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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.

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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]

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GRAP stage-III measures enforced across Delhi as air quality worsens

Delhi’s air quality has deteriorated further, prompting authorities to enforce GRAP stage-III measures across the NCR amid rising AQI levels.

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Delhi’s air quality has continued to deteriorate, prompting authorities to enforce Stage-III measures under the Graded Response Action Plan (GRAP) across the National Capital Region with immediate effect.

The Commission for Air Quality Management (CAQM) said the Air Quality Index (AQI) of the national capital showed a worsening trend over the past 24 hours. The AQI stood at 343 on January 15 at 4 pm and rose further to 354 by 4 pm on Thursday, raising concerns that pollution levels could soon enter the ‘Severe’ category.

Weather agencies have forecast unfavourable atmospheric conditions in the coming days, including low wind speeds, a stable atmosphere and poor dispersion of pollutants. Officials said these conditions could push Delhi’s average AQI beyond 400, which falls under the ‘Severe’ air quality bracket.

Stage-III restrictions come into force across NCR

In view of the rising pollution levels and the forecast of further deterioration, the CAQM sub-committee on GRAP decided to invoke all measures under Stage-III. These measures correspond to ‘Severe’ air quality levels and have been implemented as a precautionary step to prevent further decline.

The Stage-III actions will be enforced in addition to the restrictions already in place under Stages I and II of GRAP, which remain operational across the NCR. Officials said the combined measures aim to tighten controls on pollution sources, enhance monitoring and ensure stricter enforcement to curb emissions.

CAQM has directed pollution control boards and concerned agencies in the NCR to intensify preventive and regulatory steps. Authorities have been asked to ensure strict compliance with GRAP norms and take prompt action against violations.

Officials said air quality levels will be closely monitored, and further decisions will be taken based on real-time data and evolving weather conditions. Citizens have been urged to cooperate with advisories and follow measures aimed at reducing pollution levels.

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PM Modi to visit Bengal and Assam, launch Vande Bharat sleeper train and key projects

PM Modi will visit West Bengal and Assam on January 17 and 18 to launch India’s first Vande Bharat sleeper train and inaugurate major infrastructure projects.

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Prime Minister Narendra Modi will visit West Bengal and Assam on January 17 and 18, where he will flag off India’s first Vande Bharat sleeper train and inaugurate, dedicate and lay the foundation stone for a series of infrastructure and development projects across the two poll-bound states.

Vande Bharat sleeper train to be flagged off from Malda

On Saturday, the prime minister will visit Malda in West Bengal around 12.45 pm and flag off the country’s first Vande Bharat sleeper train connecting Howrah with Guwahati (Kamakhya) from the Malda town railway station.

Later in the day, around 1.45 pm, he will address a public programme in Malda where he will dedicate to the nation and lay the foundation stone of multiple rail and road projects worth more than Rs 3,250 crore.

Development projects in Hooghly district

On January 18, around 3 pm, the prime minister will visit Singur in Hooghly district, where he will inaugurate, lay the foundation stone and flag off various development projects worth around Rs 830 crore.

During the visit, Modi will also virtually flag off four new Amrit Bharat Express trains connecting New Jalpaiguri with Nagercoil and Tiruchirappalli, and Alipurduar with Bengaluru and Mumbai (Panvel). These services are aimed at improving affordable long-distance rail connectivity and strengthening inter-state economic and social linkages.

New train services and highway projects in north Bengal

The prime minister will flag off two new train services with LHB coaches — Radhikapur–SMVT Bengaluru Express and Balurghat–SMVT Bengaluru Express — providing direct connectivity from north Bengal to major IT and employment hubs.

He will also lay the foundation stone for the rehabilitation and four-laning of the Dhupguri–Falakata section of National Highway-31D, a project expected to significantly improve road connectivity and the movement of goods and passengers in the region.

Additionally, Modi will lay the foundation stone of four major railway projects in West Bengal, including a new rail line between Balurghat and Hili, next-generation freight maintenance facilities at New Jalpaiguri, upgradation of the Siliguri loco shed and modernisation of Vande Bharat train maintenance facilities in Jalpaiguri district.

He will also dedicate the electrification of the New Coochbehar–Bamanhat and New Coochbehar–Boxirhat rail sections, enabling cleaner and more energy-efficient train operations.

Cultural programme and Kaziranga corridor in Assam

On January 17, around 6 pm, the prime minister will attend the Bodo cultural programme “Bagurumba Dwhou 2026” at Sarusajai Stadium in Guwahati. More than 10,000 artists from across Assam are expected to perform the traditional Bagurumba dance in a single synchronised presentation.

On January 18, around 11 am, Modi will perform the bhoomi pujan for the Kaziranga elevated corridor project, valued at over Rs 6,950 crore, at Kaliabor in Nagaon district. The 86-km project includes a 35-km elevated wildlife corridor passing through Kaziranga National Park, along with bypasses and highway widening works aimed at improving connectivity while protecting biodiversity.

During the Assam programme, the prime minister will also flag off two new Amrit Bharat Express trains — Guwahati (Kamakhya)–Rohtak and Dibrugarh–Lucknow (Gomti Nagar) — strengthening rail connectivity between the northeast and northern India.

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NDA’s track record strikes chord as PM Modi hails Maharashtra civic polls win

Prime Minister Narendra Modi hailed Maharashtra voters after the BJP-led NDA registered a historic victory in the BMC elections, ending decades of Shiv Sena dominance.

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modi on maharashtra election

Prime Minister Narendra Modi on Friday thanked the people of Maharashtra after the BJP-led National Democratic Alliance registered a landmark victory in the Brihanmumbai Municipal Corporation elections, marking the first time the party has emerged on top in the country’s richest civic body.

In a post on X, the prime minister said the people of the state had endorsed the NDA’s agenda of governance and development. He said the results of municipal corporation elections across Maharashtra showed that the alliance’s bond with voters had further strengthened.

According to PM Modi, the NDA’s track record and vision for development had “struck a chord” with the electorate. He described the verdict as a mandate to accelerate progress while celebrating Maharashtra’s cultural legacy.

BJP-Shiv Sena alliance dominates BMC

As counting continued, trends showed the BJP leading in 90 of the 227 wards in Mumbai, while the Eknath Shinde-led Shiv Sena was ahead in 28 wards. The Ajit Pawar-led NCP faction, which contested separately, was leading in only three wards.

On the opposition side, the Shiv Sena (UBT) and Maharashtra Navnirman Sena were ahead in 57 and nine wards respectively. The Congress, which contested in alliance with the Vanchit Bahujan Aghadi, was leading in 15 wards, while others were ahead in eight.

The outcome effectively ends the Shiv Sena (UBT)’s decades-long control over the Brihanmumbai Municipal Corporation, which had been the party’s main power centre since its formation.

In the seat distribution, the BJP contested 137 wards and the Shinde-led Shiv Sena 90. The Ajit Pawar faction of the NCP fielded candidates in 94 wards. On the opposition side, Shiv Sena (UBT) contested 163 seats, the MNS 52, the Congress 143, and the Vanchit Bahujan Aghadi 46.

Urban verdict weakens Pawar influence

The results in Pune and Pimpri-Chinchwad also sent a strong political message, indicating that the Pawar brand no longer guarantees success in key urban centres. Despite tactical coordination between the two NCP factions led by Sharad Pawar and Ajit Pawar, voters did not consolidate behind them.

In the Pune Municipal Corporation, the BJP emerged with a clear upper hand, either winning or leading in a significant number of wards. The NCP factions failed to convert their traditional influence into broader citywide support.

Thackeray retains Marathi Manoos connect but loses power base

Uddhav Thackeray appears to have retained a section of the Marathi Manoos vote in Mumbai, even as the Shinde-led Shiv Sena made inroads. While the Shiv Sena (UBT) managed a respectable showing in its traditional strongholds, the loss of control over the BMC is seen as a major setback.

Control of the civic body had long been central to the party’s political identity and a key factor in its alliances.

Devendra Fadnavis emerges as key strategist

Much of the credit for the BJP’s sweeping civic success is being attributed to Devendra Fadnavis. Under his leadership, the Mahayuti alliance has carried forward its assembly election momentum into municipal politics.

The results are being seen as reinforcing Fadnavis’s political standing, demonstrating that even combined opposition forces could not halt the BJP’s rise. The verdict has also challenged the long-held claim of the Thackeray family over Marathi votes in Mumbai.

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