by Andalib Akhter
Ending long speculation over choice of Raghuram Rajan’s successor, Government on August 20 appointed Urjit Patel as new Governor of Reserve Bank of India RBI. He will assume office on September 5th.
Urjit Patel was a RBI Deputy Governor prior to his elevation. Patel will be 24th Governor of RBI. His tenure will be of three years
Earlier Dr. Patel was Advisor (Energy & Infrastructure), The Boston Consulting Group.
Born on October 28, 1963, Dr. Patel is a Ph.D. (Economics) from Yale University (1990) and M. Phil. from Oxford (1986). He has been a non resident Senior Fellow, The Brookings Institution since 2009.
Dr. Patel was with International Monetary Fund (IMF) between 1990 and 1995 and worked on the U.S., India, Bahamas and Myanmar desks. He was on deputation (1996-1997) from the IMF to the Reserve Bank of India and provided advice on development of the debt market, banking sector reforms, pension fund reforms, real exchange rate targeting and evolution of the foreign exchange market. He was a Consultant (1998-2001) to the Ministry of Finance, Department of Economic Affairs, New Delhi.
Some of his previous assignments include, President (Business Development), Reliance Industries Limited, Executive Director and Member of the Management Committee, Infrastructure Development Finance Company Limited (IDFC) (1997-2006), Member of the Integrated Energy Policy Committee of the Government of India (2004-2006), and Member of the Board, Gujarat State Petroleum Corporation Limited.
Between 2000 and 2004, Dr. Patel worked closely with several central and state government high level committees, such as, Task Force on Direct Taxes, Ministry of Finance, Government of India, Advisory Committee (on Research Projects and Market Studies), Competition Commission of India, secretariat for the Prime Minister’s Task Force on Infrastructure, Group of Ministers on Telecom Matters, Committee on Civil Aviation Reforms, Ministry of Power’s Expert Group on State Electricity Boards and High Level Expert Group for Reviewing the Civil & Defence Services Pension System, Government of India.
Dr. Patel has authored technical publications, papers and comments in the areas of Indian macroeconomics, public finance, infrastructure, financial intermediation, international trade and the economics of climate change.