Sanjay Malhotra joined the travail as the 26th Governor of the Reserve Bank of India (RBI) on Wednesday. He succeeded Shaktikanta Das, who served his term, ending on December 10. Beginning his term on the sixth of this month, Malhotra will hold a news conference at around 3 in the afternoon where he is to present his vision to the Monetary Policy Committee of the Central Bank.
The new hire is 56 years of age – Sanjay Malhotra, and he has adequate experience for the position. A product of the 1990 batch from the Rajasthan cadre, he has held an important portfolio in the Indian bureaucracy. Prior to this assignment, he was the revenue secretary, and he had hugely contributed to improving the amounts collected in terms of taxes. Besides, he was the chairman and managing director of Rural Electrification Corporation (REC) Limited, which benefited rural development and infrastructure.
Malhotra, who is an IIT-Kanpur pass-out, also has a master’s degree in public policy and management from Princeton University, USA. This good academic background blends well with his huge work experience, which will enable him to manage India’s monetary policy within his three years of tenure.
Under the leadership of the new Governor Malhotra, RBI Governor, India seems to be in a stable phase in the cyclical progression of the economy. Known as a ‘peacetime general’, he moves into the Mint Street headquarters at the helm of the foreigners’ expectations regarding possible reductions in interest rates. Expanding on this, markets and policymakers will keenly follow the policy pronouncements of Malhotra, the second career civil servant in succession to head the RBI.
His appointment comes at a time when the central bank’s role is to facilitate macroeconomic balance, control inflation and spur growth. Malhotra brings the ability to manage these demands while keeping India’s financial environment growing at the same time.
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