RBI-Finance Ministry ties have hit a low: Manmohan Singh

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Former PM Manmohan Singh (file image).

Former prime minister Manmohan Singh on Wednesday targeted the rift between the Reserve Bank of India (RBI) and the Modi government, adding the relationship between the central bank and the Finance Ministry has hit a low.

Addressing a press conference ahead of the November 28 Madhya Pradesh Assembly polls, the former Union finance the minister underlined the need for coordination” between the two organisations.

“The relationship between the RBI and Finance Ministry has hit a low,” he said. Harmony and coordination between both was essential for the country, he added.

“The RBI governor and finance minister have a delicate relationship. Both have to work together. Although the job of running the country rests with the government, (a) specific responsibility is given to the RBI governor by the RBI Act.

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There is a need to recognise the interdependence of the two entities and work in harmony,” he said.

“I am happy with the efforts being made to bring reconciliation. Both need to work in harmony with each other,” he said.

On his comments that Narendra Modi as prime minister would be a “disaster” for India, Singh said he did not want to comment on his earlier remarks.

“I used harsh words which I should not have. Now people will make the decision,” he said.

Singh accused Narendra Modi of misusing the Prime Minister’s post. “It does not befit the PM to abuse political opponents,” he said, adding Modi was using “unparliamentary words” against the opposition.

He also denied Narendra Modi’s claim that the UPA government led by him was a “remote-controlled” one. “The success of my government was because the party and government were on one page. There was no difference of opinion,” he said.


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