Narendra Modi government is most likely to appoint Vice Chairman of Niti Aayog Arvind Panagariya as the new RBI governor. As per media reports, a formal announcement is expected in the next 48 hours.
It is said Prime Minister’s office sources has confirmed that a decision will be taken before July 18. Narendra Modi’s key policy advisor Panagariya is also India’s Group of 20 summit negotiator.
Current RBI Governor Raguram Rajan’s tenure is ending on September 4. The rock-star banker has already announced that he will be returning to academia and will not be seeking a second term.
Indian-American economist Panagariya is a close associate of economist Jagdish Bhagwati. Panagariya has worked as chief economist of Asian Development bank and has worked in eminent organisations like World Bank, WTO etc in various capacities.