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.

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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)


New Delhi: 

Highlights

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

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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