Subramanian Swamy's war is not against economists, but the Indian economy

BJP infighting is spilling to the streets and it is the common man who is suffering.

Congress' senior leader Digvijaya Singh has now alleged that Subramanian Swamy's latest salvo against chief economic adviser Arvind Subramanian is an indirect attack on the Union finance minister Arun Jaitley.

Now, I don't really know if there is any basis to this but of one thing I am certain -  Swamy's questions and attacks on those who are working under his party in government is leaving the market and the common man nervous.

We the people - the strength and the backbone of the world's biggest democracy - have been ignored, lied to and even mocked (we all remember the "mango people" comment by one famous son-in-law); but what is happening today is even more terrifying than these for me.

The constant infighting within the ruling majority party is leaving us confused and without direction.

On the one hand, we have Prime Minister Narendra Modi pushing for development, launching special campaigns like Make In India, Skill India and Start-up India; and, on the other, senior party leaders like Subramanian Swamy are attacking those who have helped achieve this economic stability.

Also read: Raghuram Rajan's gone, so who's next on Swamy's hit list?

Swamy today has threatened that he has a list of 27 people who he plans to target going forward. Thus far, his list included luminaries such as Raghuram Rajan - the RBI chief under whom India could address and stabilise its inflation and became the global experts' favourite investment hub; Najeeb Jung - lieutenant governor of Delhi who has been chancellor of Jamia Millia Islamia university; and now, in the latest instance, it's CEA Arvind Subramanian who is in Swamy's line of fire.

The top adviser, who was formerly with the IMF and is widely considered to be an expert in the changing balance of global economic power, is the only one of many in the long list of targets if Swamy is to be believed.

Swamy's latest attack should be a cause for worry not only for Arun Jaitley, whom the Rajya Sabha MP is targeting indirectly, but also for PM Modi. The prime minister's vision for development will be seriously hindered, if not completely derailed, if Swamy is allowed to have his way.

Under attack, RBI governor Raghuram Rajan has already declared that he will not be seeking a second term and is on his way out. This, of course, is being seen by many as politics once again trumping development and economic growth in India and has hurt India's perception in the global markets.

Even as the investors are grappling with this sense of uncertainty while no clear successor for Rajan emerges, Swamy has hit out at the much respected chief economic adviser, Arvind Subramanian, with whose guidance the Modi government has finalised the blueprint for its watershed GST Bill and also helped control India's fiscal deficit.

Also read: Raghuram Rajan's inglorious exit shows Modi's weakness

The internal issues notwithstanding, the attack is making the markets apprehensive at a time when worries about the Brexit vote are already weighing heavy.

At such a time when global markets are being jittery, when the currency is weakening further, the dollar outflow from local debt and stock markets is persisting and the caution is becoming the norm, the politics to oust the other Subramanian is only weakening the economic backbone.

With each passing moment, our money's value is decreasing, India's ability to attract FDI is diminishing and the taxes - both direct and indirect - are rising.

What is even more disturbing is that it points to a larger trend where one can attack anyone and not be held responsible. Thus far, Swamy has only written a letter against Raghuram Rajan and tweeted his opinion about Arvind Subramanian. He has not had to prove his allegations and no one has held him accountable for it either.

This sets a dangerous trend which allows for intolerance to creep in through the cracks.

This, I fear, is primed to hurt Indian social fabric further and it will be harder to recover from than the purely economic issues, which can still be addressed through strict regulations and policies.

Also read: India is no place for good people like Raghuram Rajan

Let's hope that PM Modi, who has a reputation of meeting challenges head on, will step in before the issue flares up further. The country needs a strong leadership which will put aside the needs and the political ambitions of a few for the growth of all. This will prove to be a test of Modi's leadership quality in manner unlike any other.

Rest assured we will be watching closely to see how the prime minister handles this domestic hot potato to ensure his vision of a "Shining India" is realised soon than later.