It's hard for any government to match the record levels of staff turnover at President Donald Trump's White House, but Indian Prime Minster Narendra Modi's administration appears to be slowly catching up.
The Reserve Bank of India Governor Urjit Patel, on Monday, became the fourth high-profile official in the country's finance and economic sector to leave his position.
Reports of his possible resignation emerged in late October but Monday's news still took markets by surprise. Differences between the central bank and the government over inflation and lending restrictions on debt-saddled public banks were believed to be factors.
Patel's exit follows that of Arvind Subramanian, a former chief economic advisor who stepped down in June, and Arvind Panagariya, former vice chairman of government think-tank Niti Aayog, who left last year. Patel's predecessor, Raghuram Rajan, stepped down as RBI governor in 2016 after failing to obtain a second term — the first time the government didn't offer a second term to a central bank head in more than two decades.
Also noteworthy is the Tuesday resignation of economist Surjit Bhalla, who was a part-time member on Modi's economic advisory council. While Bhalla didn't hold a prominent post like the rest, his departure is still significant.
Each official provided different reasons for their respective decisions. Patel cited personal matters, Subramanian pointed to family commitments while Rajan and Panagariya both said they were returning to academia.
Analysts told CNBC that it's too speculative to assume the departures reflect badly on the Modi government, but Rajan on Monday countered that notion. Speaking to Indian news outlet The Economic Times about Patel, the economist said any resignation by a government servant is "a note of protest." He called the RBI chief's resignation a "statement of dissent," adding that it was a matter of concern for all Indians.