Mumbai: Shaktikanta Das has been re-appointed as the governor of reserve Bank of India for a further period of three years.
The decision, announced in a cabinet statement and effective when his current term ends on December 10, will put Das at the helm of the bank to help the economy recover from the pandemic.
Under Das, 64, the central bank attempted to support growth and maintain liquidity during the worst of the pandemic by slashing interest rates and pursuing quantitative easing.
India’s central bank now faces the risk of accelerating inflation as the recovery from Covid-19 approaches, a challenge policymakers globally are grappling with.
India is slowly recovering from a devastating second virus wave in recent months as new infections dipped from record highs in May. Meanwhile, increased immunization and easing of movement have fueled the recovery in demand.
The International Monetary Fund, as well as India’s central bank, this month projected GDP would grow 9.5% in the year ending March – the fastest pace among major economies – after contracting 7.3% last year.
A career bureaucrat, Das was first appointed in 2018 after his predecessor Urjit Patel Leave it amid concerns that the government is encroaching on central bank grounds.
As Secretary of Economic Affairs from 2015 to 2017, Das worked closely with the central bank and supervised the Prime Minister. Narendra ModiThe sudden and controversial move in late 2016 to ban high-denomination currency notes, which damaged the economy and lost thousands of jobs.
The decision, announced in a cabinet statement and effective when his current term ends on December 10, will put Das at the helm of the bank to help the economy recover from the pandemic.
Under Das, 64, the central bank attempted to support growth and maintain liquidity during the worst of the pandemic by slashing interest rates and pursuing quantitative easing.
India’s central bank now faces the risk of accelerating inflation as the recovery from Covid-19 approaches, a challenge policymakers globally are grappling with.
India is slowly recovering from a devastating second virus wave in recent months as new infections dipped from record highs in May. Meanwhile, increased immunization and easing of movement have fueled the recovery in demand.
The International Monetary Fund, as well as India’s central bank, this month projected GDP would grow 9.5% in the year ending March – the fastest pace among major economies – after contracting 7.3% last year.
A career bureaucrat, Das was first appointed in 2018 after his predecessor Urjit Patel Leave it amid concerns that the government is encroaching on central bank grounds.
As Secretary of Economic Affairs from 2015 to 2017, Das worked closely with the central bank and supervised the Prime Minister. Narendra ModiThe sudden and controversial move in late 2016 to ban high-denomination currency notes, which damaged the economy and lost thousands of jobs.
.