Shaktikanta Das is the 25th Governor of Reserve Bank of India (RBI). Today, he is leaving RBI as he is going to retire from his position. Sanjay Malhotra was appointed as the new RBI Governor. He thanked everybody for supporting him during the tenure and thanked the government for giving him an opportunity to serve the nation.
In a social media post on X, Das said, “Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes. Immensely grateful to the Hon‘ble PM @narendramodi for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts.”
Acknowledging Support from Key Figures
The Prime Minister extended his heartfelt thanks to the key government figures, including Finance Minister Nirmala Sitharaman, for her unwavering support. “Heartfelt thanks to Hon‘ble FM @nsitharaman for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years,” he wrote.
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VIDEO | “Team work in the Reserve Bank (of India) was perhaps, in my experience, at a very high level. I got excellent cooperation from each and every member of my RBI team, each of my colleagues did their best during the trying times of Covid. My journey as the Governor of the… pic.twitter.com/tNVlEUqbGK
— Press Trust of India (@PTI_News) December 10, 2024
Das also thanked all the stakeholders of the financial sector, economists, industry bodies, and organisations in all the sectors, including agriculture and services, for their valuable inputs and policy suggestions. It was a team effort at the RBI. This statement has concluded with a thank-you from him to the RBI team with full recognition of their collective contribution. He stated, “A BIG thank you to the entire Team RBI.
Together we steered through an exceptionally testing time of unprecedented global shocks. May the RBI rise even taller as an institution of trust and credibility. My best wishes to one and all,” he wished in closing.
Managing Global Shocks and Economic Challenges
Das took over as RBI Governor on December 12, 2018, after the sudden resignation of Urjit Patel. His most significant challenge was presented when the COVID-19 pandemic hit the world just a year after his appointment and affected economies across the globe. In response to the economic impact, Shaktikanta Das led the RBI in reducing the policy repo rate to a record low of 4% and kept interest rates low for nearly two years to support the economy during the pandemic-induced lockdowns.
As the economy began to recover, Das and the Monetary Policy Committee (MPC) raised interest rates starting in May 2022 to curb inflation and manage economic overheating, a move that reflected his adaptability to the changing economic landscape.
A Resilient Leadership in Economic Growth
His six-year tenure saw India’s economic growth at over 7% for the last four years under his leadership. His tenure was one where, unlike his predecessors, who were characterised by central bank and the Ministry of Finance’s battles, his alignment with the government’s vision for RBI’s role remained consistent throughout.
During his tenure, Shaktikanta Das also saw the highest ever dividend payout by the RBI to the government, amounting to Rs 2.11 lakh crore earlier this year, showing the strong financial position of the central bank under his leadership.
Shaktikanta Das: A Career of Service and Expertise
Before becoming RBI Governor, Das had a stellar career as an IAS officer. A postgraduate from Delhi University‘s St Stephen‘s College, he was part of the 1980 batch of the Indian Administrative Service. He has held various important positions including Secretary to the Department of Economic Affairs and the Department of Revenue. After retirement, Das has been a member of the 15th Finance Commission and has served as India‘s G20 Sherpa.
With more than 38 years of governance experience, Shaktikanta Das worked across finance, taxation, industry, and infrastructure, leaving behind a legacy marked by resilience and robust leadership.
As Shaktikanta Das steps down, his tenure as RBI Governor will be remembered for navigating India through unprecedented global challenges, ensuring economic stability, and leading with a vision for growth. His departure marks the end of an era for the central bank, leaving behind a legacy oof trust, credibility, and impactful leadership.
