Patel is superb, looking forward for better days of Indian economy, RBI: Moily

Bengaluru, Aug. 21 (ANI): Speaking on the appointment of the new Reserve Bank of India (RBI) Governor, Congress leader Veerapa Moily today said Urjit Patel has institutional experience and is highly professional and farsighted, and this will definitely take the Indian economy on the new progressive path. "The choice is excellent and superb. This is what we want for that post. This is an acknowledgement of the fact that the government has recognised the importance of 'institutional RBI Governor' and Patel is a far sighted person and an economist. The kind of reform measures that he has contemplated and has given report is excellent. We are looking forward for better days for the country's economy and also for the RBI," he told ANI. He further said Raghuram Rajan's exit will be a great loss as he is an economist of international fame; perhaps Patel will make it up. "He has to work freely because the RBI Governor has to work as autonomous body and has to work independently, that is how we have to take the country forward. I hope Patel will come up to the expectation," he added. On Finance Minister Arun Jaitley's statement on former prime minister Jawaharlal Nehru, he said, "I don't know as to laugh or feel pity on Jaitley and the BJP government for lacking institutional memory. I don't think if Advani or Vajpayee talked of that. Many BJP leaders make a very low the belt remark on Nehru legacy. The Narsihma Rao government has uplifted the economy in the past, which was left by the then finance minister Yashwant Singh. He had left the economy in complete bankruptcy; the credit will go to the Congress government of that time, particularly Dr. Manmohan Singh, who was the then finance minister, for lifting the economy of India to the international level." The Government on Saturday appointed Urjit R.Patel as the new Reserve Bank of India (RBI) Governor. Patel, who is currently serving as the Deputy RBI chief, will succeed Raghuram Rajan as the RBI chair once he steps down on September 3 after his term comes to an end. Dr Rajan surprised everyone with a letter to RBI staff announcing his decision to return to academics and not be available for a second term. The committee undertook an extensive exercise to suggest a panel of names to the ACC. One of the RBI's four deputy governors, Patel, 52, was reappointed in January for another three years. He has run the central bank's monetary policy department since 2013.(ANI)