Dr. Urjit Patel who used to be one of the deputy governors of reserve bank of India has been appointed as the governor of reserve bank of India by our Prime Minister Narendra Modi. Now the question is whether he will be able to reach up to the level of Raghuram Rajan in achieving his duties and responsibilities or not? It is not that Urjit Patel is not worth it, but the main thing is that Raghuram Rajan has already set the standards, which are very high and exceptional in every point of view. There are many fields where Dr. Urjit Patel has to come up to the expectations and perform exceptionally.
Talking about the other contenders, I believe he deserves it the most. There was no other contender more adequate and deserving than him. This was a very good choice made by PM Narendra Modi and I must hope it is going to be very helpful for the country.
The first impression of Urjit Patel’s CV was very impressive which was due to his experience in dealing with the inflation policy of the central bank as he has knowledge of every bit of the policy. Talking about the education qualification, he holds a PHD in economics from Yale University in 1990 batch and MPhil from Oxford University in 1986 batch. He has all the qualification which is required for a RBI governor, so educational qualification has also increased his score.
The second reason is that, during the time of Rajan, there were many unpleasant experiences due to many controversial comments of the governor on many issues such as intolerance, economic growth, make in India and much more. On the other hand, Urjit Patel is very silent and reserved who will not make any such statement which will create any controversy. This is what government want, a governor who silently performs his duties and does not create any scene.
Being one of the deputy governors of reserve bank, Patel has worked closely with the central bank, so he will ensure that the current policies will continue to work in the same manner. Nobody could do this work better than Urjit Patel. Apart from this, Urjit has been working in this field from last many years, so he is familiar with all the stuff. The Government wanted a correct replacement of Raghuram Rajan after his exit and Urjit Patel is has won the battle. After all, Urjit was well known by all the international investors which proved to be a plus point for his candidature.
According to Raghuram Rajan also, Urjit has worked very closely with him on the monetary policy, so he is very confident that Urjit will successfully take up the responsibility and come out in flying colors. Overall, Dr. Urjit Singh is a full package of all the qualities that are required to be a governor of reserve bank of India.
Every person has his own way of working. We cannot expect Urjit Singh to work same as Ex-Governor Raghuram Rajan. The main thing is that the outcomes must be positive. If we talk about the qualities, then Urjit Patel is a bundle of all the qualities, but rest all depends on his way of working. If today we are talking about the good works are done by Raghuram Rajan then hopefully time will come when people will say same or may be even better about the works done by Urjit Patel. Raghuram Rajan seems to the torch bearer while Urjit Patel seems to be the follower. Let’s see who wins- the torch bearer or the follower.