In an unprecedented development, the Governor of the Reserve Bank of India (RBI) Urjit Patel has resigned “effective immediately”.
This is the second RBI Governor to quit after Raghuram Rajan was not offered an extension by the current government.
While ex-RBI governor Rajan has said that all Indians should be concerned.
Patel’s resignation, which sources close to him described as a “principled protest”, has left the government with egg on its face. The messy GST rollout the, the battering of the rupee and the absolute lack of job creation has taken the sheen of the government’s management of the economy.