PM Modi takes ‘immense pride’ in RBI Governor Shaktikanta Das’ big achievement

On March 14, it was announced that Reserve Bank of India (RBI) Governor Shaktikanta Das had been awarded the 'Governor of the Year' award for 2023 at the Central Banking Awards 2023. Prime Minister Narendra Modi has now expressed his pride in the achievement, stating, "Congratulations to him". The first Indian to be awarded the title was former governor Raghuram Rajan in 2015.

“It is a matter of immense pride for our country that the @RBI Governor, Shri Shaktikanta Das Ji has been conferred with the ‘Governor of the year’ Award in the Central Banking Awards 2023. Congratulations to him,” PM Modi tweeted.

Das has been recognised for his leadership in navigating the Indian financial markets through the tumultuous periods of the COVID-19 pandemic and the crippling impact of the Ukraine war. At 66 years old, Das is currently in his second term as governor at the Mint Road.

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In its citation, the Central Banking Publications praised Das for his "critical reforms, world-leading payments innovation, and steering the country through difficult times with a steady hand and well-crafted turn of phrase." The publication specialises in public policy and financial markets, with an emphasis on central banks and international financial institutions.

In his speech at the award ceremony, Shaktikanta Das acknowledged the difficulties faced during the pandemic, stating that "a war effort has to be mounted, and is being mounted, to combat the virus, involving both conventional and unconventional measures in continuous battle-ready mode." 

He added that despite the unprecedented loss and isolation experienced during the pandemic, "tough times never last; only tough people and tough institutions do."

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The Central Banking Publications also noted that the Indian economy managed to come through the pandemic with relatively minimal damage, thanks in part to Das's leadership. However, they warned that Das will face further challenges in the years ahead, including interference and backsliding.

Since the start of the pandemic, the RBI has been actively engaged in managing the benchmark lending rate and other financial levers at its disposal. The Monetary Policy Committee, which Das leads, has raised key policy rates by 250 basis points to 6.50% since May 2022, as the panel missed the inflation prints in 10 out of 12 months. 

(With agency inputs)