RBI Governor Urjit Patel's Resignation "Severe Blow" To Economy: Manmohan Singh

Former prime minister Manmohan Singh says he hopes that the sudden resignation is not a harbinger of PM Modi government's attempts to "destroy" the institutional foundations.

RBI Governor Urjit Patel's Resignation 'Severe Blow' To Economy: Manmohan Singh

Former prime minister Manmohan Singh says Urjit Patel's resignation is very unfortunate. (File)

Highlights

  • "Very unfortunate, a severe blow": Manmohan Singh on Urjit Patel's exit
  • "Foolhardy" to diminish RBI for political gains, he added
  • Urjit Patel resigned as RBI Governor on Monday
New Delhi:

Former prime minister Manmohan Singh today said Reserve Bank of India (RBI) Governor Urjit Patel's resignation is "very unfortunate" and a "severe blow" to the country's economy.

In a statement, he said he hoped that the RBI Governor's sudden resignation is not a harbinger of Prime Minister Narendra Modi government's attempts to "destroy" the institutional foundations of India's $3 trillion economy.

Mr Singh said it will be "foolhardy" to diminish institutions for short-term political gains.

Urjit Patel resigned as Reserve Bank of India Governor on Monday amid growing differences with the government over a range of subjects including the central bank's autonomy.

"On account of personal reasons, I have decided to step down from my current position effective immediately," said the 55-year-old in the letter announcing his shock resignation, with over a year left in his term.

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