Challenges before Urjit Patel

Challenges before Urjit Patel: The decision to pick Reserve Bank of India Deputy Governor Urjit Patel as the successor to outgoing Governor Raghuram Rajan is a clear affirmation of the Centre’s commitment to ensure policy continuity...


Excerpts

"The decision to pick Reserve Bank of India Deputy Governor Urjit Patel as the successor to outgoing Governor Raghuram Rajan is a clear affirmation of the Centre’s commitment to ensure policy continuity at the central bank. That the man chosen for the top job at the RBI is a person who helped formulate crucial changes in the monetary framework, including the decision to target a specified inflation level as the primary remit of the bank, reflects the administration’s focus on making price stability central to its economic agenda. Prime Minister Narendra Modi recently reiterated his backing for the 4 per cent retail inflation target, at a time when the Consumer Price Index-based measure had accelerated to 6.07 per cent. The Centre’s choice of the Yale economist who has earned a reputation as a “fiscal conservative” with a “hardline stance” on inflation, is in line with that thinking. Dr. Patel will need little time to settle in, given his insider credentials and experience in working with officials at the Finance Ministry. But as in all such transitions, there will also be substantive change. Known at the RBI headquarters as someone who largely keeps his own counsel and prefers a low-profile and discreet working style, Dr. Patel is unlikely to grab headlines as frequently as his plain-speaking predecessor has done. And that is another factor that must have weighed in his favour."

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