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Differences either get settled or Governors make way: Jaitley
Mumbai, Dec 13 (IANS) Admitting to differences with Urjit Patel, who quit as RBI Governor, Finance Minister Arun Jaitley on Thursday said the government is the sovereign body for managing the economy and RBI Governors have exited if differences were not settled.
“If you look at the history of the RBI, you had several incidents in the past where governments have had a different view from what the RBI has had and then those differences either get settled or the Governors have made way,” he said at a conclave here.
Addressing the India Economic Conclave 2018 via satellite link, Jaitley said the government had a particular opinion on two or three major issues relating to credit and liquidity in the market but was failing to communicate with the RBI and getting them addressed.
“Every person involved in some kind of a business activity, whether its financial, manufacturing or services sector or the MSME sector or even in agriculture, will tell you that they were facing difficulties as far as credit and liquidity is concerned,” the Minister said.
Jaitley said the RBI has the responsibility as far as credit and liquidity is concerned and it is not an issue of confrontation if the “sovereign accountable government” forces the issue for a discussion and redressal by the RBI. Else, the government would fail in its responsibility.
“We are the sovereign government and most important stakeholder as far as management of the economy is concerned and therefore a discussion with an important institution… to tell it that it’s a part of your functions which you must seriously look at, how is it destruction of the institution,” he said replying to a query on the charge that the government was destroying institutions.
Quoting India’s first Prime Minister Pandit Jawaharlal Nehru’s letter to the then RBI Governor, he said, “The economic policy of the country is determined by the elected government. The RBI monetary policy functions are autonomous and independent but other policies of the RBI certainly must be in tandem with the economic policy of the country.”
He said if the government policy is to encourage the MSME sector, the credit policy of India cannot be, “No, we will not give credit to the MSMEs”. In live democracies, concerns of the market and the economy have to be communicated and addressed , he added.
Taking a dig at former RBI Governor Raghuram Rajan, who wrote the book “I Do What I Do”, Jaitley said, “It will be a dialogue of the deaf because you won’t be then giving the concerns to each other and not listening to each other.”
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.