Logo


After Patel's exit, RBI must now focus on how it can help India's economy

To salvage the most important projects among these, the government will need to follow the example set by Barack Obama in the US in 2009

Urjit Patel
Urjit Patel

By resigning as the Reserve Bank of India’s governor without a shadow of warning, Urjit Patel has delivered a coup de grace to India’s tottering economy. One does not have to be a psychic to divine what made Patel take this drastic action now. He was almost certainly instructed to transfer some of the central bank’s reserves to the finance ministry to meet its expenditure commitments. He had already refused point blank during the marathon board meeting of November 19. He must have suspected, or been warned, that if he did not agree, he would be directed to do so ...