Modi government may appoint Vice Chairman of Niti Aayog Arvind Panagariya as the new RBI governor, as per media reports. A formal announcement is expected in the next 48 hours.
According to Indian Express, PM's office has confirmed that a decision will be taken before July 18. Modi's key policy advisor Panagariya is also India's Group of 20 summit negotiator. Current RBI Governor Raguram Rajan's tenure is ending on September 4. The rock-star banker has already announced that he will be returning to academia and will not be seeking a second term.
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Indian-American economist Panagariya is a close associate of economist Jagdish Bhagwati. Panagariya has worked as chief economist of Asian Development bank and has worked in eminent organisations like World Bank, WTO etc in various capacities. He holds a PHD degree from Princeton University.
He was appointed Vice Chairman of Niti Aayog in January 2015. Modi government formed Niti Aayog which came into being after Planning Commission was abolished. Earlier there were reports that top contenders for the post are former deputy governors of the Reserve Bank of India Subir Gokarn and Rakesh Mohan.
Others who were said to be in the fray for job included SBI chief Arundhati Bhattacharya and Economic Affairs Secretary Shaktikanta Das.
Traditionally, Prime Minister picks the RBI Governor after consultation with the finance minister. The same process is likely to be followed this time around with Modi choosing Rajan's successor after consulting Arun Jaitley. Sources said once a new governor is named, he will become an Officer on Special Duty (OSD) in the central bank to allow smooth transition.
Rajan, who will have the shortest tenure as RBI Governor since liberilsation began in 1991, decided not to seek a second term after unbridled political attacks on him was led by BJP MP Subramanian Swamy.
All RBI Governors in past 23 years have got second term - from Dr C Rangarajan (1992-97), Bimal Jalan (1997-03), YV Reddy (2003-08) to D Subbarao (2003-08). Rajan will break that chain.
Source:-DNAINDIA
Viewmore:_U.P.,Punjab Database
According to Indian Express, PM's office has confirmed that a decision will be taken before July 18. Modi's key policy advisor Panagariya is also India's Group of 20 summit negotiator. Current RBI Governor Raguram Rajan's tenure is ending on September 4. The rock-star banker has already announced that he will be returning to academia and will not be seeking a second term.
Sponsored by Revcontent
Trending Now
Indian-American economist Panagariya is a close associate of economist Jagdish Bhagwati. Panagariya has worked as chief economist of Asian Development bank and has worked in eminent organisations like World Bank, WTO etc in various capacities. He holds a PHD degree from Princeton University.
He was appointed Vice Chairman of Niti Aayog in January 2015. Modi government formed Niti Aayog which came into being after Planning Commission was abolished. Earlier there were reports that top contenders for the post are former deputy governors of the Reserve Bank of India Subir Gokarn and Rakesh Mohan.
Others who were said to be in the fray for job included SBI chief Arundhati Bhattacharya and Economic Affairs Secretary Shaktikanta Das.
Traditionally, Prime Minister picks the RBI Governor after consultation with the finance minister. The same process is likely to be followed this time around with Modi choosing Rajan's successor after consulting Arun Jaitley. Sources said once a new governor is named, he will become an Officer on Special Duty (OSD) in the central bank to allow smooth transition.
Rajan, who will have the shortest tenure as RBI Governor since liberilsation began in 1991, decided not to seek a second term after unbridled political attacks on him was led by BJP MP Subramanian Swamy.
All RBI Governors in past 23 years have got second term - from Dr C Rangarajan (1992-97), Bimal Jalan (1997-03), YV Reddy (2003-08) to D Subbarao (2003-08). Rajan will break that chain.
Source:-DNAINDIA
Viewmore:_U.P.,Punjab Database
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