Business News

Do not label India a ‘currency manipulator’, former RBI Governor Raghuram Rajan tells US Treasury

The American body had recently said it would keep a close eye on India’s foreign exchange and macroeconomic policies.

Former Reserve Bank of India Governor Raghuram Rajan said the United States Treasury should not label India a “currency manipulator”. On October 17, the US Treasury had said it would closely monitor India’s foreign exchange and macroeconomic policies.

“I do not suspect the treasury will do that [label India a currency manipulator], but it should not, even if it is thinking of it,” Rajan told CNBC in an interview. He is currently a professor at the University of Chicago Booth School of Business.

In its report, the US Treasury had said that over the first six months of 2017, there had been a notable increase in India’s net foreign exchange purchases, which had surged to 1.8% in 12 months till June, close to the 2%-limit, the report added.

India’s current account deficit in the quarter ending in June was $14.3 billion (More than Rs 92,000 crore), according to the RBI. Rajan said India’s current account deficit could be further affected if the price of oil rises, CNBC reported. “India needs to build reserves in order to protect against outflows. We cannot keep running to the IMF for help as a large country and politically, it is very difficult,” he added.

Support our journalism by subscribing to Scroll+ here. We welcome your comments at letters@scroll.in.
Sponsored Content BY 

Decoding the symbolic threads and badges of one of India’s oldest cavalry units

The untold story of The President’s Bodyguard.

The national emblem of India; an open parachute and crossed lances – this triad of symbols representing the nation, excellence in training and valor respectively are held together by an elite title in the Indian army – The President’s Bodyguard (PBG).

The PBG badge is worn by one of the oldest cavalry units in the India army. In 1773, Governor Warren Hastings, former Governor General of India, handpicked 50 troopers. Before independence, this unit was referred to by many titles including Troops of Horse Guards and Governor General’s Body Guards (GGBG). In 1950, the unit was named The President’s Bodyguard and can be seen embroidered in the curved maroon shoulder titles on their current uniforms.

The President’s Bodyguard’s uniform adorns itself with proud colours and symbols of its 245 year-old-legacy. Dating back to 1980, the ceremonial uniform consists of a bright red long coat with gold girdles and white breeches, a blue and gold ceremonial turban with a distinctive fan and Napoleon Boots with spurs. Each member of the mounted unit carries a special 3-meter-long bamboo cavalry lance, decorated by a red and white pennant. A sheathed cavalry sabre is carried in in the side of the saddle of each trooper.

While common perception is that the PBG mainly have ceremonial duties such as that of being the President’s escort during Republic Day parade, the fact is that the members of the PBG are highly trained. Handpicked by the President’s Secretariat from mainstream armored regiments, the unit assigns a task force regularly for Siachen and UN peace keeping operations. Moreover, the cavalry members are trained combat parachutists – thus decorating the PBG uniform with a scarlet Para Wings badge that signifies that these troopers are a part of the airborne battalion of the India Army.

Since their foundation, the President’s Guard has won many battle honors. In 1811, they won their first battle honor ‘Java’. In 1824, they sailed over Kalla Pani for the first Burmese War and earned the second battle honour ‘Ava’. The battle of Maharajapore in 1843 won them their third battle honor. Consequently, the PBG fought in the main battles of the First Sikh War and earned four battle honours. Post-independence, the PBG served the country in the 1962 Indo-China war and the 1965 Indo-Pak war.

The PBG, one of the senior most regiments of the Indian Army, is a unique unit. While the uniform is befitting of its traditional and ceremonial role, the badges that augment those threads, tell the story of its impressive history and victories.

How have they managed to maintain their customs for more than 2 centuries? A National Geographic exclusive captures the PBG’s untold story. The documentary series showcases the discipline that goes into making the ceremonial protectors of the supreme commander of the Indian Armed Forces.

Play

The National Geographic exclusive is a landmark in television and is being celebrated by the #untoldstory contest. The contest will give 5 lucky winners an exclusive pass to the pre-screening of the documentary with the Hon’ble President of India at the Rashtrapati Bhavan. You can also nominate someone you think deserves to be a part of the screening. Follow #UntoldStory on Facebook, Twitter and Instagram to participate.

This article was produced by Scroll marketing team on behalf of National Geographic and not by the Scroll editorial team.