Shaktikanta Das: The man who steered RBI through covid crisis and tumultuous times
Shaktikanta Das concludes his tenure as the 25th Governor of the Reserve Bank of India (RBI), he leaves behind a legacy characterised by deft crisis management, steady policymaking, and an unflinching focus on India’s economic stability.
Appointed in December 2018, Das took charge of the central bank at a critical juncture, navigating challenges ranging from the aftermath of demonetisation to a global pandemic that upended economies worldwide.
He is set to demit office on December 10, 2024 as Sanjay Malhotra is set to succeed him as the 26th RBI boss on December 11, 2024 for a period of three years.
A steady hand amid turbulent times
Das’s appointment to the RBI was not without controversy. His predecessor, Urjit Patel, had resigned citing personal reasons, amidst growing friction between the RBI and the government allegedly over issues such as fiscal discipline and banking regulations. The point in question was whether Das, a seasoned bureaucrat with no prior experience in monetary policy, would be able to assert the central bank’s independence. However, Das quickly silenced skeptics by emphasising collaboration while maintaining the RBI’s autonomy.
Under his leadership, the RBI’s policy direction evolved to prioritise a balance between economic growth and inflation control. In his inaugural speech as Governor, Das underlined his commitment to preserving financial stability, and over the next few years, he delivered on that promise with remarkable resilience.
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