Government Reappoints Shaktikanta Das As RBI Governor For Three Years
New Delhi: The government on Friday reappointed Shaktikanta Das as Reserve Bank of India (RBI) governor for three more years, till December 2024. The decision was taken last evening by the cabinet appointments committee comprising Prime Minister Narendra Modi and Home Minister Amit Shah.Â
"The Appointments Committee of the Cabinet has approved the reappointment of Shaktikanta Das as RBI Governor for a period of three years beyond December 10, 2021 or until further orders, whichever is earlier," read an official statement.
Mr Das took over as RBI Governor in December 2018, for three years. He was previously the Economic Affairs Secretary at the Finance Ministry.
He is the first RBI Governor to get an extension under the current BJP government; earlier ones either resigned or decided to go back to academics.
He has held important positions in finance, taxation, industries and infrastructure.
Mr Das has also served as India's Alternate Governor in the World Bank, Asian Development Bank (ADB), New Development Bank (NDB) and Asian Infrastructure Investment Bank (AIIB).
During his long tenure in the Finance Ministry, he was directly associated with as many as eight Union Budgets.
Mr Das is a postgraduate from St. Stephen's College, Delhi University.
He replaced Urjit Patel, who resigned abruptly in 2018 amid growing differences with the government over a range of subjects including the RBI's autonomy.
The RBI kept the key benchmark rates unchanged for the eighth consecutive time in its October monetary policy review and promised to maintain the status-quo on rates "as long as necessary to revive growth."
The repo rate, after being cut by 115 basis points (bps) in early 2020, has been held at a record low of 4 per cent since May 2020, while the reverse repo rate was reduced by 155 bps to 3.35 per cent.
Repo rate is the rate at which the RBI lends money to banks; while reverse repo rate is the rate at which the central bank borrows money from banks.
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
