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New Delhi: Former Reserve Bank of India (RBI) Governor Urjit Patel has been appointed as the Executive Director of the International Monetary Fund (IMF). Patel will hold this post for the next three years.
Urjit Patel became the 24th Governor of the RBI in 2016, replacing Raghuram Rajan. But in 2018, he resigned due to personal reasons. Patel is considered to be the creator of India’s new inflation targeting framework. Due to the report prepared under his leadership, the government set 4% CPI as the inflation target.
Routine work: Executive Directors look after the daily routine work of the IMF. They are part of the IMF board, which implements the policies and decisions of the organisation.
Representation of member countries: Patel will represent India and some other countries (which are part of his group). He will put forward the economic policies and interests of these countries to the board.
Review of economic policies: He will analyse the economic policies of member countries and discuss the economic impact at the global, regional and national level.
Approval of financial assistance: He will have a role in reviewing and approving proposals for financial assistance (such as loans) to a country from the IMF.
Capacity development: Patel will also look at the efforts being made for capacity development of the IMF, which includes assisting countries in economic policy and financial management.
Patel has previously worked for the IMF in Washington, DC, and was also the Deputy Resident Representative of the IMF in India in 1992. Apart from this, he has also worked as Deputy Governor in RBI, where he looked after matters like monetary policy, financial research, data, information management, policy, communication and RTI.
Urjit Patel was also an advisor in the Finance Ministry from 1998 to 2001. Apart from this, he also held many important responsibilities in private and government companies like Reliance Industries, IDFC Limited, MCX Limited and Gujarat State Petroleum Corporation.
Urjit Patel will look after the daily routine work of the IMF. He is a part of the IMF board, which implements the policies and decisions of the organisation. Patel will represent India and some other countries (which are part of his group) and put forward the economic policies and interests of these countries to the board.
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