Urjit Patel is a terrific choice as RBI Governor: Jagdish Bhagwati

NEW DELHI: Globally acclaimed economist Jagdish Bhagwati today hailed the appointment of Urjit Patel as the next RBI Governor as "terrific choice", saying he is an ideal person to head the central bank.

"Dr Urjit Patel is a terrific choice. A student of the great Indian economist, Professor T N Srinivasan, and also a macroeconomic expert trained at Yale, Patel will be an ideal Governor who can take over with distinction and continuity from Dr Raghuram Rajan," Bhagwati told PTI.

He is Professor of Economics, Law, and International Relations at Columbia University.

"With the brilliant Arvind Panagariya continuing as his chief economist, and Urjit Patel at the RBI, Prime Minister now has the world's finest economics team, augmented by Bibek Debroy and Arvind Subramanian, that promises continuing reforms beyond the politically skilful passage of GST," Bhagwati added.

Hopefully, he added, "the days of anti-reform, anti-growth advisers that undermined our economy in the UPA-II years will now be strictly behind us".

Government in a statement today announced the appointment of Patel as the next governor of Reserve Bank of India for three years with effect from September 4, 2016. He will replace Raghuram Rajan.

Patel is presently the deputy governor of RBI and is holding this assignment since 2013.