Sanjay Malhotra to assume office as 26th RBI Governor amid inflation concerns today
On Wednesday, Sanjay Malhotra RBI Governor had indicated that all views should be considered, and he’d do what’s "good for the economy".
Sanjay Malhotra to assume office as 26th RBI Governor amid inflation concerns today
‘You need to know the land, all views, and do what’s right for the economy,’ Malhotra told reporters outside the Ministry of Finance on North Block in Delhi.
On Wednesday, Malhotra will assume the office of 26th Reserve Bank of India new governor 2024. The incoming RBI Governor Shaktikanta Das will leave office this evening.
The Cabinet Appointments Committee approved the appointment of 56-year-old Malhotra as the 26th RBI Governor for a three-year term, effective from 11 December.
After graduating with a B.Tech in Computer Science and Engineering from IIT Kanpur in 1989, Malhotra earned his Masters in Public Policy from Princeton University. He’s Revenue Secretary in the Ministry of Finance and formerly the Secretary, Department of Financial Services.
Malhotra will be a young governor of RBI, and India inflation 2024 trade-off will be on his agenda, with the Indian economy seen in some quarters as having fallen into cyclical low points. A near two-year low 5.4 per cent growth in GDP during July-September already saw the RBI reducing its growth estimate by 60 basis points to 6.6 per cent for FY25. It has however remained neutral on RBI monetary policy 2025 in the face of a long-term struggle to bring inflation within the 4 +/- 2 per cent target for the medium term, mandated by the central bank.
Shaktikanta Das successor, the stepping-down RBI governor, has vowed to address some of the government’s worries — be it downgrading the government’s lofty FY25 Indian GDP growth slowdown target from 7.2 per cent to 6.6 per cent, or attempting to correct for credit weakness with a 50 basis point cut in Cash Reserve Ratio (CRR) to raise liquidity in the financial system.
