Finally the successor of RBI Governor Raghuram Rajan has been announced. On September 4, 2016, Urjit R Patel will take over as the new RBI Governor. Patel will become the second Governor to have been directly elevated from the post of deputy governor. He is someone who is well versed with the changing dynamics of Indian economy since early 1990s. Even during the current tenure under Raghuram Rajan, the RBI governor-designate is best-known for preparing a report that helped India shift to an inflation targeting regime for setting interest rates.
Patel’s appointment has generally evoked support from all the major political parties and soon after the news of him being named as new the RBI Governor circulated; social media channels were witnessing trends like #NewRBIGovernor, #UrjitPatel, #RBI.
Here are some of the reactions on his appointment as the next RBI Governor on Twitter:
Prior to his appointment as the Deputy Governor at RBI in 2013, Patel was advisor (Energy and Infrastructure) with Boston Consulting Group, while he has also worked with Reliance Industries in the past some people were seen highlighting his association with the Reliance Industries.
This one was definitely in the lighter vein given the recent Patel agitation in Gujarat demanding reservations in jobs:
The critics of Raghuram Rajan who had opposed the extension of his tenure as the RBI Governor were also under attack:
Patel, born on October 28, 1963, received his doctorate in economics from Yale University in 1990) and M Phil from Oxford (1986). He did BA from the London School of Economics and obtained M. Phil. degree from Oxford University in 1986 and received his doctorate in Economics from Yale University in 1990.
While Patel has been appointed by the Modi-led government, this low-profile man was also the favourite of many regimes including the PV Narasimha Rao government in the early 1990s.