The BJP government faced a major backlash on social media on Saturday after RBI Governor Raghuram Rajan announced his decision to step down as the central bank’s chief when his term ends in September this year.
The 53-year-old former chief economist at the IMF, who shot to fame after he predicted the 2008 global financial meltdown, has off late been the target of a no-holds barred attack by BJP leader Subramanian Swamy for his hawkish stance on interest rates.
Responding to Rajan’s decision, Finance Minister Arun Jaitley in a tweet lauded the RBI governor’s efforts and assured that a replacement will be announced soon.
The Government appreciates the good work done by him and respects his decision. A decision on his successor would be announced shortly.(2/2)— Arun Jaitley (@arunjaitley) June 18, 2016
However, the social media was pretty upset with Rajan’s exit and people from various walks of life, including industrialists, businessmen and senior journalists, among others, joined the chorus of protests.
This is how the financial world reacted to Rajan’s exit.
RBI Gov Raghuram Rajan Not Seeking Second Term - Academic gain. RBI loss He leaves a legacy of economic stability https://t.co/K1eXosOosg— Kiran Mazumdar Shaw (@kiranshaw) June 18, 2016
Calling Rajan’s decision to step down a victory of cronies, senior journalist Shekhar Gupta said in a tweet that intellect and global respect were the RBI governor’s capital.
One way of looking at #RaghuramRajan story: War on crony capitalism is over. Full normalcy restored. Capitalism lost, cronies won.— Shekhar Gupta (@ShekharGupta) June 18, 2016
Right call, Raghuram Rajan. Intellect & global respect is his capital. Why trade it for a chair in a tank filled with petty, mediocre sharks— Shekhar Gupta (@ShekharGupta) June 18, 2016
The 'Rexit" of Rajan proves just one thing- no intellectually independent Indian who has mind of his/her own has space. World stage better.— barkha dutt (@BDUTT) June 18, 2016
Yes and also evident he sensed that govt was denying that term anyway. But he stuck to his guns on all his views https://t.co/yu3zcDh7Tv— barkha dutt (@BDUTT) June 18, 2016
Some 24 hours in political economy. Proclaimed Offender Mallya thumbs nose at our envoy in London, #RaghuramRajan who took him on, packs up— Shekhar Gupta (@ShekharGupta) June 18, 2016
The public also took to social media to condemn Rajan's exit.
I know nothing about the economy, RBI and #RaghuramRajan but I'll still outrage.— prafulla pathak (@TheKnownymous) June 18, 2016
If a man of the stature of #RaghuramRajan can be treated so shabbily by govt,will anyone of any credibility now want the job? India's loss— RPN Singh (@SinghRPN) June 18, 2016
Discussing exit of #RaghuramRajan could be declared anti-national anytime soon.— V Kumara Swamy (@VKSwamy) June 18, 2016
Also See On HuffPost: