After weeks of speculation, Prime Minister Narendra Modi is likely to name vice chairman of NITI Aayog, Arvind Panagariya as the next governor of the Reserve Bank of India, according to reports.
Modi will return from his five-day, four-nation tour of Africa on Tuesday morning and an announcement on Raghuram Rajan’s successor will likely be made soon. According to Indian Express, the PM’s office has confirmed that a decision will be taken before July 18.
Indian-American economist Panagariya is a close associate of economist Jagdish Bhagwati. Panagariya has worked as chief economist of Asian Development Bank. Earlier reports had suggested former deputy governors of the Reserve Bank of India Subir Gokarn and Rakesh Mohan as top contenders for the post.
The term of outgoing RBI chief Raghuram Rajan ends in early September. Rajan last month announced he would not seek reappointment.