In a notable development in corporate India, Dr. Urjit Patel, former Reserve Bank of India (RBI) Governor, has stepped down as Non-Executive Independent Director from the board of Britannia Industries Limited, effective October 30, 2025.
According to the company’s filing with the stock exchanges, Dr. Patel’s resignation stems from his new full-time appointment as Executive Director representing India at the International Monetary Fund (IMF)—a role that demands extensive time commitments in Washington, D.C. Owing to these constraints, he has chosen to relinquish his position on Britannia’s board and the Strategy and Innovation Steering Committee.
The company stated that Dr. Patel confirmed there were no other material reasons for his resignation. The board, through a circular resolution, formally accepted his departure and placed on record its “sincere appreciation for the valuable contributions” he made during his tenure.
Dr. Urjit Patel joined Britannia’s board as an independent director to strengthen the company’s financial and governance oversight. His tenure was marked by initiatives that aligned corporate strategy with macro-economic resilience and sound risk management—principles consistent with his reputation as a disciplined policymaker and economist.
A doctorate in economics from Yale University, Dr. Patel is widely credited for his contribution to shaping India’s inflation-targeting framework during his tenure at the RBI (2016-2018). His presence on Britannia’s board brought rare policy-level insight into fiscal prudence, sustainability, and global macro trends impacting the FMCG sector.
Industry watchers view his exit as significant, especially at a time when Britannia is expanding its footprint in rural India and investing in innovation-led product categories. While his IMF assignment reinforces India’s growing role in global financial policy, his absence will leave a governance vacuum that the board may soon address through new appointments.
Britannia Industries, one of India’s oldest and most trusted food brands, continues to report stable growth and is strategically focusing on innovation, nutrition, and digital transformation in manufacturing and supply-chain operations. Despite the board change, the company affirmed that its business continuity and strategic priorities remain unaffected.
Dr. Patel, in his resignation note, expressed gratitude to the board and management for their support and conveyed his best wishes for Britannia’s future. The development reinforces the increasing global recognition of Indian corporate leaders, as executives and policy experts take on influential roles in international institutions.
With his new position at the IMF, Dr. Patel’s focus will shift toward shaping global economic stability and representing India’s perspective in multilateral financial governance, further extending his impact beyond corporate India.