So finally after a lot of hustle and rigorous interviews with 5 eminent candidates for the profile a panel of renowned members, we have been introduced to our new RBI governor Urjit Patel. What could be more reassuring than Raghuram’s right hand becoming his successor?
In 2013, then prime minister Mr. Manmohan singh wrote a letter of recommendation for Mr. Patel as the deputy governor of Reserve Bank of India. He is a very highly educated personality who has had an adroit work experience in Start up Infrastructure Financing and Energy. Born in Kenya, he has completed his studies in UK and US before coming to India. He has attained a bachelors degree in Economics from London school of Economics and an M. Phil from Oxford university in 1986. He has helped the government in bringing about reforms in airports, roads, ports , telecom etc. Times of India Entitles him as a inflation warrior with corporate background. Here is a list of his remarkable work experience:
- At IMF India desk from 1991-94 transition period.
- President of Business Development in Reliance Industries Limited from 1997 to 2006.
- Served the Ministry of Finance, Department of Economic Affairs between 1998 and 2001 as a consultant.
- Between 2000 and 2004, worked with several Central and State government committees such as the Task Force on Direct Taxes, the Ministry of Finance, and the Secretariat for the Prime Minister’s Task Force on Infrastructure.
- Deputy Governor of RBI for a period of three years in 2013.
- On 20 August 2016, appointed as the governor of Reserve Bank Of India(RBI).
Not just his dynamic educational profile but his commendable work and contribution towards Indian Economics that led to his appointment for this prestigious position. Economist say his appointment will no doubt bring about a stability in India’s Monitory Policies. His adept candidature for someone who has a depth of knowledge of India’s past and present and one who has had around the world view and experience in Corporate world will surely prove a panacea in reshaping India’s Monitory policy and controlling Inflation.