Why Urjit Patel’s New IMF Appointment Is A Big Deal For India’s Global Clout

Why Urjit Patel’s New IMF Appointment Is A Big Deal For India’s Global Clout
Urjit Patel, previously serving the RBI as a Governor, joins as an Executive Director of the International Monetary Fund (IMF) for a three-year period. He was formerly serving at the Reserve Bank of India (RBI). The selection, agreed by the Appointments Committee of the Cabinet, symbols a substantial return to the international phase for the distinguished economist.

Patel’s new role tracks a remarkable career, which comprised a relatively short but impactful tenure as the 24th Governor of the RBI. He expected the governorship on September 4, 2016, following Raghuram Rajan. Though, his tenure was cut short when he resigned on December 10, 2018, mentioning personal reasons. This made him the first RBI governor since 1990 to step down before finishing his full term.

Patel served as a Deputy Governor at the RBI

Prior to his employment as governor, Patel served as a Deputy Governor at the RBI. In these dimensions, he engages in recreating a crucial advisory role on matters such as debt market expansion, banking sector modifications, and pension fund improvements.

His knowledge and expertise in all these areas, along with his understanding at the International Monetary Funds from 1990 to 1995, positions him separately for his recent international role at IMF. After doing his Ph.D., he got associated with the International Monetary Fund in 1990, there he worked on the US, India, Bahamas and Myanmar desks till 1995. 

Patel was also serving as an advisor to the Min. of Finance, during 1998 to 2001, showcasing his deep knowledge of India’s economic and monetary landscape.

As an Executive Director at the IMF, he will represent India on a panel of 25-member states that functions day-to-day operations of the institution. His appointment comes during a crucial time period when economic crisis, debt liabilities, and trade dynamics are recalibrating across geographies. His insights and understanding as a chief banker and international economist will be crucial in shaping policy decisions and setting up India’s voice in multidimensional forums.

Patel, as an Executive Director, will represent India with various other countries on a panel of 25-member states. These states lead day-to-day operations of the IMF. His appointment comes during a critical time, with several economic disasters, debt liabilities, and trade fluctuations. 

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