Urjit Patel competent economist: FM Arun Jaitley

TIL Desk/Business/New Delhi-Calling Urjit Patel a “competent economist”, Finance Minister Arun Jaitley today expressed hope that as the next RBI Governor he will be able to contain inflation and contribute in country’s economic growth. The government has named Patel to succeed Raghuram Rajan as the next Reserve Bank of India Governor for a three-year period. He will replace Rajan on September 4.

“Dr Patel is a competent economist, a monetary economist. He has worked in various capacities in RBI. I believe that he will be able to contain inflation with Monetary Policy Committee to assist him. He also contribute to country’s economic progress,” Jaitley told.

Patel has been holding charge of the monetary policy decisions of the central bank. The government has notified monetary policy framework agreement under which RBI will target to contain inflation at 4 per cent with an upper and lower tolerance band of 2 per cent. The six-member monetary policy committee will decide on interest rates based on this inflation target.