Jaitley confident that new RBI governor will meet challenges on economic front

Finance Minister Arun Jaitley on Tuesday said the new RBI Governor Shaktikanta Das ahs the right credentials to hold the post and expressed confidence that he will be meet the challenges facing the nation.

He asserted that the independence and autonomy of the RBI will be maintained, saying it is in the interest of the government.

Das , a member of the 15th Finance Commission and former Economic Affairs Secretary, was appointed as RBI Governor, a day after Urjit Patel quit abruptly.

Das, an IAS officer of Tamil Nadu, will have tenure of three years, according to a decision taken by the Appointments Committee of the Cabinet (ACC).

"The vacancy arouse after Urjit Patel resigned and we accepted his resignation today," Jaitley said.

Talking about Das, the finance minister said, "I think he has the right credentials, he has been extremely professional. He has worked under various governments, has excelled himself and I am sure in meeting the challenges before India's economy as a Governor of RBI. He'll certainly add to that office."

To a question, he said that the government of India believes the RBI is an independent body and the government will support RBI and coordinate with it whenever required.

"It is interest of the government to maintain independence and autonomy of the RBI and the government is committed to this effect," said Jaitley.

Praising Das, he said, "Besides his experience as the Revenue Secretary, Economic Affairs Secretary, he also had the experience in preparing several budgets as joint secretary, in charge of budget division. Subsequently he has been a G20 Sherpa on behalf of India. He's been a member of 15th Finance Commission," he added.