On Monday, the Indian government appointed Sanjay Malhotra, a distinguished bureaucrat, as the new Governor of the Reserve Bank of India (RBI). Malhotra, currently serving as the Revenue Secretary in the Ministry of Finance, will officially assume his new role on December 11, for a term of three years.
He will succeed Shaktikanta Das, who has been in the position since 2018. During Das's tenure, the RBI guided the Indian economy through the challenging period of the pandemic, reducing the key interest rate to an unprecedented low of 4 percent to stimulate economic recovery. The Indian economy is now recognized as the fastest-growing among emerging markets.
Das's leadership also contributed to stabilizing the nation's financial system amidst several domestic banking crises. His stewardship led to a notable decrease in banks' non-performing assets and a significant rise in the use of digital payments among citizens.
However, recent statistics indicate that economic growth decelerated to a seven-quarter low of 5.4 percent in the September quarter, largely due to subdued manufacturing activity.
Malhotra brings a wealth of experience across various sectors, including power, finance, taxation, information technology, and mining. According to the Revenue Department's website, he has played a pivotal role in shaping tax policies, both direct and indirect. His responsibilities have included serving as the Secretary to the GST Council and as the Secretary in the Department of Financial Services.
Malhotra holds a degree in computer science from IIT Kanpur, one of India's premier institutions, and has earned a master's degree in public policy from Princeton University.
