It's official, India’s best produced RBI governor, Raghuram Rajan, is being replaced as he took the decision of resigning on his first term being completed in September. Raghuram Rajan who helped India curb inflation tremendously was a man duly respected by Indians and foreigners alike. He was known for his policies worldwide. To fill his shoes is a daunting task, indeed. And none other than his right hand has been chosen for this task.
Urjit Patel will become the 24th governor of Reserve Bank of India on 4th of September 2016. He currently serves as the deputy governor of the RBI.
Who is Urjit Patel?
If you don't know, then it is quite alright for he has an image of being reticent. But that wouldn't come our way to introduce him to you all. So, here we have all covered it for you. Know various aspects of his personality, ranging from his personal to professional life.
Mr. Urjit Patel was born on 28th October 1963 and was also brought in Kenya after that.
The new RBI governor has an education that has all the names of the biggest intuitions you can ever imagine. Oxford, Yale and yes, definitely London school of economics, all of these has been checked by him.
Beginning with London school of Economics to complete his bachelor’s degree, he went ahead to do an M.Phil from Oxford University in 1986, and a Ph.D. from Yale University in 1990.
But what is the most important is not those big schools but the roots of his education, that inspired him to become an economist in the first place. Mr. Urjit Patel did his schooling from Kenya and his father who gave him good education motivated him to do extremely good in academics. And we can see Mr. Urjit Patel never looked back from then.
Before being appointed as the 24th Governor of RBI, Mr. Urjit Patel has taken various challenging roles, being assigned to him, bravely. Patel right after finishing his education worked for IMF desks in the US, India, The Bahamas, and Myanmar. From there he was debuted to RBI, where he played an important role in the development of the debt market, banking sector reforms, pension fund reforms, real exchange rate targeting and evolution of the foreign exchange market in India. Between 2000 and 2004, Patel had 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. He had also served the Ministry of Finance, Department of Economic Affairs between 1998 and 2001 as a consultant.
Patel was first appointed as Deputy Governor for three years in January 2013 and was given an extension this January. He has run the RBI’s monetary policy department since 2013 and was being viewed as a leading contender for the governor’s job.
HIS SIGNIFICANT ACHIEVEMENTS:
Patel has headed a committee that introduced landmark changes including a switch to inflation-targeting and adopting consumer prices as the new benchmark instead of wholesale prices. The changes he helped drive are considered to be among the most significant monetary policy reforms since India opened up its economy in 1991.
Former Prime Minister of India wrote in his recommendation letter that "He is very Important for the country".
Mr. Urjit Patel was considered the right hand of Raghu Ram Rajan.
Well, folks, this is it!
With such an impressing profile we are sure he will be able to fill in the shoes of Raghu Ram Rajan.