Page 34 - The Indian EYE 122024

BUSINESS EYE DECEMBER 20, 2024 | The Indian Eye 34

Inflation remains the biggest challenge for

Reserve Bank as new Governor takes over

Outgoing chief Shaktikanta Das highlights the rapidly changing global geopolitical

and economic landscape, urging the RBI to remain vigilant and adaptable

OUR BUREAU
New Delhi

anjay Malhotra, currently serving as the reve-
nue secretary at the Ministry of Finance, has
Sbeen appointed as the new Governor of Re-
serve Bank of India. This appointment is effective
December 11, 2024, and will continue for three
years, as per an official notification from the De-
partment of Personnel and Training on Monday.
Sanjay Malhotra is an Indian Administrative
Service Officer of the 1990 Batch Rajasthan Cad-
re. He is an Engineering Graduate in Computer
Science from the Indian Institute of Technology,
Kanpur and has a Master’s in Public Policy from
Princeton University, USA.
With demonstrated leadership and excellence
in his career of over 33 years, Sanjay Malhotra
has worked in multifarious sectors including pow-
er, finance and taxation, information technology,
mines etc. Presently he is Secretary (Revenue) in
the Ministry of Finance.
In his previous assignment, he held the post of
Secretary in the Department of Financial Services
under the Ministry of Finance.
He has extensive experience in finance and
taxation at the State as well as the Central Govern-
ment. As a part of his present assignment, he plays
an instrumental role in tax policy formulation in Outgoing RBI Governor Shaktikanta Das leaves from the RBI building after receiving a warm farewell by RBI staff
respect of direct and indirect taxes. on the end of his tenure, in Mumbai on Tuesday (ANI Photo/Ranjeet Singh)
Incumbent RBI Governor Shaktikanta Das
has served as the head of the central bank for six
years and his term is ending on December 10. He the critical challenges ahead for the central bank while tion targeting and the need to balance inflation
steered his central banking roles quite smoothly, expressing confidence in his successor’s leadership. control with economic growth. “It has been my
particularly during the Covid-19 pandemic years. He said, “First, so far as the Reserve Bank is endeavor to adhere to these principles during my
Shaktikanta Das, a seasoned bureaucrat, pre- concerned, I think restoring the inflation-gross tenure,” he said.
viously served as the Secretary of the Department balance is the most important task ahead of the Das further highlighted the rapidly changing
of Revenue and the Department of Economic Af- Reserve Bank, and I am sure the Team RBI, un- global geopolitical and economic landscape, urg-
fairs under the Ministry of Finance. He assumed der the leadership of the new Governor, will take ing the RBI to remain vigilant and adaptable.
office as the 25th Governor of the RBI on Decem- it forward”. “The global geopolitical and geo-economics
ber 12, 2018, with his term extended in 2021. Das also highlighted the strong and collabora- dynamics are undergoing fast changes. In this sit-
Before his role as RBI Governor, Das was tive relationship between the RBI and the Minis- uation, it is always necessary to remain alert and
a member of the 15th Finance Commission and try of Finance during his tenure. He acknowledged agile, and I am sure the RBI will certainly be at
served as India’s G20 Sherpa. He has over four de- that while differences of opinion between the two its best.” he noted, expressing confidence that the
cades of experience in governance, holding key po- entities are natural, they were able to resolve all central bank would continue to excel in addressing
sitions in both the central and state governments issues amicably through internal discussions. such challenges,” he added.
across areas such as finance, taxation, industries, He added, “Perspectives of Finance Ministry Under Das’s leadership, the RBI also made
and infrastructure. and RBI can differ at times, it happens world over, significant strides in embracing technological
Restoring inflation under the RBI target is the but in my tenure, we have been able to resolve all advancements. He cited the establishment of
most important task ahead of the new RBI gov- such issues through internal discussion”. the RBI Innovation Hub in Bengaluru as a key
ernor stated Shaktikanta Das, the outgoing Gov- Reflecting on the challenges he faced when he achievement aimed at fostering innovation in the
ernor of the Reserve Bank of India (RBI), during assumed office in 2018, Das recalled addressing financial sector.
his final address on Tuesday before stepping down issues related to the banking sector and liquidity He added, “Our focus in the last six years has
from office. management. been to capitalize as much as possible on harness-
Reflecting on his six-year tenure, Das outlined He stressed the importance of flexible infla- ing the benefits of new technology”.

www.TheIndianEYE.com