimum guarantee scheme of the Congress called NYAY, made it clear that he was consulted on it, which he admitted. Rajan has never hesitated in speaking his mind including stating his views on Demonetisation, RBI’s autonomy, government figures on GDP growth and jobs creation and the fact that democracy is under threat. Rajan’s economic activism, with direct political undertones and taking sides, at a time when fiercely fought elections are on the cards means he an enemy of the BJP and in Arun Jaitley’s firing line, who says that when former RBI governors join the political fight, the cause for autonomy of the institutions itself gets hurt. While Raghuram Rajan has a right to express his erudite opinions, he has certainly now crossed the line of economics and has got into the cross hairs of political territory. As long as he was the expert commentator, with no taking sides, he had the credibility of an unbiased expert thinker. However, now, this certainly erodes his position of a neutral unbiased economist.
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