"He (Patel) will hopefully control inflation rate since he has experience of monetary policy," minister of state for finance Arjun Ram Meghwal told reporters on Monday. "With his background in monetary economics, monetary policy and other fields, I am sure he will rise to the occasion and keep in mind the requirements of monetary policy and the inflation target that has now been laid out in the RBI Act," he said. The government has set a consumer inflation target of 4 per cent, plus or minus 2 per cent.The RBI's next monetary policy review is due on October 4. "Minister of state for finance Santosh Kumar Gangwar said, "I believe Patel will take the economy in the right direction. The panel held its first meeting recently to consider the candidates.The other three members are RBI governor, deputy governor in-charge of monetary policy and an RBI executive director.

Source: Economic Times August 22, 2016 20:37 UTC