Urjit Patel as being the current deputy governor and in charge of monetary policy, the government has expected that he should keep in mind the requirements of growth which is a mandate of the Reserve Bank of India (RBI) Act, while trying to meet the inflation target.
Minister of State for Finance Arjun Ram Meghwal has said that Patel’s appointment as new RBI governor is the right decision and is in the interest of the country. Considering he has good experience in monetary policies and other areas he should be able to contain inflation within the target of 4 percent, plus or minus two percentage points. Meghwal further said governor has to maintain a balance in growth and monetary policy and he also hopes that Patel will be successful in controlling inflation.
Calling Urjit Patel a competent economist, Meghwal added that Patel would strive to have a stable currency and a well-managed inflationary environment as the outgoing Governor has been doing. The government has named Patel to succeed Raghuram Rajan as the next RBI Governor for a three-year period. Patel will replace Rajan on September 4.