What is Urjit Patel Committee?
By BYJU'S Exam Prep
Updated on: November 14th, 2023
The Urijit Patel Committee was largely responsible for modifying and enhancing the RBI’s Monetary Policy Framework. Raghuram Rajan, the former governor of the Reserve Bank of India (RBI), founded it. The committee made the following main recommendations: Control inflation through controlling the Consumer Price Index (CPI), A majority, not an individual, will be held accountable for decision-making, and Set a goal for better decision-making implementation.
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Urjit Patel Committee
Urijit Patel succeeded Raghuram Rajan as the Governor of RBI and served from 4 September 2016 to 10 December 2018. Urijit Patel was made head of the Urijit Patel Committee by Raghuram Rajan to get recommendations and suggestions on improving the Monetary Policy Framework. He submitted a 130-page report on the modification and strengthening of the Monetary Policy Framework on 21 January 2013.
- And, in line with the times, the recommendations presented in the report were extremely broad.
- He had proposed a total reform of the existing operational structures, bringing us more in line with the US Federal Reserve.
- He has also outlined a strategy for reducing inflation as well as actions to assist reduce the fiscal deficit.
- It has created quite a stir in the country’s economic circles, sparking a series of lively disputes.
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