Shaktikanta Das outlines most important tasks ahead for new RBI governor Sanjay Malhotra – Times of India

Shaktikanta Das’s leadership period at RBI is notable for guiding the Indian economy through challenging periods.

Bringing inflation within the RBI’s target range stands as the most important objective for the incoming RBI governor, emphasised Shaktikanta Das during his final address on Tuesday as he prepared to conclude his term as the Reserve Bank of India Governor.
Das provided insights into the crucial challenges awaiting the central bank whilst expressing optimism about his successor’s capabilities, as he reviewed his six-year leadership period.
The Narendra Modi government has selected Sanjay Malhotra, the current revenue secretary at the Finance Ministry, as the next RBI Governor.
“First, so far as the Reserve Bank is concerned, I think restoring the inflation-growth balance is the most important task ahead of the Reserve Bank, and I am sure the Team RBI, under the leadership of the new Governor, will take it forward”, Das said according to an ANI report.
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He emphasised the productive and cooperative relationship between the RBI and the Finance Ministry during his leadership. He noted that whilst divergent viewpoints between the institutions were inevitable, they successfully resolved all matters through internal dialogue.
“Perspectives of Finance Ministry and RBI can differ at times, it happens world over, but in my tenure, we have been able to resolve all such issues through internal discussion”, he added.
Discussing his initial period in 2018, Das recounted addressing banking sector concerns and liquidity management issues.
He underscored the significance of adaptable inflation targeting whilst maintaining economic growth. “It has been my endeavor to adhere to these principles during my tenure,” he stated.
Das additionally highlighted the swift changes in global geopolitical and economic conditions, advising the RBI to maintain vigilance and flexibility.
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“The global geopolitical and geo-economics dynamics are undergoing fast changes. In this situation, it is always necessary to remain alert and agile, and I am sure the RBI will certainly be at its best.” he remarked, showing confidence in the central bank’s capability to address future challenges.
During Das’s tenure, the RBI achieved substantial progress in technological adoption. He referenced the RBI Innovation Hub establishment in Bengaluru as a significant development for promoting financial sector innovation.
“Our focus in the last six years has been to capitalize as much as possible on harnessing the benefits of new technology”, he noted.
Shaktikanta Das’s leadership period at RBI is notable for guiding the Indian economy through challenging periods, including the COVID-19 pandemic and worldwide economic instability.