MUMBAI: Shaktikanta Das, who demits office as the 25th governor of the Reserve Bank of India on December 10 completing one of the longest governorships, leaves behind a legacy marked by his deft crisis management skill, steady policymaking, and an unflinching focus on the nation’s economic and financial stability even as he fought many a battle, both domestic as well as external, from day one.
Das was not taken seriously in his initial years by many for being a “history graduate”, but has proved all them wrong soon with his deft handling of one crisis after another — as is evidenced in his bagging the prestigious central banker of the year award twice in a row.
One of the most salient features of his six-year term as the governor was his lucid but firm communication to the markets and bankers on key issues concerning the central bank and the entities under its watch. Soon after taking charge, Das, the Tamil Nadu cadre IAS officer hailing from Odisha, has provided confidence to the market shaken by the sudden resignation of Urjit Patel amid a tussle between the RBI and the government over the issue of RBI surplus transfer and a host of other issues which got into recurring public spats.
At the last presser after the monetary policy announcement on December 6, Das sidestepped repeated questions from the press on a third term, saying “I am not giving you any headlines.” Maybe he knew the mind of the government.
Das took office on December 12, 2018, for a three-year term after his predecessor Urjit Patel announced his resignation mid-way through his three-year tumultuous term on December 10. In December 2021, the government gave him a three-year extension, making him the second longest serving governor in its 90-year history after Benegal Rama Rau who had a 7.5-year-term in the 1950s.
The career bureaucrat-turned-central banker proved himself to be a very seasoned civil servant in handling the many pulls and pressures from the government, and had in his last monetary announcement made it clear that the RBI/MPC is only following the Parliamentary mandate of managing inflation, making it clear that its effort is to keep the inflation horse on tight leash and left the key rates unchanged for the 11th time.
Soft-talker but a tough task master
One of the salient features of Shaktikanta Das’ six-year term as governor was his lucid but firm communication to markets and bankers on key issues
He improved communication between RBI and other key stakeholders
Das is second-longest serving governor in RBI’s 90-year history
Das took office on Dec 12, 2018, after his predecessor Urjit Patel’s resignation
He bagged the prestigious central banker of the year award twice in a row
Das proved himself to be a seasoned civil servant in handling the monetary affairs, specifically his firm stance on controlling inflation