A formal announcement of the decision was expected in next 48 hours, said the sources. PMO declined to comment, but said a decision on the new RBI governor would be made before July 18. Panagariya is also India's Group of 20 summit negotiator.
Arvind Panagariya, NITI Aayog vice chairman, could be appointed by Prime Minister Modi as the next Reserve Bank of India (RBI) chief, two television channels CNBC Awaaz and ABP News reported on Monday. The channels cited government sources who did not want to be named.
A formal announcement of the decision was expected in next 48 hours, said the sources. PMO declined to comment, but said a decision on the new RBI governor would be made before July 18. Panagariya is also India’s Group of 20 summit negotiator.
Prior to being appointed as the Vice Chairman of Niti Aayog, Arvind Panagariya was a Professor of Economics and the Jagdish Bhagwati Professor of Indian Political Economy in the School of International and Public Affairs at Columbia University.
Panagariya holds a Ph.D. from Princeton University. In the past, he has been the Chief Economist of the Asian Development Bank. Professor Panagariya has authored more than a fifteen books.
Professor Panagariya’s scientific papers have appeared in the top economics journals such as the American Economic Review and the Quarterly Journal of Economics while his policy papers have appeared in Foreign Affairs and Foreign Policy.
He was recently honoured with the Padma Bhushan by the President of India.
Speaking to The Indian Express, Panagariya said the present government should be assessed not on what it inherited, but what it did over the last two years. He added that two years were too little to assess the outcome of economic reforms.
Outgoing RBI chief Raghuram Rajan’s term ends in early September. Last month, Rajan shocked markets by announcing he would not seek reappointment.
All RBI Governors in past 23 years have got second term – from Dr C Rangarajan (1992-97), Bimal Jalan (1997-03), YV Reddy (2003-08) to D Subbarao (2003-08). Rajan will break that chain.
(With inputs from Agencies)