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    BJP's Piyush Goyal calls Abhijit Banerjee Left-leaning

    Synopsis

    During a media briefing, Piyush Goyal dubbed 2019 Economics Nobel prize winner Abhijit Banerjee, as Left-Learning. Goyal said, "Banerjee supported 'NYAY' (poverty alleviation scheme of Congress) and people of India rejected his ideology.

    Nobel laureate Abhijit Banerjee 'Left-leaning', India rejected his 'NYAY scheme': Piyush Goyal
    Union minister Piyush Goyal on Friday dubbed Nobel laureate economist Abhijit Banerjee as "Left-leaning", and said as his suggestion of basic income scheme was rejected by Indian voters, there was no need to "accept what he thinks".

    Indian-American Banerjee, who has been critical of the Narendra Modi government's economic policies, won the 2019 Nobel for economics.

    He had endorsed Nyay, the minimum basic income scheme promised by the Congress during the 2019 Lok Sabha elections.

    "I congratulate Abhijit Banerjee for winning the Nobel prize. You all know that his thinking is totally Left- leaning," Goyal said at a media briefing here.

    "Banerjee supported 'Nyay' and people of India rejected his ideology," Goyal said.

    He added that it was a matter of pride that an Indian won the Nobel prize.

    "But it is not necessary to agree with what he says and especially when the people of this country rejected his suggestion, there is no need to accept what he thinks," the Union minister said.

    Asked whether he thought Banerjee's views on the state of Indian Economy were biased, Goyal said the reporter should pose this question to Banerjee himself.

    Banerjee had recently said that Indian economy was on shaky ground, adding the data currently available does not hold any assurance for economic revival anytime soon.

    Asked about Reserve Bank's Rs 1.76 lakh crore surplus transfer to the Central government, Goyal said that it was not the government which took the money.

    "It was a committee, presided by former RBI governor Bimal Jalan, and other members who took the decision on the surplus money with RBI. It is neither the government had to take it nor did the government take it," he said.

    Goyal added that they also know a little bit about the economy.

    "As on today, RBI has Rs 10 to 11 lakh crore reserve. I have studied it in detail," he said, adding there is no purpose to have such a high reserves.

    Looking at the size of the balance sheet of RBI, it has disproportionately high reserves and there is little possibility that it will utilise this kind of high reserves in the lifetime, he said.

    "The reserves are so high that even if the rupee value comes down to Rs 50 from Rs 71 against dollar, it will not affect the Indian economy," he said.

    He added that everyone knows what is the possibility of the value of the dollar going down to Rs 50.

    "So it is baseless to say that the government took the reserves. The committee decided on a small portion from the excess reserve of RBI," he added.

    The Union minister said he personally thought that the committee could have decided to transfer more.

    "I would like to inform you that the major chunk of Rs 1.76 lakh crore is the profit from this year and the amount which makes the reserve is a very small amount," he said.

    On former prime minister Dr Manmohan Singh's claim that Maharashtra's economy was going backward, Goyal said Singh, an acclaimed economist, does not realise in what "hopeless condition" his government had left India in 2014 and how in the last five years the situation was transformed in Maharashtra and rest of the country.

    "During his regime, big scams such as telecom, coal scam took place. He was coal minister and Minister of State was working under him. I was also coal minister and I was surprised that how such files were approved, how the coal blocks were allotted and how the basic tenets of transparency were compromised by him," he said.

    Naming Commonwealth Games scam, Adarsh housing scam and the irrigation scam in Maharashtra, Goyal said Singh's only answer to them was they were "compulsions of coalition politics".

    It was a matter of shame that a prime minister talked about "compulsion of coalition politics" rather than "national interest" to save his government, the BJP leader said.

    Goyal, who is Railway Minister, also ruled out the privatisation of the Indian Railways. "Indian railway is the country's asset and it will remain India's asset," he said.
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    19 Comments on this Story

    alagappan lakshmanan261 days ago
    All people who say Dr.MMS is father of Reforms should answer the following questions. He started his budget with a big scam by banks including NHB lending to Harshad to boost or rig the stock market due to 70000 unreconciled bank entries of loans to Harshad by end of scam all dumped the stocks like hot potatoes. Why PVNR and MMS and could not get elected? Why Third front won? what Dr.MMS did was to follow the prescription of IMF by reducing customs duty and opening up Indian consumer market and stock market to foreign exporters and FII Investors. Nothing more than that
    alagappan lakshmanan261 days ago
    Now all black money holders are afraid and have shut down their businesses, which is one of the causes of slow down. What is the use of booming shadow (black) economy? Corporates are crafty and want always exemptions and are sitting on pile of cash and shedding crocodile tears of lamenting slow down. New FM, in last budget itself, could have given money to the middle class by tax cuts and lower class by creation of jobs thro' infrastructure spending. Hopefully after her learning curve she will do it in this budget.
    alagappan lakshmanan261 days ago
    Nobel Laureate Abhijit is right in his own ways and so also Piyush Goyal. Oldies like us who saw how Dr.MMS was sunk in Stock Scam Sorry Bank Scam would never agree that he is the father of reforms but for reducing customs duties and allowed import. so also the mismanagement of India in 2004 to 2014 with many scams. Now Modiji is abused for slowdown of economy. At least after 70 years Modi is deleting black money businesses through Demo, GST, etc.
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