Shaktikanta Das, the 25th Governor of the Reserve Bank of India (RBI), is set to demit office today after completing a six-year tenure. Das, a seasoned bureaucrat, took over as RBI Governor on December 12, 2018, following the abrupt exit of Urjit Patel .
During his tenure, Das navigated the Indian economy through some of its most challenging times, including the COVID-19 pandemic and the resultant lockdowns. He implemented policies to maintain financial stability, curb inflation, and promote economic growth. Das’s leadership ensured that the Indian economy emerged stronger from these turbulent times .
One of Das’s notable achievements was his handling of the monetary policy. He kept interest rates low for an extended period to support economic growth, and when the economy started to recover, he raised interest rates to prevent overheating and keep inflation in check .
Das’s tenure was also marked by his ability to maintain a smooth relationship with the government, avoiding conflicts that had marred the tenures of his predecessors, Raghurama Rajan and Urjit Patel .
As Das hands over the reins to Sanjay Malhotra, the new RBI Governor, he leaves behind a legacy of stability and growth. Malhotra, a 1990-batch IAS officer, will take over as the 26th Governor of the RBI for a three-year term .
Das’s departure marks the end of an era, but his contributions to the Indian economy will be remembered for a long time. As he quoted Netaji Subhas Chandra Bose in his final monetary policy statement, “Never lose faith in the destiny of India” .