Shaktikanta Das, the 25th Governor of the Reserve Bank of India (RBI), has bid farewell after a transformative six-year tenure, leaving behind a legacy of steady leadership through some of the most challenging times in India’s economic history. As Das steps down on Tuesday, his legacy will be remembered for guiding the country through the aftermath of demonetization, the global financial turmoil caused by the COVID-19 pandemic, and the subsequent rise in inflationary pressures.
In a heartfelt farewell message on the microblogging site X, Shaktikanta Das expressed his deep gratitude to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for their unwavering support and collaboration during his term. Das acknowledged that his tenure was shaped by their guidance and leadership, which helped foster crucial fiscal-monetary coordination during periods of economic uncertainty.
Immensely grateful to the Hon’ble PM @narendramodi for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts. (2/5)
— Shaktikanta Das (@DasShaktikanta) December 10, 2024
Das, who was appointed RBI Governor in 2018, thanked Prime Minister Modi for entrusting him with the responsibility to lead India’s central bank. “I am immensely grateful to the Hon’ble PM @narendramodi for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts,” Das wrote on X.
He also thanked Finance Minister Nirmala Sitharaman for her constant support, highlighting the critical role that fiscal and monetary coordination played in overcoming challenges during his tenure. “Heartfelt thanks to Hon’ble FM @nsitharaman for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years,” Das added.
Das’ tenure as RBI Governor has been marked by a series of unprecedented events that required strong leadership and adaptability. One of the earliest challenges he faced was managing the aftermath of Prime Minister Modi’s demonetization drive, which shook the country’s financial system in 2016. Das oversaw the RBI’s response during this critical time, ensuring the banking system remained stable amid chaos.
Later, as the COVID-19 pandemic unleashed global economic disruptions, Das and the RBI responded with measures aimed at ensuring liquidity, supporting businesses, and managing inflation. The central bank took swift steps to keep India’s economy afloat, including slashing interest rates, providing financial relief to struggling sectors, and managing currency stability.
His leadership was also instrumental during the global inflationary pressures that mounted over the past few years. As inflation rose due to supply chain disruptions and rising commodity prices, Das helped ensure that India’s monetary policies remained responsive yet stable in the face of such global challenges.
As Shaktikanta Das steps down, Sanjay Malhotra, the current Revenue Secretary, is poised to take charge as the 26th Governor of the Reserve Bank of India. Malhotra’s appointment marks a new chapter for the RBI as the country continues to navigate the complexities of a post-pandemic economy.
Through his tenure, Das has not only managed to stabilize India’s banking sector but also instilled a sense of confidence in the Indian economy. The country’s fiscal policies, monetary measures, and growth projections were all shaped by his leadership. His ability to stay ahead of market trends, anticipate global shifts, and communicate effectively with international and domestic financial institutions has left a strong imprint on the banking community.
Shaktikanta Das’ leadership at the RBI will be remembered as one of resilience and foresight. As he bids adieu to the central bank, his contributions will continue to influence India’s financial landscape for years to come. His gratitude towards Prime Minister Modi, Finance Minister Sitharaman, and his colleagues at the RBI encapsulates the collaborative efforts that marked his successful tenure.
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