"He (Patel) will hopefully control inflation rate since he has experience of monetary policy," Minister of State for Finance Arjun Ram Meghwal told reporters in Mumbai. He further said, "Patel's appointment is a right decision and in the interest of the country." The government has set an inflation target of 4%, plus or minus 2%, while consumer price inflation soared to 6.07% in July. RBI's next monetary policy review is due on October 4. Minister of State for Finance Santosh Kumar Gangwar hoped that Patel will do well as the RBI governor.

Source: dna August 22, 2016 17:37 UTC