Excellent info on #RBI Governors

In view of the ruckus created by the Opposition over Urjit Patel's resignation, here is some excellent info on #RBI Governors from Pramod Kumar Singh - Editor - The Pioneer

Dr YV Reddy had resigned during UPA-1(Sep 05, 2008).

Remember how A Ghose resigned within 20 days after his appointment (Feb 4, 85) after differences with
Rajiv Gandhi Government.

M Narasimham (May 02, 1977 Nov 30, 77) had resigned after being for just 6 months in office as RBI Gov. Before Narsimhan,

NC Sen Gupta (May 19,75 to Aug 19,75) tendered his resignation as RBI Gov after 3 months.

Even venerable Dr Man Mohan Singh didn't complete his 3 yr term as the then Prime Minister Rajiv Gandhi had removed him on January 14, 1985. Amitav Ghosh took his place only up to within 20 days before RN Malhotra took over.

Dr Manmohan Singh as the then Finance Minister in Narasimha Rao Govt had removed S Venkitaramnan as RBI Governor. Venkitaramnan an ex IAS had to go in 1 yr only as MMS wanted C Rangarajan as #RBIGovernor

So the keyboard economists and experts, don't talk without data.

My view on Urjit Patel's resignation

My view on RBI Governor's resignation:

"Mr Urjit Patel's resignation as RBI's Governor may create temporary flutter in the markets that are waiting expectantly to know which way the citizens of 3 crucial Hindi heartland states have voted. Global headwinds like escalating trade war between US & China, Britain's Parliamentary vote on Brexit & fears of slowdown in global economic growth in 2019 has already led to a sharp spike in risk aversion for risk assets like equities.

Mr. Patel who is currently being hailed as the defender of RBI's autonomy was in fact roundly criticised by many in the Opposition as the 'official who crawled when asked to bend' for not opposing demonetization. The topic for Dr Acharya's incendiary speech that created tremors in the financial markets was in fact suggested by Dr Patel. None of the issues that caused a rift between the government and RBI like lending a helping hand to credit-starved MSME sector in the wake of drying-up of liquidity post ILFS bankruptcy, alignment of PCA norms for PSBs with global practices, transfer of surplus reserves to the government as well as being accountable to the Central Board were insurmountable if the Governor had an inclination to engage in a reasoned debate & dialogue.

No individual is greater than an institution and India's macro-economic fundamentals remain extremely robust with its GDP growth being among the highest in the world, inflationary expectations remaining well-anchored, inflation outlook being benign, plunge in global crude oil prices allaying concerns on the current account front, ample forex reserves and government remaining resolutely committed to the medium-term fiscal consolidation plan.

Government needs to urgently appoint an eminent economist preferably one who has decades of administrative experience by virtue of shouldering various senior roles in the government and who can adroitly manage the differences with the government and at the same time defend the institition's autonomy. The likes of senior civil servants & eminent economists like Dr Manmohan Singh, Mr. S Venkitaramanan, Dr Bimal Jalan, Dr Y V Reddy, Dr D Subbarao etc had managed to balance both these seemingly tough choices with aplomb"