The Government of India has nominated Urjit Patel, economist and former Governor of the Reserve Bank of India (RBI), as the country’s candidate for the position of Executive Director (ED) at the International Monetary Fund (IMF). His appointment, approved by the Appointments Committee of the Cabinet (ACC), will be for a period of three years from the date he assumes charge, or until further orders.
The official order, issued on Thursday (28 August) by the Department of Personnel and Training (DoPT), confirmed the move. It stated: “The Appointments Committee of the Cabinet has approved the appointment of 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.”
Patel, who served as the 24th Governor of the RBI between September 2016 and December 2018, oversaw crucial monetary policy decisions during a period of significant economic transition. His tenure included steering India’s financial system through the aftershocks of demonetisation and the introduction of the Goods and Services Tax (GST).
A seasoned economist, Patel has longstanding ties with the IMF, having worked with the institution earlier in his career. He has also held several advisory positions in government and policy-making bodies, with a focus on financial regulation and macroeconomic stability.
Patel’s return to the IMF is seen as a move that will bolster India’s influence within the multilateral body at a time when the global economy is grappling with persistent inflationary pressures, uneven recovery, and geopolitical challenges. His expertise in central banking and fiscal frameworks is expected to contribute significantly to the Fund’s policy discussions.
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