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RSS ideologue, Swadeshi Jagran Manch convenor S Gurumurthy is RBI Director

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RSS ideologue, Swadeshi Jagran Manch convenor S Gurumurthy is RBI Director

The Modi government on Tuesday, August 7, appointed S Gurumurthy – the editor of Thuglak and a chartered accountant who is also convener of the Swadeshi Jagran Manch (SJM), an outfit affiliated to the right-wing Rashtriya Swayamsevak Sangh (RSS) – to the board of the Reserve Bank of India.

The Centre also approved the appointment of Satish Marathe, a banking industry executive with decades of experience, founder of Sahakar Bharati, an NGO that works to support cooperatives and a former member of RSS and BJP’s student wing Akhil Bharatiya Vidyarthi Parishad (ABVP), to the RBI’s board.

Both Marathe and Gururmurthy will serve as “part-time non-official directors” on the RBI’s central board and will have a four-year term.

“The Appointments Committee Of The Cabinet has approved the proposal of the Department of Financial Services for the appointment of Shri Swaminathan Gurumurthy, as part-time non-official director on the Central Board of the Reserve Bank of India under Section 8(1)(c) of the RBI Act 1934, for a period of four years from the date of notification of the appointment…,” said the government notification.

The RBI board has official and non-official directors. Officials directors include the RBI’s governor and not more than four deputy governors. Non-official directors are appointed by the government, with the RBI Act allowing for up to ten directors to be nominated.

Generally speaking, in the past, non-official directors have included people without publicly-declared political leanings, said media reports. The appointment of non-official directors usually include well-known economists, experts, captains of industry in addition to two government officials.

The candidates appointed in the present case, however, have clear political leanings. While Gurumurthy is an economist, chartered accountant and a longtime commentator on economic and political affairs, he is also a prominent supporter of the current BJP government at the Centre and of Prime Minister Narendra Modi.

Marathe, on the other hand, has had stints at Bank of India, the United Western Bank Ltd, Janakalyan Sahakari Bank among others over the last 20 years and is the founder of Sahakar Bharati, an NGO that works to support cooperatives. His focus and experience has been on cooperative banks and their impact on the rural and agricultural sector.

In his younger days, Marathe was associated with the right-wing ABVP, a large pan-India student organisation that is affiliated to the RSS. According to media reports, he served as the ABVP’s treasurer for four years.

Gurumurthy is part of a small group of swadeshi economics thinkers whose views are given considerable importance by Modi and key finance ministry bureaucrat Hasmukh Adhia, reported The Wire. These proponents of ‘economic nationalism’ are generally opposed to foreign capital and businesses and instead believe that India’s 50-million small and medium businesses can create jobs and transform the Indian economy.

Gurmurthy is believed to have played an important role in suggesting and supporting the Modi government’s demonetisation move, its MUDRA scheme and the Niti Aayog’s position of focusing on a “Bharatiya approach to development”.

India Today magazine ranked him at number 30 in India’s 50 Most powerful people of 2017 list. S Gurumurthy has never contested any election so far.

S Gurumurthy is also said to have advocated the replacement of the Planning Commission with a new body, like the NITI Aayog favouring an Indian approach to development, according to a report in The Indian Express.

After reportedly providing consultation on demonetisation before it happened, Gurumurthy defended the move, calling it a much-needed attack on excessive liquidity and a “fundamental corrective to the economy”, The Wire report said.

In his long career, Gurumurthy has written and spoken on monetary policy, jobs, RBI and such macro-economic issues, including why Raghuram Rajan was not given a second term.

In September 2017, he criticised the Central bank’s provisioning norms, noting that it did not take into account “non-convertibility, no foreign investments in banks, govt ownership and 30% deposits being in government securities”. He lashed out at RBI, noting that it was “agenda-driven” and trying to destroy Indian business.

The RBI’s central board is not normally a decision-making body and instead serves as a forum or venue for discussion. However, it does serve as a platform for important public-facing decisions such as demonetisation or a move to change the central bank’s dividend policy.

Other policy decisions, such as interest rate cuts, are handled by the separate monetary policy committee.

With these appointments, the Modi government has filled its quota of ten directors to RBI’s board.

India News

Manipur Assembly to meet at 4 pm today, floor test likely under new chief minister

The Manipur Legislative Assembly will convene at 4 pm today, with a floor test likely as the new chief minister seeks to prove his majority in the House.

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Manipur assembly

The Manipur Legislative Assembly will convene at 4 pm on Thursday in Imphal, a day after Yumnam Khemchand Singh was sworn in as the chief minister. A floor test is likely to be held on the first day of the session to establish the majority of the newly formed government.

In the 60-member Assembly, the BJP holds 37 seats, while its ally National People’s Party has six members, giving the ruling combine a clear majority in the House.

Singh chaired the first Cabinet meeting of his government late Wednesday evening, shortly after taking oath as the 13th chief minister of Manipur. The meeting marked the formal start of administrative functioning under the new Council of Ministers.

His appointment came nearly a year after the resignation of former chief minister N Biren Singh, who stepped down following months of ethnic violence between the Meitei and Kuki communities in the state.

After taking oath, Singh thanked Prime Minister Narendra Modi and said he would work with “utmost diligence to advance development and prosperity in Manipur,” aligning the state’s efforts with the vision of Viksit Bharat.

He said the government’s focus would be on inclusive economic growth while preserving Manipur’s cultural heritage, adding that he would discharge his responsibilities with sincerity and dedication, mindful of the trust placed in him.

The summoning of the 12th Manipur Legislative Assembly by Governor Ajay Kumar Bhalla, along with the first Cabinet meeting, signals the resumption of legislative and administrative processes in the state, officially bringing President’s rule to an end.

The sixth session of the 12th Manipur Legislative Assembly was last held from July 31 to August 12, 2024.

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India News

PM Modi skips Lok Sabha reply as protests force repeated adjournments

PM Modi did not deliver his Lok Sabha reply today after sustained Opposition protests led to repeated adjournments over a dispute involving Rahul Gandhi’s proposed speech.

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PM Modi

Prime Minister Narendra Modi did not deliver his scheduled reply to the Motion of Thanks on the President’s address in the Lok Sabha today after sustained Opposition protests led to multiple adjournments of the House.

The disruption followed an escalation of tensions linked to Congress leader Rahul Gandhi’s proposed speech and the suspension of eight Opposition MPs a day earlier. The situation worsened after remarks made by BJP MP Nishikant Dubey during the proceedings.

Dispute over references to books sparks fresh ruckus

The controversy intensified when Nishikant Dubey responded to Rahul Gandhi’s demand to speak on national security and references to the unpublished memoirs of former Army chief General MM Naravane. Dubey said that while Gandhi wanted to quote from an unpublished book, he himself had brought several books that, according to him, made claims about the Gandhi family.

As Dubey began listing these books and their contents, strong protests erupted from Opposition members. Krishna Prasad Tenneti, who was presiding over the House at the time, cited Rule 349, which restricts members from reading out books, newspapers, or letters unless directly related to parliamentary business. Despite repeated warnings, the matter remained unresolved, leading to another adjournment.

Rahul Gandhi accuses government of silencing debate

Earlier in the day, Rahul Gandhi alleged that he was being prevented from speaking on an issue of national importance. He claimed the government was uncomfortable with references to General Naravane’s memoirs, which he said discussed the handling of the 2020 China border crisis.

In a social media post, Gandhi said he intended to present the Prime Minister with a book authored by the former Army chief, adding that some cabinet ministers had even questioned the existence of the book. He also wrote to Lok Sabha Speaker Om Birla after the suspension of eight Opposition MPs, alleging that parliamentary debate was being curtailed.

After it became clear that the Prime Minister would not speak in the House today, Gandhi posted that PM Modi had avoided Parliament because he was “scared” to face the truth. Congress MP Priyanka Gandhi Vadra echoed the allegation, claiming the Prime Minister was unwilling to enter the House.

Proceedings disrupted throughout the day

Lok Sabha proceedings were first adjourned until 2 pm amid loud protests over the issue linked to Naravane’s memoirs. Even after the House reconvened, disruptions continued, preventing normal business from resuming.

Later, Congress MPs staged a demonstration outside the Parliament complex, demanding that Rahul Gandhi be allowed to speak on the President’s address.

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India News

President’s Rule revoked in Manipur as NDA set to form new government

President’s Rule has been withdrawn in Manipur nearly a year after its imposition, paving the way for a new NDA-led government under Yumnam Khemchand Singh.

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President rule invoked in Manipur

President’s Rule has been revoked in Manipur nearly a year after it was imposed, clearing the way for the formation of a new government led by the BJP-led National Democratic Alliance (NDA). The decision came hours before the scheduled oath ceremony of the new council of ministers.

Chief minister-designate Yumnam Khemchand Singh is set to take oath later this evening, along with other NDA legislators who will formally join the new government. The revocation brings an end to central rule that had been in place since February 2025, following the resignation of then chief minister N Biren Singh.

Assembly status during central rule

During the period of President’s Rule, the Manipur Legislative Assembly remained in suspended animation, meaning it was neither functioning nor dissolved. With the restoration of the elected government, legislative activity is expected to resume.

Khemchand Singh, 61, belongs to the Meitei community. Two deputy chief ministers have been named to reflect Manipur’s ethnic diversity. Nemcha Kipgen, from the Kuki community, and Losii Dikho, from the Naga community, are set to take charge as deputy chief ministers.

According to people with direct knowledge of the matter, Nemcha Kipgen is likely to take oath from a Manipur government guesthouse in Delhi.

Key portfolios and leadership choices

Seven-time MLA from Bishnupur district, Govindas Konthoujam, said he has been entrusted with the Home portfolio. Emphasising stability and law and order, he said he remains committed to serving the state with discipline and restraint.

Sources said Khemchand Singh is viewed within the party as a non-polarising leader who is acceptable across internal factions at a time of political transition. While he is yet to be tested in governance, he is seen as a steady administrative choice capable of providing organisational discipline and continuity amid uncertainty.

Uneasy peace continues in Manipur

The formation of the new government comes against the backdrop of continued tension in Manipur, nearly three years after violence erupted between the Meitei community in the valley areas and the Kuki tribes in several hill districts.

A section of Kuki groups has been demanding a separate administrative arrangement, with negotiations involving multiple insurgent groups operating under two umbrella organisations that are signatories to the suspension of operations agreement.

In recent weeks, some Kuki civil society organisations have stated they would not participate in the Manipur government and have distanced themselves from Kuki MLAs expected to join the new administration.

A day before the announcement of the new government, Kuki leader Paolienlal Haokip posted on X that representatives of the Kuki Zo people could not take part in leadership selection without justice and a written commitment for political settlement.

Diverging demands from communities

Meitei civil society groups have maintained that all internally displaced persons should be allowed to return home safely, even as dialogue continues. However, Kuki leaders have insisted that a political solution in the form of a separate administration must come first, before discussions on rehabilitation and return from relief camps.

Meitei leaders have countered this position, arguing that the demand reflects an ethnocentric territorial claim and that humanitarian issues should be addressed alongside negotiations, as no area is exclusively inhabited by a single community.

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