December 10, 2024
New Delhi, India
Leadership Transition at RBI
Shaktikanta Das, the 25th Governor of the Reserve Bank of India (RBI), will demit office today after a six-year tenure marked by economic challenges and recovery efforts. In a farewell message on social media platform X, Das expressed gratitude for the opportunity to serve and thanked Prime Minister Narendra Modi for his guidance.
Das’s tenure was defined by significant events, including navigating the economic impact of the Covid-19 pandemic and maintaining interest rate stability for nearly two years amid inflation concerns.
Sanjay Malhotra, the current Revenue Secretary, has been appointed as the 26th Governor of the RBI, beginning his three-year term. His appointment ends weeks of speculation over who would lead the central bank in managing monetary policy for the world’s fastest-growing major economy.
Who is Sanjay Malhotra?
- Background: A 1990-batch IAS officer of the Rajasthan cadre, Malhotra holds a Computer Science degree from IIT Kanpur and a Master’s in Public Policy from Princeton University.
- Career Highlights:
- Served as Secretary of the Department of Financial Services, where he played a pivotal role in financial reforms.
- Led the Rural Electrification Corporation Limited as Chairman and Managing Director.
- Acted as an ex-officio Secretary to the GST Council, contributing to taxation reforms.
With experience across power, finance, IT, and taxation sectors, Malhotra’s extensive expertise positions him to address current challenges, including slowing economic growth and inflationary pressures.
Economic Context
Malhotra assumes office at a critical time, with India’s GDP growth slowing to a seven-quarter low of 5.4% for the July-September period. There is growing anticipation of interest rate cuts to stimulate economic activity.
His tenure is expected to focus on steering the central bank through evolving monetary policies while addressing domestic and global economic challenges.
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