Putting an end to months of speculations, the Appointments Committee of the Cabinet (ACC) on Saturday announced Urjit Patel as the new Reserve Bank of India Governor. Patel is an eminent economist, consultant and banker who will replace the incumbent Raghuram Rajan, a former International Monetary Fund chief economist.
Patel will take up the top job for a three-year term on September 4, the day Dr. Rajanâ€™s three-year term expires. The choice of Patel somewhere reflects governmentâ€™s preference for continuity to the Rajan tradition. 52-year-old macro-economist was appointed deputy governor in 2013 and since then he has been a key player in RBIâ€™s war on inflation.
Here is a look at who said what about Patelâ€™s appointment as the next RBI Governor:
N R Narayana Murthy, Infosys founder
He (Urjit Patel) is the right man to succeed Raghuram Rajan. Who better than him to see what needs to be done to stimulate growth and contain inflation,â€
Jagdish Bhagwati, economist
Dr Urjit Patel is a terrific choice. A student of the great Indian economist, Professor T N Srinivasan, and also a macroeconomic expert trained at Yale, Patel will be an ideal Governor who can take over with distinction and continuity from Dr Raghuram Rajan.â€
Economy in good hands with Urjit Patel as RBI Governor. Globally respected, eminent economist, had strategic experience in BCG- great choiceâ€” Harsh Goenka (@hvgoenka) August 20, 2016
Great EQ - Urjit Patel. Besides the given of being highly competent.â€” Sandeep Parekh (@SandeepParekh) August 20, 2016
Welcome to new RBI governor, Sh Urjit Patel. https://t.co/xQcOUAX2kIâ€” Vijay Shekhar (@vijayshekhar) August 20, 2016
Hearty Congratulations to Shri Urjit Patel for being appointed as the Governor of the Reserve Bank of India.#RBIâ€” Shetal Sheth (@Sshetal) August 20, 2016