MUMBAI: As his tenure at the helm of the Reserve Bank of India (RBI) comes to a close, Governor Shaktikanta Das reflected on the complex challenges and achievements during his leadership.
Addressing the slowdown in India’s economic growth, Das emphasised that attributing the deceleration solely to the central bank’s unchanged 6.5 per cent repo rate oversimplifies the issue.
Instead, he pointed to a confluence of factors, including global geopolitical uncertainties, supply chain disruptions, and domestic structural shifts, as key contributors to the current economic landscape.
In a farewell press conference, Shaktikanta Das highlighted the RBI’s efforts to maintain a delicate balance between growth and inflation. He reiterated that monetary policy decisions were made with the dual objective of ensuring macroeconomic stability and fostering long-term growth, particularly in the face of crises like the COVID-19 pandemic and heightened geopolitical tensions.
Forward-looking projects
Das took pride in initiatives such as the YES Bank rescue and highlighted forward-looking projects like the unified lending interface and the introduction of digital currency. He also defended the RBI’s stance on fintech regulations, emphasising a commitment to fostering innovation while prioritising cybersecurity and systemic stability.
Reflecting on his tenure, which included navigating through unprecedented disruptions, Das underscored the resilience of India’s economy and the importance of proactive policy measures. He called for a nuanced approach to rate-setting, urging policymakers to consider a broader spectrum of economic dynamics beyond interest rates.
With his departure, Shaktikanta Das leaves behind a legacy of steering the central bank through volatile times while maintaining a focus on financial stability and reform.
