ISAS Insights

The new Governor of the Reserve Bank of India, Urjit Patel, has assumed office in relatively calmer times. Of his two immediate predecessors, Duvvuri Subbarao headed into the global financial crisis within less than two weeks of assuming office in 2008, and Raghuram Rajan came in the midst of a rupee crisis in 2013. Now, growth is on the uptrend, inflation is largely on target, fiscal consolidation is on track and the political situation is stable. Nevertheless, there is no dearth of challenges for Patel.