Chandigarh: Senior Congress leader and Gurdaspur MP Sukhjinder Singh Randhawa has raised serious questions over the Reserve Bank of India's (RBI) record surplus transfer of ₹2.87 lakh crore to the central government.
Questions Over Economic Strength
Randhawa stated that if the country's economy is genuinely strong, the government's growing dependence on RBI surplus is a matter of concern. He noted that this is the largest dividend transfer in India's history and raises several questions about the actual state of the economy. He alleged that instead of strengthening tax collection and economic management, the central government is relying on RBI surplus and increasing debt to manage financial pressure.
Impact on Common People
The Congress MP questioned why common people are still struggling with inflation, unemployment, and economic hardship despite the government receiving a record surplus amount. He explained that RBI's surplus transfer is based on its income from foreign exchange reserves, bond investments, and currency management operations. The RBI first keeps a contingency reserve for itself and then transfers the remaining amount to the central government. He further expressed concern that repeated large-scale surplus transfers could affect RBI's future financial safety buffer.
Criticism of Punjab Government
Targeting the Bhagwant Mann-led Punjab government as well, Randhawa said that the state too is continuously taking loans to manage financial pressure. He alleged that the Aam Aadmi Party government is increasingly depending on borrowings and temporary financial resources instead of long-term economic reforms.
