Tuesday 23 August 2016

And here is our new RBI governor Urjit patel



RBI's Deputy Governor Urjit Patel was appointed as the next Governor of the central bank after Raghuram Rajan demits office on September 4.
52-year-old Patel has been appointed as new RBI Governor, official sources said.
He was first appointed as Deputy Governor for three years in January 2013 and was given an extension this January.
Patel has been known as 'inflation warrior' of Rajan, who made a surprise announcement in June that he would return to academia after end of his current three-year tenure
In recent months, Rajan has come under attack from some quarters, including BJP's Rajya Sabha MP Subramanian Swamy, for what they call his reluctance to lower interest rates and giving priority to inflation control.
Prior to his appointment as the Deputy Governor at RBI in 2013, Patel was advisor (Energy and Infrastructure) with Boston Consulting Group, while he has also worked with Reliance Industries in the past.
Patel, born on October 28, 1963, received his doctorate in economics from Yale University in 1990) and M Phil from Oxford (1986).
He has worked with the International Monetary Fund (IMF) between 1990 and 1995 covering the US, India, Bahamas and Myanmar desks.
Urjit Patel will take over the charge from Rajan after he demits the office on September 4. He will be the eighth Deputy Governor to be made Governor at RBI.
Hindsight is always 20 20 and it is difficult to escape the impression that the soft-spoken, incredibly low-profile, Kenyan-born Urjit Patel is a perfect fit as RBI governor for prime minister Narendra Modi as he embarks on the last three crucial years of his first term. Dr Patel has all the qualities that Mr Modi cherishes and admires in ministers and government officials; intellectual gravitas, a publicity-shy nature, workaholism and a laser-like focus on fighting and curbing inflation, one of the significant policy achievement of the 28-month-old Modi government.

Outgoing governor Raghuram Rajan has been credited with curbing inflation, for preparing a monetary policy framework that squarely put inflation in cross-hairs and laid the foundation for institutionalisation of monetary policy. For years, RBI's inflation fighting efforts have suffered from confused thinking, misplaced priorities and a general reluctance to appear too hawkish on the rates front for fear of incurring the wrath of the political and business establishment. One of the biggest achievements of Rajan was that he buried such pigeon hearted thinking and took the battle to interest rate-cut-wallahs and crony capitalists with gusto. 

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