New Delhi: Hitting out at the Modi-led central government once again, former RBI Governor Raghuram Rajan said that a lack of tolerance towards public and internal criticism will end up nowhere, and only lead to more mistakes in policymaking.
In an essay released on his blog, Rajan said that an increasing number of critics are being targetted on a daily basis by workers and supporters of the ruling BJP government. The government has created such a “make-believe environment” that anyone who opposes their view gets a phone call asking them “to back off”, he said in the blog.
Rajan said that the fear that the government is creating will not abate the harsh reality of the immense slowdown India’s economy is facing. “The government will then live in a pleasant make-believe environment, until the harsh truth can no longer be denied,” he said.
Bashing the grand speeches of the government top shots like Prime Minister Narendra Modi and Home Minister Amit Shah, Rajan said that dwelling on to historical achievements of the bygone governments and opposing foreign ideas reflect the insecurity and raises concerns over the failing economic policies.
He said that while understanding history is important, using it to hide their insecurities can be counterproductive. “It does nothing for enhancing our current capabilities,” he said.
Rajan’s criticism comes in response to the recent reshuffling of the Prime Minister’s Economic Advisory Council (PMEAC), after two members were dropped from the council for raising opposition to the government’s ideology.
The former RBI Governor has shown his concern over the economic clampdown on multiple occasions. Earlier, he had called the falling economy “very worrisome” and pressed on the urgency to fix immediate faults in non-bank financial sectors and power sectors in order to emerge with new reforms.