UPA seized RBI to paint picture of rosy economy, says Anurag Thakur

Union Minister Anurag Thakur on Tuesday alleged that the Congress-led UPA government "seized" the RBI to paint an illusion of economic growth during its tenure in office.

Referring to the revelations made by former RBI Governor D Subbarao in his memoirs, Thakur said, "From 2004 to 2014, under the guise of governance, the Congress-led UPA orchestrated a grand illusion, turning Atal Bihari Vajpayee Ji's thriving economy into a theater of economic despair."

In his recent book 'Just A Mercenary?: Notes from My Life and Career', Subbarao has said that the finance ministry under Pranab Mukherjee and P Chidambaram used to pressurise the RBI to soften interest rates and present a rosier picture of growth to shore up sentiments.

The former RBI governor in his memoir also wrote that there was 'little understanding and sensitivity' in the erstwhile government of the Congress-led United Progressive Alliance (UPA) on the importance of the central bank's autonomy.

"They seized the RBI to hide the meltdown, painting an illusion of growth amid a backdrop of rampant corruption and crippling inflation. That era, rightly dubbed the 'lost decade', showcased their mastery of mismanagement," Thakur said in his post on X.

"If there were a medal for misgovernance & corruption, the UPA aka INDI alliance would undoubtedly set a universal record, Period!," the Union Information and Broadcasting Minister said.