PM Modi to announce RBI Rajan’s successor this week

Raghuram Rajan

Prime Minister Narendra Modi is likely to announce the Reserve Bank governor Raghuram Rajan’s successor later this week, for which top contestants include NITI Aayog’s vice chairman Arvind Panagariya and former RBI deputy governors Subir Gokarn and Rakesh Mohan.

Sources said a decision is expected soon after Prime Minister Narendra Modi’s return from his return from a four-country tour of Africa on Tuesday.

Rajan, whose current three-year tenure ends on September 4, made a surprise announcement last month that he would not seek a second term and would return to academia, triggering intense speculation about the possible contenders.

Read More: Raghuram Rajan says not keen on RBI 2nd term

Among those being talked as possible contenders, 64-year-old Panagariya is also India’s key negotiator at G20 summit and has been Professor of Indian Political Economy at Columbia University.

Among other possible contenders to replace Rajan, on-leave professor of finance at Chicago University and a former chief economist at IMF, Gokarn is currently serving as an executive director at the International Monetary Fund, a post previously held by Mohan as well.

Others said to be in the fray included SBI chief Arundhati Bhattacharya, economic affairs secretary Shaktikanta Das, chief economic adviser Arvind Subramanian and RBI’s current deputy governor Urjit Patel.

Conventionally, Prime Minister choice the RBI governor after conference with the finance minister and the same process is likely to be followed this time.

Rajan, who will have the precise tenure as RBI governor since liberilsation began in 1991, decided not to seek a second term amid political attacks against him including by newly appointed Rajya Sabha member Subramanian Swamy.

Read More: Sack RBI Governor Raghuram Rajan: Subramanian Swamy written advise to PM Modi

Wefornews Bureau

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