Being the first Governor of RBI to leave the office after completing the precise three-year term, not a day more or less, Mr Raghuram Rajan’s tenure ended on September 4, 2016. Succeeding him Dr. Urjit Patel has been appointed as the 24th Governor, RBI, with a three-year term and he has formally taken over the control from September 6, 2016 keeping a subtle approach even though his term began from September 4, 2016. Reason being two the two day offs- September 4 being a Sunday and September 5 holiday on account of the festival of Ganesh Chaturthi.
Dr. Patel holds a PhD from Yale University, an M. Phil from the University of Oxford, and a BSc from the University of London. To his credentials he has been on the committee of the International Monetary Fund (IMF) to RBI from 1996 to 1997, and a consultant to the Union Finance Ministry from 1998 to 2001. He has also served as the Deputy Governor, RBI from the month of January, 2013 for the period of three-years following which his term at the same post was renewed on January 11, 2016.
Dr Patel has turned up to be a promising candidate as per what it looks like to the foreign investors and stakeholders, and the people of the nation for having two points in his favour—the controversial image of Mr Rajan, and the contributions Dr Patel has made until now. It is also believed that Dr Patel will follow the path trodden by Mr Rajan as he may continue the norms and policies framed by him.
India being a nation rising on the international front has faced inflation in the past. Mr Rajan’s policies have been revolving around the same. Dr Patel seems to be on the same page with Mr. Rajan in this regard.
It is too early for you and I to conclude whether the coming time will get us significant policies or disappointments. Time shall disclose it all.
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