Both Roy and Shamika Ravi were seen as the critics of the Modi government’s policies among the EAC. Both were also vocal about their criticism.
New Delhi-On Wednesday the BJP government dropped Rathin Roy and Shamika Ravi from the economic advisory council (EAC) to the Prime Minister. The EAC-PM has been constituted to advise the government and is an independent body. Both Roy and Shamika Ravi were seen as the critics of the Modi government’s policies among the council. Both were also vocal about their criticism.
Rathin Roy, the director of the National Institute of Public Finance and Policy, had slammed the saffron brigade’s nonchalant utterances on the nation’s fiscal deficit and recently expressed deep concern about government’s announcement in the July 5 budget that it was mulling the flotation of a sovereign bond in overseas markets.
Thank you @narendramodi for giving me the opportunity to serve in EAC. It’s been a privilege & learning experience
Dear journalists: pls stop contacting me to “spill the beans”(!) There is none to spill. I remain committed to India’s growth & development. Pls read my research— Shamika Ravi (@ShamikaRavi) September 26, 2019
Roy had expressed deep concerns about the sovereign bond in overseas markets on grounds of economic sovereignty and the macroeconomic consequences. Roy had suggested that the government should instead look at relaxing the rupee bond limits for investment in a foreign portfolio.
Roy had also tried to attract govt’s attention to the former RBI governor Raghuram Rajan’s statement. He also put forth examples of Brazil, Argentina, Turkey, Greece, Indonesia as countries who paid a price for foreign currency sovereign borrowings in past.
Brookings India, director of research Shamika Ravi had blamed former finance minister Pranab Mukherjee’s decision on retrospective tax and the Supreme Court’s order cancelling coal-block allocations since 1993 for the current economic downturn.
Also Read: Supreme Court to be blamed for the current slowdown in India says Harish Salve
While, the two were dropped from the EAC, the government of India said Bibek Debroy and Ratan Watal will continue to be the chairperson and member-secretary to the council.
The Modi government has often been accused of being intolerant of criticism over an economic slowdown in the country. Several economists have said that they found it hard to work with an administration which refuses to acknowledge the legitimacy of an alternative view.
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