Government to name RBI Rajan's successor this week
- RBI governor Raghuram Rajan to leave office on September 4, 2016
- Government could announce his successor this week
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Raghuram Rajan’s term as governor of the Reserve Bank of India expires September 4, 2016 and a replacement may be announced as early as this week. Who will Prime Minister Narendra Modi name as Rajan’s successor? Bloomberg News assembled the following list of eight possible candidates.
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Subir Gokarn
Once one of the RBI’s youngest deputy governors in charge of monetary policy, Gokarn was also chief economist at S&P Global Ratings and is currently India’s envoy to the IMF
Age: 56
Education: Doctorate in Economics from Case Western Reserve University
Noteworthy: Nomura says he’d be inclined to balance between growth and inflation
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Urjit Patel
Currently the RBI’s deputy governor in charge of monetary policy, Patel has worked with Boston Consulting Group and Reliance IndustriesÂ
Age: 52
Education: Doctorate in Economics from Yale and M. Phil from Oxford
Noteworthy: A key architect of India’s inflation target and rate-setting panel, Nomura sees Patel as a hawk
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Arundhati Bhattacharya
The first woman chair of the 207-year-old State Bank of India, Bhattacharya would also be the first woman to lead the 81-year old Reserve Bank of India
Age: 60
Education: Holding a master’s degree in literature from Jadavpur University in West Bengal, Bhattacharya had dreamed of becoming a museologist
Noteworthy: She’s spearheading a clean up of bad loans at state-run banks, which Rajan has said is essential to ensure sustainable growth.
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Arvind Subramanian
Currently the top economic adviser to Modi, Subramanian is on leave from his post of senior fellow at the Peterson Institute for International Economics
Age: 57
Education: D.Phil, Oxford, with degrees in economics and managementÂ
Noteworthy: An advocate of looser monetary policy, Subramanian has suggested looking beyond benchmark consumer-price inflation and proposed dipping into the RBI’s emergency funds to recapitalize state-run banks
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Arvind Panagariya
He currently is vice chairman at a government policy research group Niti Aayog.
Education: Doctorate from Princeton and professor of economics and political economy at Columbia University
Noteworthy: Panagariya has advocated sharper interest-rate cuts and favors public spending
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Kaushik Basu
Outgoing chief economist at the World Bank, Basu has also been top economic adviser to the Indian government
Age: 64
Education: Doctorate from the London School of EconomicsÂ
Noteworthy: "Economics is not a moral subject," he wrote in his recent book, An Economist in the Real World. In the past, Basu has proposed that governments only penalize bribe-takers to encourage bribe-givers to reveal corruption.
Ashok Lahiri
Chairman of one of India’s youngest commercial bank Bandhan Bank and a former adviser to the Indian government
Age: 65
Education: Doctorate from the Delhi School of Economics
Noteworthy: Lahiri’s hobbies include psephology, according to his Twitter bio. Optimistic of Modi’s "deep-rooted" reforms, Lahiri has highlighted the need for the government to cut its stakes in state-owned banks to 33 percent
K.V. Kamath
The first president of the so-called BRICS Bank, Kamath has worked at one of India’s top software companies and was CEO and MD of ICICI Bank.Â
Age: 68
Education: He holds degrees in engineering and management
Noteworthy: He’s said India’s bad-debt problem is overblown as it doesn’t yet account for 10 percent of GDP.
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