DR. Urjit Patel is a brilliant Indian economist. After succeeding Raghuram Rajan in 2016, he became the 24th Governor of the Reserve Bank of India. He served till 2018, though his term was to end in 2019. His talented mind and amazing personality are bound to impress everyone. Check here Urjit Patel Biography, education, RBI and his career and Awards.
Urjit Patel Biography
Urjit Patel Early Life
Urjit Patel was born on October 28, 1963, in Nairobi, Kenya. His father headed a chemical factory in Nairobi called Rexo Products Ltd. Reportedly, his grandfather migrated to Kenya from Gujarat in the early 20th century.
Urjit Patel Education
Patel spent his childhood in Nairobi. His schooling was done at Oshwal Primary School and Jamhuri High School. Later he went to England for graduation and achieved his bachelor’s degree in Economics from the University of London.
Then he entered the University of Oxford and studied Master of Philosophy in Economics. Later, in 1990, he completed his doctorate in Economics from Yale University.
Urjit Patel Career
Patel served the International Monetary Fund (IMF) from 1990 to 1995. Then he entered the Reserve Bank of India (RBI), where he worked as an advisory. In January 2013, he was appointed as the Deputy Governor for three years. In 2016, he earned the post again and continued to serve.
Later that year, in August, Patel became the Governor of RBI. During his term, the nation faced demonetization. With Patel’s lead, RBI handled the whole situation remarkably. After serving for four years, Patel resigned from his role on December 10, 2018.
- Patel has worked in several important positions in multiple organizations around the world. His positions include –
- President in the Business Department of Reliance Industries (2007 – 2011)
- Non-Executive Director of Gujarat State Petroleum Corporation
- Non-resident Senior Fellow of Brookings Institution in Washington D. C. (2009 – 2012)
- Non-Executive Director of Multi Commodity Exchange of India Limited.
- Advisor of Boston Consulting Group
- Deputy Governor of RBI (2013 – 2016)
- Governor of RBI (2016 – 2018)
- Urjit Patel has given a hand in writing several articles and books that are –
- “Debt, Deficits, and Inflation: An Application to the Public Finances of India” – article was published in the Journal of Public Economics in 1992. Patel wrote the article with Willem H. Buiter.
- “Optimal Policies in a Dynamic Oligopoly Model of International Trade” – the article was published in Economic Letters 1994.
- He wrote “Aspects of Pension Fund Reform: Lessons for India” in 1997, which was published in Economic Political Weekly.
- With Pradeep Srivastava, Patel published an article “Macroeconomic Policy and Output Co-movement: The Formal and Informal Sectors in India” for World Development 1996.
- In the year 2020, “Overdraft: Saving the Indian Saver” was published by Harper Collins.
There are several more published works of DR. Patel.
Urjit Patel Honours
- Urjit Patel received the Wilbur Cross Medal from Yale University in 2019.
- He was honored with the Elected Honorary Fellow from Linacre College, University of Oxford, in 2019.
DR. Urjit Patel is one of the most celebrated economists in India. His wit and brilliance are talked about throughout the nation. The way he handled many critical situations is appreciated vastly. He stands among the very few former Governors of RBI who resigned from the post. Reportedly he did not agree with the government’s decisions regarding critical deals, and with bravery, decided to resign. Despite all the ups and downs, Urjit Patel is still renowned for his contributions