Urjit Patel’s resignation ‘severe blow’ to country’s economy, says Manmohan Singh

Manmohan Singh

Former Prime Minister Manmohan Singh has said that Reserve Bank of India (RBI) Governor Urjit Patel’s resignation is “very unfortunate” and a “severe blow” to India’s economy.

“It is with great sadness that I received the news of the resignation of the Governor of the Reserve Bank of India, Urjit Patel. Patel’s sudden resignation, at a time when the Indian economy is faced with many headwinds, is very unfortunate and is a severe blow to the nation’s economy,” Singh said in a statement.

Patel, whose term was to end in September 2019 and was eligible for a second term, cited personal reasons for the same.

Patel had the shortest tenure as the RBI Governor since 1992.

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Singh further said he hoped Patel’s resignation is not a harbinger of the Modi government’s attempts to destroy the institutional foundations of India’s USD3 trillion economy.

He further said that it will be foolhardy to diminish institutions for short-term political gains.

“Building institutions take a long time and effort but they can be destroyed in a whimper. It is institutions such as the RBI, among many others, that have served as the edifice of our great nation’s progress since independence. It will be foolhardy to diminish these institutions for short-term political gains,” Singh said.

“I hope the resignation of the Governor is not a sign that this may soon become a reality,” Singh said hinting towards RBI Deputy Governor Viral Acharya’s comments on the Centre’s intent to use the RBI capital for fiscal purposes.

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