New Delhi: IMF Executive Director India: Former RBI Governor and economist Urjit Patel has been appointed the IMF Executive Director for a period of three years. Patel has succeeded Krishnamurthy Subramanian.
“The Appointments Committee of the Cabinet has approved the appointment of Dr. Urjit Patel, Economist and Former RBI Governor, to the post of Executive Director (ED) at the International Monetary Fund, for a period of three years with effect from the date of assumption of charge of the post, or until further orders, whichever is earlier,” said an official release.
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Who Is Urjit Patel?
Patel, was appointed RBI Governor for a tenure of three years in 2016. He took charge after Raghuram Rajan demitted office. Patel was with IMF between 1990 and 1995, during which he worked on the US, India, Bahamas and Myanmar desks.
Patel obtained his BA from the London School of Economics and pursued his Ph.D. from Yale University. He has M Phil from Oxford University.
He was on deputation (1996-1997) from the IMF to the Reserve Bank of India, before becoming a Consultant (1998- 2001) to the Ministry of Finance. According to some senior officials at the Reserve Bank, Patel was particularly chosen by the IMF in 1996-97 to provide advice on the development of the debt and currency markets in India, as also on banking and social security net reforms.
He was also a consultant in India`s Finance Ministry, in the Department of Economic Affairs, and an advisor at The Boston Consulting Group. This apart, he has been a non-resident Senior Fellow of The Brookings Institution.
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Some of his stints with the private sector include: President, Business Development with Reliance Industries, Executive Director of Infrastructure Development Finance Company and Board Member of the Gujarat State Petroleum Corp.
Patel worked closely with several central and state government committees — especially those on direct taxes, market studies, anti-trust laws, Prime Minister`s Task Force on Infrastructure and sectors like telecom, aviation, power and pensions.
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