While SJM includes a member of the board of directors of the Reserve Bank of India, Swaminathan Gurumurthy, among its co- founders, observers said 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 Bharatiya Janata Party (BJP), its influence over the RSS may be overestimated by some observers, political analysts said.
