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Govt should tell why India didn’t get NSG berth: CPI(M)

Sunday, Jun 26, 2016,12:27 IST By Metrovaartha A A A

Bhubaneswar | CPI(M) today questioned the Modi government why India failed to become a member of NSG and how New Delhi’s case was presented in the plenary of the 48-member group. We have asked the government about the reason behind India failing to get an NSG spot and are awaiting a reply, CPI(M) General Secretary Sitaram Yechury told reporters here. Reports say some countries like Mexico and Switzerland did not support India’s bid despite their assurances.

Even Brazil and South Africa did not push India’s case, he said. We want to know how India’s case was presented and the reason why the bid failed, Yechury, a member of Parliament’s Consultative Committee, said.

Attacking the Modi government’s economic policies, he said one of the reasons why RBI Governor Raghuram Rajan wants to return to academics after completing his tenure could be a difference of opinion over use of the extra resource finance of the central bank.

The NDA government wants to bail out some defaulting corporate houses that do not pay back loans to nationalised banks. It wants that RBI should adjust NPAs of the banks through extra resource finance and Rajan does not agree to it, Yechury said.

Besides, the Modi government was not happy with Rajan’s opinion of changing law and creating a provision for recollecting loans from a group of companies if one of the units failed to repay, he said.

Rajan did not support the government’s effort for crony capitalism, Yechury said. Denouncing the NDA government’s foreign policy, he said India has become a junior partner of the US and has lost its identity. This is not good for the nation, he said.