Mon Dec 09 14:49:31 UTC 2024: ## Sanjay Malhotra Appointed New RBI Governor

**NEW DELHI** – Sanjay Malhotra, currently the Revenue Secretary in the Ministry of Finance, has been appointed the 26th Governor of the Reserve Bank of India (RBI). His three-year term begins December 11th, 2023, and concludes December 2027. He replaces Shaktikanta Das, whose second term concluded on Tuesday. While there had been speculation of Das’s term extension, the government ultimately chose Malhotra.

Malhotra, 56, holds a degree in computer science engineering from IIT Kanpur and a postgraduate degree in public policy from Princeton University. He brings extensive experience in finance and taxation at both the state and central government levels. His responsibilities included overseeing tax policy, particularly direct and indirect taxes, and contributing to budget proposals. He played a key role in the recent surge in tax collection and serves as the ex-officio secretary of the GST Council. Prior to his current role, he served as Chairman and Managing Director of a state-run REC. He also possesses experience in the power and mining sectors.

Malhotra’s appointment comes at a crucial time for the Indian economy, which faces significant challenges and requires reforms. The RBI, under Das, maintained interest rates for almost two years due to inflation concerns. However, growth slowed to a seven-quarter low of 5.4% in the July-September period, leading to increased calls within the Narendra Modi government for the RBI to ease monetary policy. The Monetary Policy Committee recently held interest rates steady for the eleventh consecutive time, offering no relief to borrowers. The RBI also lowered its GDP growth forecast for 2024-25 to 6.6% from the earlier projected 7.2%.

Read More