Prime Minister Narendra Modi had referred to former Governor of RBI Urjit Patel as a '' snake who sits over a hoard of money '', revealed former Finance Secretary Subhash Chandra Garg in his upcoming book titled. In his book, which is set to be released in October by publisher HarperCollins, Garg revealed that Modi's remarks came during an economic review meeting in 2018.
Excerpts from Garg's novel, published by the Indian Express, reveal the tense relationship between the government and RBI at the time. The Prime Minister saw no resolution after listening to Patel and the presentations and discussions with government officials including then Finance Minister Arun Jaitley, Garg said. Patel had offered some recommendations to the government but nothing to the RBI, besides what they were already doing.
At that point, Garg wrote, the PM lost his cool and took on Patel. s accumulated reserves to any use, Garg wrote.
PM Modi then called on the governor to convene a meeting of the board and find solutions for the problems in consultation with FM Jaitley and the finance team.
In February 2018, when the former RBI Governor introduced a strict framework for handling non-performing loans in the banking sector, Garg said, the tensions between the government and Urjit Patel began in February 2018 when they began to develop tensions between the government and Urjit Patel.
In a meeting with the PM, Patel's opinion was more alarmist than the prevailing economic situation. The recommendations included scrapping long-term capital gains tax, massive scaling-up of disinvestment targets, and more.
In March 2018 he also had a speech in Gandhinagar asking the government's inability to shed regulatory authority over nationalised banks and leaving RBI with inadequate regulatory authority over public sector banks compared to private sector banks.
India-Middle East-Europe corridor will become the basis of world trade, Prime Minister Narendra Modi said on condition of anonymity.