RBI, Centre should find ways to work in harmony: Manmohan Singh

Former Prime Minister and seasoned economist Manmohan Singh opined that the Reserve Bank of India (RBI) and central government should find ways to work in close coordination and harmony.

"The strong, independent Reserve Bank of India has to work in close cooperation with the central government. So I do hope and pray that Reserve Bank and the Government of India would find ways and means to work in harmony with each other," Singh told reporters after the launch of his book 'Changing India' in the national capital.

Earlier, Singh had noted that the resignation of Urjit Patel as the governor of the Reserve Bank of India (RBI) was a "severe blow to the nation's economy."

In a written statement released soon after Patel's resignation, Singh, who himself was RBI Governor from 1982 to 85, said, "I have known Dr Patel to be an economist of high repute and also someone who cared deeply about India's financial institutions and economic policy. Dr Patel's sudden resignation, at a time when the Indian economy is faced with many headwinds, is very unfortunate, and is a severe blow to the nation's economy."

Meanwhile, on the issue of farm loan waiver granted in Rajasthan, Madhya Pradesh, and Chhattisgarh after the Congress came to power, Singh noted that the Congress was bound to honour its commitment.

"We have to honour that commitment that is a part of the election manifesto of the states which went to polls. So the Chief Ministers have announced the same," he said.