Daily Business Wrap - India gets a new Central Bank governor - video Dailymotion

Indian government appoints ally of Prime Minister Modi as new Central Bank governor

Transcript

00:00Big news coming out of India today. In fact, probably the biggest in the finance world

00:05as the country named an ally of Prime Minister Narendra Modi as the country's new central

00:09bank governor. The government named Chakti Kanta Das as the new governor of the Reserve

00:14Bank of India, a position he will hold for three years. The 63-year-old is a former senior

00:18finance ministry official and a key figure in Modi's so-called demonetization scheme

00:23of November 2016. He has worked with various government bodies and was part of the Economic

00:28Affairs Ministry when Modi announced the cash ban. His appointment also comes just

00:32one day after his predecessor quit over a government interference. Still in India, stock

00:37markets recouped some of their early losses as some election results started coming in

00:41from three states. However, investors were still concerned that there was still subdued

00:44sentiment over the resignation of the central bank governor. The resignation of now former

00:48Governor Arjit Patel shocked many investors. A note from Fitch Group said that Patel's

00:53resignation bodes poorly for macroeconomic and financial stability in India. Elsewhere,

00:57global markets jumped as investors clung on to any hope they could over improved trade

01:02between the US and China. A report that China is moving to cut import tariffs on American-made

01:06cars drove European stocks higher, as China's vice premier exchanged stocks with US Treasury

01:13Secretary Steven Mnuchin. Investors saw those stocks as signs of improved trade between

01:17the US and China. This has been The Daily Business Wrap. Please check us out on gulfnews.com

01:22forward slash business for more details on these stories and others. I've been Sarah

01:26Dheer. Thank you for watching.