‘Economic Emergency’: Oppn Slams Centre After Urjit Patel Resigns

Opposition slammed the Modi government soon after RBI governor Urjit Patel resigned from his post on 10 December.

(Photo: The Quint)

“Another one bites the dust.”
“This is a financial and economic emergency.”

The Opposition slammed the Modi government after RBI Governor Urjit Patel resigned from his post on Monday, 10 December. Patel, who had a run in with the government over autonomy of the central bank, in a brief statement on Monday said he has decided to step down as RBI governor with immediate effect. He, however, did not specify the reason for the decision.

Former Prime Minister Manmohan Singh termed Patel's resignation as "very unfortunate", and said it was a "severe blow" to the country's economy.

In a statement, he said he hoped that the RBI governor's sudden resignation is not a harbinger of Modi government's attempts to “destroy” the institutional foundations of India's USD 3 trillion economy.

Singh said it will be "foolhardy" to diminish institutions for short-term political gains.

Shiv Sena chief Uddhav Thackeray hit out saying, “Instead of appointing and removing RBI governors one by one, the Modi government should decide to take over RBI once and for all.”

BJP MP Subramanian Swamy told ANI, “His resignation will be bad for our economy, RBI and government. 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.”