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Due to his leadership report, the government made 4% CPI a target of inflation.
Urjit Patel, former Governor of the Reserve Bank, is appointed as Executive Director in the International Monetary Fund (IMF). Patel will hold this position for the next three years.
Urjit Patel became the 24th Governor of RBI in 2016, replacing Raghuram Rajan. But in 2018, he resigned for personal reasons. Patel is considered to make India’s new inflation targeting framework. Due to his leadership report, the government made 4% CPI a target of inflation.
Urjit Patel will take over these responsibilities as Executive Director
- Routine functioning: Executive directors see the daily routine functioning of the IMF. They are part of the board of IMF, which applies the policy and decisions of the organization.
- Representation of member countries: Patel will represent India and some other countries (which are part of their group). They will put the economic policies and interests of these countries on the board.
- Review of economic policies: They will analyze the economic policies of member countries and discuss the Economic Impact of Global, Regional and National Level.
- Approval of Financial Assistance: The IMF will play a role in reviewing and approval of financial assistance (such as debt) proposals from IMF.
- Capacity Development: Patel will also look at the efforts being made for IMF’s capacity development, including providing assistance to countries in economic policy and financial management.
Patel was also an IMF Deputy Resident Representative in India in 1992
Earlier also Patel has worked for IMF at Washington DC and was also a deputy resident representative of IMF in India in 1992. Apart from this, he has also worked as a deputy governor in RBI, where he looked at matters like Monetary Policy, Financial Research, Data, Information Management, Policy, Communication and RTI.
Urjit Patel was also an advisor in the Ministry of Finance from 1998 to 2001. Also, he also played many important responsibilities in private and government companies like Reliance Industries, IDFC Limited, MCX Limited and Gujarat State Petroleum Corporation.
