The central government’s decision to appoint a former bureaucrat Shaktikanta Das as the next Reserve Bank of India Governor evoked angry reactions from economists, politicians and experts alike. However, the most brutal attack has come from the home state of Prime Minister Narendra Modi, Gujarat and the person slamming the decision is one of his colleagues in the BJP.
Reacting to Das’ appointment, Jay Narayan Vyas, a former cabinet colleague of Modi in the Gujarat government, tweeted, “The New RBI Governor Das’s educational qualification is MA (History ) . Hope and Pray he doesn’t make RBI also a History .May God Bless the New Arrival!!”
The New RBI Governor Das’s educational qualification is MA (History ) . Hope and Pray he doesn’t make RBI also a History .May God Bless the New Arrival !!
— Jay Narayan Vyas (@JayNarayan_Vyas) December 12, 2018
His tweet gave rise to speculations whether Vyas had left the BJP. He, however, clarified that he was still with the saffron party. Vyas said that he was merely congratulating the new RBI Governor.
“To manage RBI you have to have a fair knowledge of domestic and international economy. I respect IAS, the issue is that they’re exposed to a little of many things but the acceptance among international community which earlier Governors commanded (is not there),” he was quoted by news agency ANI.
61-year-old Das has replaced Urjit Patel, who shocked the establishment and markets by announcing his exit from the central bank Monday. The new RBI Governor will have three-year term. Das, a 1980-batch Tamil Nadu cadre IAS officer, who retired as Economic Affairs Secretary in May 2017, was responsible for presiding over the disastrous demonetisation of the economy after Modi’s shock decision to withdraw 86 per cent of the currency in circulation in November 2016.
Urjit Patel, who initially appeared to have toed the government line on issues like demonetisation, had in the recent weeks clashed with the Finance Ministry over issues of liquidity, reserves of the central bank and lending norms.