Arvind Panagariya touted to be the next RBI governor
India's PM Narendra Modi could look at naming Arvind Panagariya as the next RBI governor, succeeding Raghuram Rajan. Local TV channels, CNBC Aawaz and ABP News, reported the news, stating that an announcement could follow in the next 48 hours. The Prime Minister's Office said it will take a call on Rajan's successor before July 18, according to reports.
Arvind Panagariya is a highly acclaimed Indian-American economist, currently serving the Indian government. He was born to a civil servant on the outskirts of Jaipur, Rajasthan. Although the family struggled to make ends meet, Panagariya's father persuaded him to excel academically and serve the Indian government. Panagariya soon got into Princeton University in 1974 on a fellowship and obtained his PhD.
2012: Panagariya honoured with Padma Bhushan
Arvind Panagariya has authored multiple books and journals, two of which he co-authored with the eminent Indian-American economist, Jagdish Bhagwati. Panagariya was later awarded the Padma Bhushan by the Indian government, in 2012.
Panagariya donning a myriad of impressive roles
Arvind Panagariya currently serves as Vice Chairman of NITI Aayog, before which he was a Professor of Economics at Columbia University. He previously served as Chief Economist of the Asian Development Bank (ADB), and held multiple roles across institutions such as the IMF, World Bank, WTO and UNCTAD. Appointed as NITI Aayog's chief on Jan 5, 2015, he currently reports to PM Narendra Modi.
Arvind Panagariya's reach across media
The NITI Aayog chief has written across various spectrums for financial dailies across the world, often penning guest columns for the Wall Street Journal, Financial Times, Economic Times, and many others. He was also part of Bloomberg TV's show 'Transforming India with Arvind Panagariya'.
Raghuram Rajan steps down as RBI Governor
Last month, RBI Governor Raghuram Rajan announced his intention to step down as chief of the central bank, once his term is exhausted, thereby not pursuing a second term with the bank. In a letter addressed to the bank's staff, Rajan said he wishes to return to the academic domain, although he would be available when required. His term ends on September 4, 2016