Shaktikanta Das and Sanjay Malhotra
Today is the last day of current Governor Shaktikanta Das in the Reserve Bank of India (RBI). New Governor Sanjay Malhotra will replace him from tomorrow. Meanwhile, reactions have come from new Governor Sanjay Malhotra and current Governor Shaktikanta Das. Sanjay Malhotra has said that after taking charge on December 11, he will take all possible steps to accelerate the pace of the economy. His priority will be to accelerate the pace of GDP. He said that he will examine the functioning of RBI and then take decisions. He said anyone (holding this position) has to understand the sector, all the perspectives and do what is best for the economy.
Controlling inflation is the biggest task: Das
Current RBI Governor Shaktikanta Das said on Tuesday that controlling inflation is the most important task before the central bank. Addressing a press conference on the last day of his six-year tenure as the central bank chief, Das said his successor will have to understand the changing world order, deal effectively with cyber threats and focus on the use of new technologies. He expressed hope that the new Governor Sanjay Malhotra will take forward RBI initiatives like Central Bank Digital Currency (CBDC) and Unified Lending Interface (ULI) besides promoting financial inclusion.
The pace of GDP did not slow down just because of the repo rate.
Responding to a question, Das said everyone has the right to their views, but as they see the hike is influenced by many factors and not just the repo rate. He said that RBI’s endeavor has been to make the monetary policy as appropriate as possible considering the current economic conditions and prospects.
These challenges have to be addressed
Explaining the challenges before the central bank, he said that the new governor will have to restore the balance between inflation and growth. He said that the Indian economy has become flexible and strong and has the ability to deal appropriately with global impacts. Das, who is retiring after six years, said the coordination between the Finance Ministry and the Reserve Bank of India (RBI) has been the best in the last six years. He also said that the views of the Finance Ministry and RBI may sometimes differ, but during his tenure all such issues were resolved through internal discussions. Responding to questions, Das said that the RBI Governor takes into account the requirements of the broader economy and ultimately each Governor takes this decision.
image of everyone working together
Malhotra’s image is one of working together with everyone. He believes that prices cannot be managed by the central bank alone and government help is also needed for this. He takes over as the 26th Governor of the central bank at a time when the RBI is under pressure to cut key interest rate repo rates to support economic growth.
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