Subramanian Swamy's ego responsible for 'efficient' Raghuram Rajan quitting: NCP

NCP leader Majeed Memon said it is very sad that Arun Jaitley has succumbed to pressure from Rajan's critics

The Nationalist Congress Party (NCP) on Monday alleged that the government is not keeping national interest in mind by not giving Reserve Bank of India Governor Raghuram Rajan a second consecutive term in office.

Criticising the BJP-led NDA regime fort pandering to the ego of its MP Subramanian Swamy, NCP leader Majeed Memon said, "It is something very unfortunate that national interest is kept aside, financial interest is kept aside and only to satisfy the ego of one particular BJP MP, the Prime Minister and the Finance Minister has bowed down and have now conceded that we are on the side of Swamy and not on the side of Mr Rajan."

Memon said it is difficult to believe whether Swamy could blackmail the Prime Minister and the Finance Minister in such an important matter.

"It is very sad that a competent, honest, loyal and efficient noble economist, Mr Rajan, had to bow out, and has declined the second term which could have begun in September this year," he added.

Memon said it is very sad that Finance Minister Arun Jaitley has succumbed to pressure from Rajan's critics.

"This is very sad and I am afraid this is going to be costing us a lot and almost all the top people of this country have expressed their resentment, their dissatisfaction at this development," he said.

Rajan on Saturday announced that he would return to the academic world at the end of his term on September 4, 2016, adding he will always be available to serve his country when needed and asserted that his 'successor' would take the nation to new heights.

Rajan is currently on leave from the Chicago Booth School of Business where he holds the post of Distinguished Service Professor of Finance.

Swamy, who has been one of the chief critics of Rajan, welcomed the latter's decision to quit.