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Govt hopes Patel will 'rise to occasion'

He will replace incumbent governor Raghuram Rajan on September 4

Policy Pulse
Publish Date: Aug 22 2016 1:34PM | Updated Date: Aug 22 2016 1:34PM

Govt hopes Patel will 'rise to occasion'

 The Centre on Monday expressed hope that RBI governor-designate Urjit Patel will "rise to the occasion" and use his experience of handling monetary policy at the central bank to sustain a balance between inflation and economic growth. 

 
Patel, who is Deputy Governor at the RBI right now, will take over the top job at the central bank when Raghuram Rajan demits office on September 4 after completing his tenure. 
 
"He (Patel) will hopefully control inflation rate since he has experience of monetary policy," Minister of State for Finance Arjun Ram Meghwal told reporters in the national capital. 
 
He further said, "Patel's appointment is a right decision and in the interest of the country." 
 
Welcoming his appointment, Economic Affairs Secretary Shaktikanta Das said,"With his background in monetary economics, monetary polities and his background in other fields, I am sure he will rise to the occasion and he will keep in mind the requirements of monetary policy and the inflation target that has now been laid out in the RBI Act.".