Urjit Patel, the current deputy governor of the reserve Bank of India is officially declared as the successor to Raghuram Rajan, after his term ends in September 2016. Overall positive reactions about this appointment are heard from various sectors of India Inc.
IBA too shares the positive outlook towards this new appointment. Urjit Patel was one of the main aides to Rajan in his battle to curb inflation for last three years. His knowledge of international economy, economic relations and robust experience of handling the issues like inflation and bad loans make him a very worthy successor to continue the reforms that Rajan initiated.
The government of India has been very vocal about its overall intention of taking an approach that benefits the common man. This appointment also falls in line with this intention of curbing the inflation and lowering the prices. Additionally, the tasks of cleaning the bank books and figuring a way though the bad loans mess is essential for stabilizing the economy and boosting its growth. With the new governor of RBI stepping in, it will be exciting to watch how economy shapes up, new initiatives get off the ground and India Inc witnesses growth.