Rajan had no degree in Economics, Patel has a PhD: Swamy

TIL Desk/National/New Delhi-Expressing his approval over the selection of Urjit Patel as the new Reserve Bank of India Governor, Bharatiya Janata Party leader Subramanian Swamy has said that he has high hopes from Raghuram Rajan’s successor. Swamy said Patel was Rajan’s deputy for many years, which is why his next post should not feel new to him.

“He (Patel) has a PhD in economics and a degree from Yale, Raghuram Rajan had no degree in economics. After engineering, he did management. He did not have the general equilibrium regarding economics. Urjit Patel has been the deputy governor for so many years now, so this will not be new for him. I have high hopes from him,” Swamy said.

Rajan is currently on leave from the Chicago Booth School of Business where he holds the post of Distinguished Service Professor of Finance. Swamy, who has been one of the chief critics of Rajan, welcomed the latter’s decision and said that he was not even getting a second term in the first place.