August 21, 2024
New Delhi, India
RBI
Prime Minister Narendra Modi has congratulated Reserve Bank of India (RBI) Governor Shaktikanta Das for securing an ‘A+’ rating in the Global Finance Central Banker Report Cards 2024. This accolade marks the second consecutive year Das has received this top rating, highlighting his leadership in managing India’s monetary policy and fostering economic growth.
PM Modi’s Praise: In a post on social media platform X (formerly Twitter), PM Modi acknowledged Das’s achievement, stating, “Congratulations to RBI Governor Shaktikanta Das for this feat, and that too for the second time. This is a recognition of his leadership at the RBI and his work towards ensuring economic growth and stability.”
Global Recognition: Shaktikanta Das was among three central bank governors worldwide to receive an ‘A+’ rating in the 2024 Global Finance Central Banker Report Cards, alongside Denmark’s Christian Kettel Thomsen and Switzerland’s Thomas Jordan. The rating reflects their exceptional performance in controlling inflation, promoting economic growth, and ensuring currency stability.
RBI’s Recent Achievements: Under Das’s leadership, the RBI has been proactive in managing India’s macroeconomic environment, particularly through its monetary policies. Recently, the RBI decided to maintain the repo rate at 6.5% during the August Monetary Policy Committee (MPC) meeting, reflecting a cautious approach amid global economic uncertainties. Das also projected that inflation would moderate from July onwards, supported by improved monsoon conditions and easing global food prices.
Inflation Control and Economic Outlook: RBI Governor Das announced that the Consumer Price Index (CPI) inflation for Q1 FY 2024-25 is projected at 4.5%, while the CPI for Q1 FY 2025-26 is estimated at 4.4%. India’s retail inflation, which had breached 5% in June, showed significant improvement in July, aligning with the RBI’s efforts to stabilize prices.
Ranking Criteria and Global Context: Global Finance’s rankings evaluate central bank governors from over 100 countries and regions, including special entities like the European Union and the Bank of Central African States. The ratings range from “A+” to “F” based on success in managing inflation, economic growth, currency stability, and interest rates. The top performers, including Das, were celebrated for their creativity and resilience in tackling economic challenges.
The ‘A+’ rating awarded to Shaktikanta Das by Global Finance Magazine is a testament to his effective leadership and the RBI’s success in navigating India through complex economic landscapes. As global uncertainties continue, the recognition underscores the importance of steady and strategic monetary policy in sustaining economic stability and growth.
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