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Yet another economist quits govt: RBI Dy Governor Viral Acahrya resigns 6 months before term

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Yet another economist quits govt: RBI Dy Governor Viral Acahrya resigns 6 months before term

[vc_row][vc_column][vc_column_text]RBI Deputy Governor Viral V Acharya has resigned from his post, six months before the scheduled end of his term citing “unavoidable personal circumstances”, said media reports.

Confirming the resignation, the Reserve Bank of India in a statement said, “Due to unavoidable personal circumstances, Viral Acharya is unable to continue as deputy governor beyond July 23. Consequential action arising from his letter is under consideration of the competent authority.”

Acharya was not expecting his term to be renewed in any case, The Indian Express (IE) reported, citing source-based information.

Since Acharya was appointed by Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi, the resignation would also be accepted by the panel.RBI Dy Governor Viral Acahrya resigns 6 months before term

Acharya, 45, joined the central bank in January 2017 and was RBI’s youngest deputy governor, post economic liberalisation. He took over at a time when the central bank was facing criticism for repeated changes in the rules related to deposit and withdrawal of money, post-demonetisation.

Also Read: AES deaths in Muzaffarpur: Supreme Court notice to Bihar govt to respond within a week

His term was scheduled to end in February next year, said media reports. Acharya will be returning to New York University as CV Starr Professor of Economics. Acharya was called as the poor man’s Rajan over the many similarities with the former Governor Raghuram Rajan, who also left RBI against his wishes to continue.[/vc_column_text][/vc_column][/vc_row][vc_row css=”.vc_custom_1561367870691{border-top-width: 10px !important;border-right-width: 10px !important;border-bottom-width: 10px !important;border-left-width: 10px !important;padding-top: 10px !important;padding-right: 10px !important;padding-bottom: 10px !important;padding-left: 10px !important;background-color: #dbdbdb !important;border-radius: 10px !important;}”][vc_column][vc_column_text]

Economists/Experts who quit:

June 2019 – RBI Dy Governor Viral Acharya resigns

Jan 2019 – The last two non-official members of National Statistical Commission resign over job data differences

Dec 2018 – RBI Governor Urjit Patel resigns amid tension with government

June 2018 – Chief Economic Advisor Arvind Subramanian resigns, recently claimed GDP growth rate was way below that claimed

Aug 2017 – NITI Aayog vice chairman Arvind Pangaraiya resigns

June 2016 – RBI Governor Raghuram Rajan resigns[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]This is the second high profile resignation in the past six months at the Reserve Bank of India (RBI) and the third under Modi government (including the previous term). The first to go was RBI governor Raghuram Rajan. In December 2018, governor Urjit Patel resigned nearly nine months before the end of his schedule term over differences with the government. The RBI is now left with three deputy governors NS Vishwanathan, BP Kanungo and MK Jain.

Acharya, in a speech just a couple of months before Patel’s resignation over differences with Modi government, had warned of “risks of undermining the central bank’s independence” as “potentially catastrophic”.

“Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined an important regulatory institution,” Acharya had said.

Acharya had also warned of a talent crisis at a central bank if its independence is seen to be compromised. When the governance of the central bank is undermined, it is unlikely to attract or be able to retain the brightest minds that thrive on the ability to debate freely, think independently, and effect changes, attrition of central bank powers results in attrition of its human capital and deterioration of its efficiency and expertise over time, he had said.

An expert in credit risk, Acharya recently differed with Reserve Bank Governor Shaktikanta Das in the monetary policy announced on April 4, according to minutes released by the bank. Das favoured focussing on economic growth with a repo rate cut. Acharya cautioned on another rate cut in the wake of high inflation excluding food and fuel. The six-member Monetary Policy Committee (MPC) decided to reduce the policy repo rate by 25 basis points to 6 per cent in a 4-2 majority decision.

Also Read: Skeletal remains of 108 children found outside Muzaffarpur Hospital

Acharya’s resignation is the latest in the string of high-profile exits of economic policy makers — Raghuram Rajan, Urjit Patel, Arvind Subramanian and now Viral Acharya and, said Financial Times (FT), calls into question the government’s ability to stomach independent advice. “But that is unlikely to unfaze the government, which no doubt has its own agenda,” FT said.[/vc_column_text][/vc_column][/vc_row]

India News

Who is Srikanth Bolla? Meet the visually impaired entrepreneur on Shark Tank India

Entrepreneur Srikanth Bolla joins Shark Tank India as a judge. From overcoming visual impairment to leading a multi-million-dollar company, his journey is inspiring.

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Srikanth Bolla, Shark Tank India, Bollant Industries, entrepreneurship, visually impaired entrepreneur, Ratan Tata, Rajkummar Rao, Srikanth movie, startup India, business reality show

Shark Tank India, the popular business reality show, has introduced a new judge to its panel—Srikanth Bolla. The visually impaired entrepreneur and CEO of Bollant Industries recently shared his excitement about joining the show, emphasizing how entrepreneurship in India has been positively impacted by the platform.

In a social media post, Bolla expressed his enthusiasm, stating, “To survive a pool of sharks, you need to become one yourself.” .” In his recent post, Shark Tank new judge also highlighted how the experience reinforced the importance of taking action on ideas rather than just thinking about them.

Who is Srikanth Bolla?

Srikanth Bolla is an accomplished Indian industrialist, co-founder, and chairman of Bollant Industries Private Limited. Despite being visually impaired since birth, he became the first blind student to study at the Massachusetts Institute of Technology (MIT), specializing in Management Science at the Sloan School of Management.

With Bollant Industries achieving an annual turnover exceeding $150 million, the company provides employment to over 500 individuals, including people with disabilities.

Early life and challenges

Born on July 7, 1991, in Seetharamapuram, Machilipatnam, Andhra Pradesh, Srikanth Bolla hails from a humble Telugu family. His parents, who were farmers with no formal education, faced difficulties in ensuring proper educational opportunities for him.

Despite scoring 98% in his Class XII board exams, he struggled to gain admission to engineering institutes. Undeterred, he took legal action and won a six-month-long court battle to pursue higher education. However, coaching institutes refused to admit him for IIT entrance preparations due to his visual impairment.

Achievements and career milestones

Srikanth Bolla has been a youth leader since 2005 and was an active member of Lead India 2020, a national youth movement initiated by former President A.P.J. Abdul Kalam.

In 2011, he co-founded Samanvai Center for Children with Multiple Disabilities and launched a Braille printing press to assist visually impaired students.

Recognizing his impact, Forbes included him in its prestigious ’30 under 30′ list for Asia in 2017.

Bollant Industries and entrepreneurial success

Bolla established Bollant Industries in 2012 alongside co-founder Ravi Mantha. The company, backed by industrialist Ratan Tata, specializes in manufacturing areca-based eco-friendly products. Additionally, it provides sustainable solutions by recycling municipal waste, plastic waste, and paper, ensuring employment for disabled individuals.

Srikanth Bolla’s story on the silver screen

Srikanth Bolla’s remarkable journey has been adapted into a Bollywood biopic titled Srikanth, starring Rajkummar Rao in the lead role. His inspiring life story continues to motivate aspiring entrepreneurs and individuals overcoming adversities.

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India News

PM Modi says every noble attempt for peace with Pakistan met with hostility, betrayal

Modi also expressed empathy for the people of Pakistan, stating that they too must yearn for peace, tired of living amidst strife, unrest, and relentless terror.

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Prime Minister Narendra Modi, in a candid podcast with Lex Fridman released on Sunday, March 16, expressed his disappointment over Pakistan’s response to India’s peace initiatives, stating that every attempt to improve bilateral ties was met with hostility and betrayal. He expressed hope that wisdom would prevail among Pakistan’s leadership to choose the path of peace.

Recalling his early efforts to mend relations, Modi mentioned inviting then-Pakistani Prime Minister Nawaz Sharif to his swearing-in ceremony in 2014 as a gesture of goodwill. “It was a diplomatic gesture unlike any in decades. Even those who questioned my foreign policy approach were surprised. Our former President Pranab Mukherjee beautifully captured this historic moment in his memoir,” Modi said.

However, he lamented that the desired outcome was not achieved. “Every noble attempt at fostering peace was met with hostility and betrayal. We sincerely hope that wisdom prevails upon them, and they choose the path of peace,” he added. Modi also expressed empathy for the people of Pakistan, stating that they too must yearn for peace, tired of living amidst strife, unrest, and relentless terror.

On U.S.-India relations and President Trump

Modi also spoke about his strong bond with U.S. President Donald Trump, describing him as a leader who prioritizes national interests, much like himself. He praised Trump’s courage and decisiveness, recalling how the U.S. President sat among the audience during the ‘Howdy Modi’ event in Houston in 2019 while Modi addressed the crowd.

“That was his humility. The President of the United States sitting in the audience while I spoke from the stage—it was a remarkable gesture,” Modi said. He also shared a memorable moment when Trump agreed to walk through the packed stadium to greet the audience, despite concerns from his security team. “His entire security detail was thrown off guard, but that moment showed his courage and trust in me. It was a testament to the strong bond between us,” Modi added.

Reflecting on Trump’s resilience, Modi highlighted the U.S. President’s dedication to his country, even after being shot during the election campaign last year. “Even after being shot, he remained unwavering in his commitment to America. His ‘America First’ spirit resonates with my ‘India First’ approach. That’s why we connect so well,” Modi said.

He also commended Trump’s preparedness in his second term, noting that the U.S. President has a clear roadmap and a capable team to implement his vision. Modi mentioned meeting key members of Trump’s administration, including Vice President J.D. Vance, Director of National Intelligence Tulsi Gabbard, entrepreneur Vivek Ramaswamy, and tech mogul Elon Musk.

Modi emphasized that politicians are often perceived through the lens of media coverage, which can create misunderstandings. “People rarely get the chance to truly meet or personally know one another. Perhaps third-party intervention is the real cause of tensions,” he said, advocating for direct engagement and mutual understanding among global leaders.

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Entertainment

Tom Cruise and Ana de Armas spotted together again, reigniting dating rumors

Tom Cruise and Ana de Armas were seen together for the second time in London, adding fuel to ongoing romance speculation. The Hollywood stars have yet to address the dating rumors.

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Tom Cruise, Ana de Armas, Hollywood actors, celebrity dating rumors, London Heliport, entertainment news

Hollywood actors Tom Cruise and Ana de Armas have once again sparked romance rumors after being seen together in London. The duo was spotted arriving at the London Heliport on the evening of March 14, marking their second public outing in recent weeks.

According to reports, the two actors appeared relaxed and comfortable in casual attire, engaging in lively conversations and laughter with the heliport staff. Their recent joint appearances have intensified speculation about a possible romantic relationship.

Tom and Ana’s growing closeness

The romance rumors initially began circulating over Valentine’s Day weekend last month when Tom and Ana were first photographed together. The duo was seen walking through London’s Soho neighborhood, with Ana carrying takeout food. They also stopped to interact with fans and pose for photographs, further fueling dating speculations.

Neither Tom, who has been filming a movie in England directed by Alejandro G. Iñárritu, nor Ana have addressed these rumors. In a recent encounter with Spanish media in Madrid, Ana declined to comment when asked whether her outing with Tom was personal or work-related.

Past relationships and media interest

Ana de Armas has been linked to Tinder executive Paul Boukadakis in 2023 and previously dated actor Ben Affleck from 2020 to 2021. Tom Cruise, on the other hand, has maintained a relatively private personal life in recent years.

As of now, representatives for both actors have not responded to requests for comments on their relationship status. However, their recent outings together continue to keep fans and media buzzing with speculation.

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