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What is your take on Urjit Patel as the new RBI governor?

Urjit Patel's appointment as the Governor of the Reserve Bank of India (RBI) in 2016 was seen as a significant move, given his background and expertise. Here are some key points to consider:

Background and Expertise

Academic Credentials: Patel holds a Ph.D. in Economics from Yale University and an M.Phil. from Oxford University. He also has a Bachelor of Arts degree in Economics from the London School of Economics1 2 3.
Professional Experience: Before becoming the RBI Governor, Patel served as a Deputy Governor of RBI, managing monetary policy, economic research, and financial markets. He has worked with the International Monetary Fund (IMF), the Ministry of Finance, and The Boston Consulting Group1 2 3.

Reforms and Achievements

Inflation Targeting: Patel was instrumental in introducing inflation-targeting reforms during his tenure as Deputy Governor, shifting the focus from wholesale prices to consumer prices1 2.
Monetary Policy: His expertise in inflation control was a key factor in his appointment as Governor, as the RBI aimed to maintain inflation within a target range of 4% ± 2% based on the Consumer Price Index1.

Challenges and Criticisms

Tight Liquidity: Patel faced criticism for maintaining tight liquidity during his tenure, which some argued hindered economic growth by limiting credit availability2.
Government Relations: His resignation in December 2018 was attributed to increasing tensions with the government over issues like liquidity, credit flow, and bank controls4 5.

Legacy and Post-RBI Career

Resignation: Patel cited personal reasons for his resignation but was reportedly under pressure due to differences with the government4 5.
Post-RBI Roles: After leaving RBI, Patel has taken on roles such as Vice President for Investment Operations at the Asian Infrastructure Investment Bank (AIIB) and Chairman of the National Institute of Public Finance and Policy5.

Overall, Urjit Patel's tenure as RBI Governor was marked by significant economic reforms and challenges in managing government relations. His expertise in monetary policy and inflation control was crucial during his time at the RBI. However, his resignation highlighted the complexities of balancing economic stability with political pressures.