New governor to keep up war on inflation

NEW DELHI: Urjit Patel is expected to keep up the central bank’s war on inflation as he prepares to take the helm next month.

NEW DELHI: Urjit Patel is expected to keep up the central bank’s war on inflation as he prepares to take the helm next month.

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The current monetary policy framework was steered by Patel as he headed a committee that in 2014 recommended targeting retail inflation to tame unstable prices, shifting the focus away from wholesale prices.

During a distinguished career, Patel has been with the International Monetary Fund (IMF) between 1990 and 1995 and worked at the US, India, Bahamas and Myanmar desks.

He was on deputation (1996-1997) from the IMF to the RBI 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 (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, Patel worked closely with several central and state government high-level committees, which worked on matters ranging from direct taxes to reviewing infrastructure, telecommunications, civil aviation reforms and pensions.

He 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.