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Urjit Patel’s exit has drawn sharp criticism of the government’s handling of the situation from many across political parties, social media and experts.
Former RBI Governor Raghuram Rajan said that “all Indians should be concerned about governor Patel’s resignation”.
“I believe the resignation of RBI Governor Urjit Patel is matter of great concern. Resignation by a government servant is a note of protest, when faced with circumstances they cannot deal with,” Rajan told a TV channel.
Crticism came from within the BJP as well. Subramanian Swamy told ANI : “His resignation will be bad for our economy, RBI and govt. He should at least stay till July, until the next government comes to power. PM should call him and find out the reason and dissuade him from leaving in larger public interest.”
Even S Gurumurthy, who is on the RBI Board and widely believed to be the government’s voice on the central bank’s board, said on Twitter that he was shocked. “Surprised at the news that RBI governor has resigned. The previous (RBI board) meeting was held in such cordial atmosphere that it comes as a shock.”
The development could have impact on stock markets and the economy. Essel Forex Ltd Executive Director & CEO, Salil Datar, said: “Presently the economic data with respect to inflation and oil prices is in favour, but the uncertainty due to the resignation tendered by RBI Governor Urijit Patel besides the ongoing state elections in India and the vote on Brexit scheduled in UK tomorrow can have an immediate impact on the direction of the rupee. We see a possibility of rupee rallying back to sub 70/dollar if the poll verdict is favour of the ruling party; or else in case of mixed results, we see the rupee touching 72.30 to 72.80/ dollar.”
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