While SJM includes a member of the board of directors of the Reserve Bank of India, Swaminathan Gurumurthy, among its co founders, observers say it’s unlikely to have much influence over government policy. Even though it is considered the economic arm of Rashtriya Swayamsevak Sangh (RSS), a nationalist group that provides the ideological backing for the ruling party, the BJP, it influence over the RSS may be overestimated by some observers, political analysts said.
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