RBI chief Raghuram Rajan’s decision to not seek a second term had taken everyone by surprise. And there was much suspense over his successor. Now, that suspense has ended.
Instead of bringing in a Governor from outside the RBI, the Government has rightfully decided to promote Deputy Governor Urjit Patel. He has been viewed admirably since the tenure of PV Narasimha Rao. Patel had caught the attention of Rao, his finance minister Manmohan Singh and Commerce Minister P Chidambaram, when the International Monetary Fund selected him to head its India office.
Born in Kenya, educated in the UK and the US, Patel’s scholarly pursuit was, however, focussed on India. His knowledge of India’s ailing power sector is widely believed to have led to the privatisation of power distribution.
Patel is also known to enjoy warm and enduring professional ties with those who matter in India’s economic circles, particularly those involved in the liberalisation process.