Will Mr Patel change his views?

Urjit Patel, the deputy governor designate of the Reserve Bank of India, is set to head the monetary policy department. In his new role, the 49-year-old might have to do some nuancing of his views. In his writings, Patel has been a heavy critic of RBI’s performance in dealing with inflation. Referring to one of Governor Subbarao’s speeches where the governor had said inflation targeting wasn’t possible in a country like India, Patel said: “This is an astonishing series of nihilistic statements—unassisted by evidence or even a hint of scientific thoroughness—from the central bank head, pleading either hopelessness on account of India being a large and diverse federal entity, or, a form of muddled eclecticism”. In the article posted on the website of the Brookings Institute, Patel also said “It may be construed as seeking to absolve the monetary authority from pursuing low and stable inflation as even a primary—let alone an overriding or dominant—objective in the hierarchy of macroeconomic goals.” (Click on graphic)

image
Business Standard
177 22
Business Standard

Will Mr Patel change his views?

Business Standard  |  New Delhi 



Urjit Patel, the deputy governor designate of the Reserve Bank of India, is set to head the monetary policy department. In his new role, the 49-year-old might have to do some nuancing of his views. In his writings, Patel has been a heavy critic of RBI’s performance in dealing with inflation. Referring to one of Governor Subbarao’s speeches where the governor had said inflation targeting wasn’t possible in a country like India, Patel said: “This is an astonishing series of nihilistic statements—unassisted by evidence or even a hint of scientific thoroughness—from the central bank head, pleading either hopelessness on account of India being a large and diverse federal entity, or, a form of muddled eclecticism”. In the article posted on the website of the Brookings Institute, Patel also said “It may be construed as seeking to absolve the monetary authority from pursuing low and stable inflation as even a primary—let alone an overriding or dominant—objective in the hierarchy of macroeconomic goals.” (Click on graphic)

Will Mr Patel change his views?

Urjit Patel, the deputy governor designate of the Reserve Bank of India, is set to head the monetary policy department. In his new role, the 49-year-old might have to do some nuancing of his views. In his writings, Patel has been a heavy critic of RBI’s performance in dealing with inflation.

Urjit Patel, the deputy governor designate of the Reserve Bank of India, is set to head the monetary policy department. In his new role, the 49-year-old might have to do some nuancing of his views. In his writings, Patel has been a heavy critic of RBI’s performance in dealing with inflation. Referring to one of Governor Subbarao’s speeches where the governor had said inflation targeting wasn’t possible in a country like India, Patel said: “This is an astonishing series of nihilistic statements—unassisted by evidence or even a hint of scientific thoroughness—from the central bank head, pleading either hopelessness on account of India being a large and diverse federal entity, or, a form of muddled eclecticism”. In the article posted on the website of the Brookings Institute, Patel also said “It may be construed as seeking to absolve the monetary authority from pursuing low and stable inflation as even a primary—let alone an overriding or dominant—objective in the hierarchy of macroeconomic goals.” (Click on graphic)

image
Business Standard
177 22

More News

  • Only major firms relishing masala bonds Masala bonds to ease capital constraints for banks: Fitch
  • Raghuram Rajan, RBI RBI wants to liberalise while strengthening bond markets: Rajan
Widgets Magazine
Widgets Magazine
Advertisement

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard