Finance Minister Arun Jaitley said the outgoing RBI governor has done his job well.
New Delhi: Calling Urjit Patel a "competent economist", Finance Minister Arun Jaitley on Monday expressed hope that as the next governor of the Reserve Bank of India will be able to contain inflation and contribute in the country's economic growth.
The government has named Mr Patel to succeed Raghuram Rajan as the next RBI governor for a three-year period. He will replace Mr Rajan on September 4.
"Dr Patel is a competent economist, a monetary economist. He has worked in various capacities in RBI. I believe that he will be able to contain inflation with Monetary Policy Committee to assist him. He also contribute to country's economic progress," Mr Jaitley told TV news channel Aaj Tak.
Mr Patel has been holding charge of the monetary policy decisions of the central bank.
The government has notified a monetary policy framework agreement under which the RBI will target to contain inflation at four per cent with an upper and lower tolerance band of two per cent.
The six-member monetary policy committee will decide on interest rates based on this inflation target.
On Mr Rajan, Mr Jaitley said there were no differences between the outgoing RBI governor and the government, and the relations were cordial.
The finance minister said Mr Rajan has done his job well.
The government has named Mr Patel to succeed Raghuram Rajan as the next RBI governor for a three-year period. He will replace Mr Rajan on September 4.
"Dr Patel is a competent economist, a monetary economist. He has worked in various capacities in RBI. I believe that he will be able to contain inflation with Monetary Policy Committee to assist him. He also contribute to country's economic progress," Mr Jaitley told TV news channel Aaj Tak.
Mr Patel has been holding charge of the monetary policy decisions of the central bank.
The government has notified a monetary policy framework agreement under which the RBI will target to contain inflation at four per cent with an upper and lower tolerance band of two per cent.
The six-member monetary policy committee will decide on interest rates based on this inflation target.
On Mr Rajan, Mr Jaitley said there were no differences between the outgoing RBI governor and the government, and the relations were cordial.
The finance minister said Mr Rajan has done his job well.
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