Much of the commentary in the run-up to Dr Urjit Patel’s first policy meeting as RBI governor on 4th October has been focused on whether he will take on the mantle of his predecessor Raghuram Rajan, who was known for taking bold measures and surprising markets. But this misses the point that Dr Patel has inherited a far more favourable set of circumstances than Mr Rajan did in 2013. With the external position stronger, the currency more stable and inflation relatively contained, policy continuity is now the order of the day.
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