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(Source: The Financial Express)

Who is S Gurumurthy? Swadeshi ideologue who supported demonetization is RBI’s new part-time director

The government has appointed S Gurumurthy, editor of Tamil political weekly Thuglak as a part-time director in the Reserve Bank of India.

Swaminathan Gurumurthy has been appointed for a period of four years, along with Satish Marathe, founder of Sahakar Bharati, an NGO that works to support cooperatives.

Notably, S Gurumurthy is a chartered accountant, an economist and a political and economic affairs commentator.

Apart from being the editor of Thuglak, S Gurumurthy is also the co-convenor of RSS affiliate Swadeshi Jagran Manch. Earlier, in November 2017, Gurumurthy had written an article terming demonetisation as “a fundamental corrective to the economy much like liberalisation of the 1990s.” Gurumurthy has delivered many public lectures on the merits of demonetisation and given several interviews on Doordarshan.

Earlier, Gurumurthy had written various articles in The Indian Express, with topics revolving around the corporate world. Interestingly, India Today magazine ranked him at number 30 in India’s 50 Most powerful people of 2017 list. S Gurumurthy has never contested any election so far.

To his credit, S Gurumurthy is also said to have advocated the replacement of the Planning Commission with a new body, like the NITI Aayog favouring an Indian approach to development, according to a report in The Indian Express. In his long career, Gurumurthy has written and spoken on monetary policy, jobs, RBI and such macro-economic issues, including why Raghuram Rajan was not given a second term.

Gurumurthy’s appointment comes after Prime Minister Narendra Modi-led Appointments Committee of the Cabinet on Tuesday gave its approval as per provisions of Section 8 1C of the RBI Act, 1934. The provisions allow the government to nominate anyone as a part-time, non-official Director. Gurumurthy will get a four-year tenure.

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