A file photo of RBI headquarters in Mumbai. Photo: Aniruddha Chowdhury/Mint

A file photo of RBI headquarters in Mumbai. Photo: Aniruddha Chowdhury/Mint

The Narendra Modi government is preparing to announce a successor to Reserve Bank of India (RBI) Governor Raghuram Rajan this week, according to news reports. Bond yields fell and bank stocks surged as investors gambled that the new RBI governor would be dovish when it comes to monetary policy. Here are some of the candidates seen as likely to take over from Rajan after he demits office when his term ends on 4 September.

Arvind Panagariya

Age: 63

Current post: Vice chairman, NITI Aayog of India

Past posts: Chief economist, Asian Development Bank

Educational background: Ph.D. in Economics from Princeton University

View on inflation: Opposed inflation target of 4% (+/-2%) in January and said it should be revisited

View on growth: Expects India to return to average growth rate of 8% this fiscal

View on fiscal deficit: Advised against tinkering with fiscal deficit target ahead of February budget

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Arvind Subramanian

Age: 57

Current post: Chief economic adviser, Government of India

Past posts: Senior fellow, Centre for Global Development; Economist at IMF

Educational background: M Phil and D Phil from University of Oxford

View on inflation: Had argued in favour of focusing on WPI inflation last year which indicated deflation rather than inflation.

View on growth: Says India can achieve 8-10% growth over three years

View on fiscal deficit: Was open to the government being flexible on the fiscal deficit

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Urjit Patel

Age: 52

Current posts: Deputy governor, Reserve Bank of India

Past posts: Senior fellow, Brookings Institute

Educational background: Doctorate in Economics from Yale University

View on inflation: Author of report that suggested CPI based inflation targeting

View on growth: Sees inflation control as critical to stable growth

View on fiscal deficit: Feels fiscal consolidation is critical to RBI meeting its inflation target

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Subir Gokarn

Age: 56

Current posts: Executive director, IMF

Past posts: Deputy governor, RBI

Educational background: Ph.D. in Economics from Case Western Reserve University, Ohio

View on inflation: Wrote in 2014 that new inflation targeting framework is constructive and consistent with contemporary practices

View on growth: Serious and sustained focus on reforms needed to boost growth

View on fiscal deficit: Conducive fiscal environment critical to success of inflation targeting

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Shaktikanta Das

Age: 59

Current posts: Secretary, Economic Affairs, Government of India

Past posts: Revenue Secretary, Government of India

Professional background: 1980 batch Tamilnadu cadre IAS office

View on inflation: Worked with the RBI to set up new inflation targeting framework

View on growth: Expects GDP growth at 8% in fiscal 2017; expects reforms like GST to boost growth

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Rakesh Mohan

Age: 68

Past posts: Deputy governor, RBI; Executive Director, IMF

Educational background: Ph.D. from Princeton University

View on inflation: Seen as a inflation hawk. Not in favour of inflation targeting

View on growth: Advocates need for better governance, public investment

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Arundhati Bhattacharya

Age: 60

Current posts: Chairman, State Bank of India

Professional background: Joined SBI in 1977

View on bad loans: Has spearheaded clean-up of SBI’s balancesheet

View on interest rates: Interest rates need to be lower to support growth & bank clean-up

[“Source-Livemint”]