Arvind Panagariya as RBI chief

PM Narendra Modi could name Arvind Panagariya as RBI chief: Reports

Arvind Panagariya as RBI chief

Prime Minister Narendra Modi could name his policy adviser, Arvind Panagariya, as the next governor of the Reserve Bank of India, two television channels reported on Monday, citing unnamed government sources.

The TV channels—CNBC Awaaz and ABP News—also said that a formal announcement of the decision was expected in next 48 hours.

Modi’s office declined to comment, but said a decision on the new central bank governor would be made before 18 July. Panagariya’s office also refused to comment.

Panagariya, who heads the government’s main economic advisory body, is also India’s Group of 20 summit negotiator.

On Jan 5, 2015, he was appointed as Vice-Chairman of NITI Aayog (or National Institution for Transforming India Aayog), which is the replacement of Planning Commission. ITI Aayog’s Chairman is the Prime Minister of India, Narendra Modi. Arvind Panagariya is also heading the expert group to analyse the data of Socio Economic and Caste Census 2011.

The term of outgoing RBI chief Raghuram Rajan ends in early September. Rajan shocked markets late last month by announcing he would not seek reappointment.

Who is Arvind Panagariya
Arvind Panagariya is the Vice Chairman of Niti Aayog of India. He is an Indian-American economist and Professor of Economics at Columbia University and an ex-Chief Economist at the Asian Development Bank. In the past, he has been the Chief Economist of the Asian Development Bank and a Professor of Economics and Co-director, Center for International Economics, University of Maryland at College Park. He has also worked for the World Bank, International Monetary Fund, World Trade Organization, and the United Nations Conference on Trade and Development (UNCTAD) in various capacities. He holds a Ph.D. degree in Economics from Princeton University.

Panagariya has written/edited ten books. His latest book, India: The Emerging Giant—was published in March 2008 by the Oxford University Press, New York and has been described as the ‘definitive book on the Indian economy’ by Fareed Zakaria and ‘a tour de horizon and a tour de force’ by Jagdish Bhagwati. His previous books include The Economics of Preferential Trade Agreements, 1996, AEI Press (with Jagdish Bhagwati) and Lectures on International Trade, 1998, MIT Press (with J. Bhagwati and T.N. Srinivasan).

Panagariya writes a monthly column in The Economic Times, India’s top financial daily. He has also written guest columns in the Financial Times, Wall Street Journal, The Hindu, India Today and Outlook. He has appeared on numerous national and foreign television channels.

He also features in Bloomberg TV India for the show “Transforming India With Arvind Panagriya”