Subramanian Swamy advises Modi to sack Raghuram Rajan if bank rates are not cut

New Delhi: Bharatiya Janata Party (BJP) leader Subramanian Swamy has said that Prime Minister Narendra Modi must instruct Reserve Bank of India (RBI) Governor Raghuram Rajan to either cut rates or be ready to be sacked.

"PM must make clear to RBI Governor: Rate cut now or Rajan cut right away," said Swamy in a tweet.

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RBI on Tuesday will announce its monetary policy and most market participants and the economist are hopeful of rate cut. Earlier last month at Jackson Hole, Rajan had mentioned that the Central Bank had cut interest rates thrice in the year and were still in an accommodative mode, this statement have fuelled their hopes of a rate cut.

Subramanian Swamy in the past also has criticised the government on various issues especially the inability to bring back black money.

"This bill is in my opinion incomplete as far as our electoral promises are concerned, which is to bring the black money back. This bill is meant for when you bring the black money back, how it is to be treated from the tax angle. Where is the measure for bringing all this (black money) back? None whatsoever," he said. "It is essentially therefore an income tax type bill with very harsh measures," Swamy said earlier.