Urjit Patel’s resignation turns weapon for opposition

Looks like things have started to gradually move away from the Narendra Modi led NDA government starting from the Rafale deal. It is a no-brainer to say that Modi’s popularity has decreased to some extent when compared to 2014 owing to various decisions which backfired. It was judiciary on the other day and now it is the turn of the Reserve Bank of India (RBI). RBI Governor Urjit Patel has resigned from his position with immediate effect citing personal reasons.

However, the term ‘personal reasons’ is not that acceptable as the rumour on his resignation made headlines for the past one month. Several media houses reported the clash between the RBI and the question of its autonomy with respect to the government’s pressure. It is believed that the RBI has lost its powers gradually since the announcement of demonetisation. This view has been strengthened by the government’s appointment of nominated members to the RBI’s council, which was opposed by the RBI governor. This tussle and several other matters of contention between the RBI and the Centre is said to have made Urjit Patel quit from his position.

Urjit Patel’s resignation followed by a tweet from former Governor Raghuram Rajan who said that the resignation must be considered as a statement of protest against the central government. Does it indicate that Raghuram faced a similar situation during his term under the BJP?

All this has worked in favour of the opposition, who have met for the first time in Delhi to discuss the strategy against BJP for the coming general elections in 2019. Speaking after the meeting, Chandrababu Naidu said that it is yet another example of Modiji dismantling an institution’s autonomy. “They want to be the prime rulers without any limitations or restrictions from any other constitutional authority. They will not provide for free functioning of the State governments, the Judiciary and even the RBI. Time has come for BJP to resign as a whole”, Babu said.

The opposition meeting which came ahead of the declaration of poll results on December 11 has surprised many. It is reported that the opposition will continue its meeting on Tuesday too. Interestingly, Mayawati and Mulayam haven’t attended the meeting which saw Sonia Gandhi, Rahul Gandhi, Mamata, Suravaram and others.

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