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Modi Swaps Rock-Star Rajan for Quiet Technocrat at India RBI

  • Urjit Patel brings continuity to India’s monetary policy
  • Patel seen as more comfortable with Modi’s party than Rajan
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Urjit Patel to Take Over for Rajan at RBI

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Goodbye global financial rock star, hello quiet trusty technocrat.

In promoting Deputy Governor Urjit Patel to lead India’s central bank, Prime Minister Narendra Modi sought someone who would cement credibility with international investors without upsetting his political base. Raghuram Rajan, who steps down on Sept. 4, managed to do both.