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Prime Minister Narendra Modi’s Alleged Comments on Urjit Patel: A Closer Look

Introduction

In his book ‘We Also Make Policy’, former finance secretary Subhash Chandra Garg has claimed that Prime Minister Narendra Modi compared the then Reserve Bank of India (RBI) governor Urjit Patel to a ‘snake who sits over a hoard of money’. These alleged remarks reveal the growing frustration of the Modi government with Patel’s actions and decisions.

Background

The frustration towards Patel started as early as February 2018, according to Garg. The tensions escalated a month later when Patel accused the government of its inability to shed regulatory authority over nationalized banks, leaving the RBI with inadequate regulatory control over public sector banks compared to private-sector banks. Garg further accused Patel of attempting to undermine the Centre’s electoral bonds scheme by insisting that the RBI should be the sole issuer of these bonds and limiting them to digital mode only.

The Growing Discontent

Arun Jaitley, the then finance minister, expressed dissatisfaction with Patel’s approach and perceived him as desiring to go down in history as the most independent RBI governor. During a meeting on September 14, 2018, Patel presented some solutions, including the scrapping of long-term capital gains tax and approaching multilateral institutions for investment in Indian government bonds. In his book, Garg claimed that Jaitley, out of frustration, criticized Patel’s solutions as ‘totally impractical and generally undesirable’.

PM Modi’s Perception

The tensions between the Centre and the RBI weighed on Prime Minister Modi’s mind. Despite the strain, the PM had previously defended Patel’s role as the governor. However, Garg stated that the communication between Patel and Jaitley had broken down, with the only communication occurring through PK Mishra, then additional principal secretary in the Prime Minister’s Office (PMO).

The Alleged Remarks

According to Garg, during a moment of frustration, PM Modi criticized Patel’s stance on resolving non-performing assets and his rigid approach to finding solutions. Modi specifically highlighted Patel’s proposal to withdraw the long-term capital gains tax, which had already stabilized, and his request to further reduce fiscal deficits in the middle of the financial year. In these heated remarks, Modi allegedly compared Urjit Patel to a ‘snake who sits over a hoard of money, for being unreceptive to putting RBI’s accumulated reserves to any use’.

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