RSS, SJM, top economists pushed centre to review issuing foreign currency bonds

The government has decided to review its decision of raising money by selling foreign currency bonds after a meeting with Hindu nationalist group Rashtriya Swayamsevak Sangh (RSS), Swadeshi Jagran Manch (SJM) and top economists earlier this week, sources told CNBC-TV18 on Friday.

RSS and SJM top brass, key economists and government representatives held a closed-door meeting on Tuesday on the issue, the sources said on the condition of anonymity.

RSS, SJM and the economists expressed their concerns over the move saying that the “national” decision was taken without consultation, the sources said. They clarified that the economists who attended the meeting are not associated with RSS or SJM.

The North Block representative at that meeting was economic advisor Sanjeev Sanyal, added the sources.

When contacted, Ashwani Mahajan, National Co-Convener of SJM, refused to comment on the meeting but reiterated his position against issuing foreign currency bonds.

Speaking to CNBC-TV18, Mahajan said, “I am happy to note from reports that the sovereign bond issue is being reviewed.” "Sovereign bond issue is a horrible, dangerous idea. It has pushed countries into a debt vortex, subjected them to conditionalities," he added.