• About us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI हिन्दी
TFI Global
Sunday, April 2, 2023
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Digvijay is not Congress; Congress leaders are not Congress; then who represents Congress? convicted Rahul Gandhi?

    Digvijay is not Congress; Congress leaders are not Congress; then who represents Congress? convicted Rahul Gandhi?

    Bhutan PM statement

    Bhutan’s unfortunate statement on Doklam stalemate

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    Mamata Banerjee petition

    Bombay HC castigates Mamata Banerjee for being unpatriotic

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    overall exports of India

    India’s overall exports crossed $750 billion

    UPI interchange fee

    UPI interchange fee: NPCI levies transaction charge, who will pay?

    Chinese FDI

    Nirmala Sitaraman takes out her club to break Chinese investors backbone

    Campa Cola

    Reliance’s foray into Indian Soft Drinks: Can Campa Cola make a comeback?

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Khalistan – Pakistan’s only successful project against India

    Khalistan – Pakistan’s only successful project against India

    Defence Ministry to boost IAF’s capabilities

    Defence Ministry to boost IAF’s capabilities

    ASEAN’s Defence Market: India and South Korea Compete for Supremacy

    ASEAN’s Defence Market: India and South Korea Compete for Supremacy

    From Pipeline to Power Grid: India and Bangladesh Forge Stronger Energy Bonds

    From Pipeline to Power Grid: India and Bangladesh Forge Stronger Energy Bonds

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Bhutan PM statement

    Bhutan’s unfortunate statement on Doklam stalemate

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    Saudi Arabia Pakistan loans

    No more interest-free loans: Saudi Arabia and Kuwait humiliate Pakistan

    AFINDEX-2023

    AFINDEX-2023: The Defence Ministry’s Outreach to African Nations, A Closer Look

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Balochistan India

    Nehru’s Historic Blunder: Why Balochistan Remains Disconnected from India

    Raghunath Rao

    Raghunath Rao vs Peshwa Madhavrao: The Mahabharata that could’ve been avoided

    Merger of Jodhpur

    A Narrow Miss: When Jodhpur Nearly Became Part of Pakistan

    Yes, Akbar was more Naseeruddin Shah and not even one bit of Hrithik Roshan

    Yes, Akbar was more Naseeruddin Shah and not even one bit of Hrithik Roshan

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Bholaa movie review

    ‘Bholaa’ movie : True Review

    Siddharth Roy Kapur Bollywood

    Siddharth Roy Kapur has predicted the future of Bollywood and it makes a lot of sense

    EV Charging Stations

    India’s Push for Electric Vehicles: Boosting Infrastructure with 7,432 Charging Stations

    Top 10 Strangest Lakes in the World

    The Enigmatic Wonders: Top 10 Strangest Lakes in the World

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Digvijay is not Congress; Congress leaders are not Congress; then who represents Congress? convicted Rahul Gandhi?

    Digvijay is not Congress; Congress leaders are not Congress; then who represents Congress? convicted Rahul Gandhi?

    Bhutan PM statement

    Bhutan’s unfortunate statement on Doklam stalemate

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    Mamata Banerjee petition

    Bombay HC castigates Mamata Banerjee for being unpatriotic

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    overall exports of India

    India’s overall exports crossed $750 billion

    UPI interchange fee

    UPI interchange fee: NPCI levies transaction charge, who will pay?

    Chinese FDI

    Nirmala Sitaraman takes out her club to break Chinese investors backbone

    Campa Cola

    Reliance’s foray into Indian Soft Drinks: Can Campa Cola make a comeback?

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Khalistan – Pakistan’s only successful project against India

    Khalistan – Pakistan’s only successful project against India

    Defence Ministry to boost IAF’s capabilities

    Defence Ministry to boost IAF’s capabilities

    ASEAN’s Defence Market: India and South Korea Compete for Supremacy

    ASEAN’s Defence Market: India and South Korea Compete for Supremacy

    From Pipeline to Power Grid: India and Bangladesh Forge Stronger Energy Bonds

    From Pipeline to Power Grid: India and Bangladesh Forge Stronger Energy Bonds

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Bhutan PM statement

    Bhutan’s unfortunate statement on Doklam stalemate

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

    Saudi Arabia Pakistan loans

    No more interest-free loans: Saudi Arabia and Kuwait humiliate Pakistan

    AFINDEX-2023

    AFINDEX-2023: The Defence Ministry’s Outreach to African Nations, A Closer Look

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Balochistan India

    Nehru’s Historic Blunder: Why Balochistan Remains Disconnected from India

    Raghunath Rao

    Raghunath Rao vs Peshwa Madhavrao: The Mahabharata that could’ve been avoided

    Merger of Jodhpur

    A Narrow Miss: When Jodhpur Nearly Became Part of Pakistan

    Yes, Akbar was more Naseeruddin Shah and not even one bit of Hrithik Roshan

    Yes, Akbar was more Naseeruddin Shah and not even one bit of Hrithik Roshan

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Bholaa movie review

    ‘Bholaa’ movie : True Review

    Siddharth Roy Kapur Bollywood

    Siddharth Roy Kapur has predicted the future of Bollywood and it makes a lot of sense

    EV Charging Stations

    India’s Push for Electric Vehicles: Boosting Infrastructure with 7,432 Charging Stations

    Top 10 Strangest Lakes in the World

    The Enigmatic Wonders: Top 10 Strangest Lakes in the World

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
No Result
View All Result

HOME » Economy » The man no one talks about but who deserves all our praise – RBI governor Shaktikanta Das

The man no one talks about but who deserves all our praise – RBI governor Shaktikanta Das

Abhishek Kumar Singh
by Abhishek Kumar Singh
6 August 2022
in Economy
0
Shaktikanta
1.1k
VIEWS
Share on FacebookShare on Twitter

India is a diverse country. People, language, culture, consumer spending and every other aspect of daily lives change within a few kilometres. This is the reason why a plain specialist of a particular field has very slim chances of succeeding here. Keeping that in mind, let’s talk about a man who is rarely mentioned in literature around India’s macroeconomic Fundamentals, the RBI Governor Shaktikant Das.

Challenges for Shaktikanta Das in his first stint

When Shaktikanta Das was appointed as Governor of RBI, experts on Economy expressed their reservations. Das was not an economist to begin with and in fact, he was a major in History from Delhi University. In colloquial terms, he was Economics’ enthusiast. People were worried whether an IAS Officer would be able to handle complex Central Banking.

Nearly 4 years down the line, Shaktikanta Das has proved everyone wrong. When he took over from Urjit Patel, RBI was extremely conservative with respect to lending and other policies promoting growth in the economy. It was the need of the hour as his predecessors did not want to get bad rep for the NPA crisis. Lending was too difficult to carry out and a talk of introducing Islamic Banking, which virtually prohibits interests on lending, was the talk of the town. Flow of money was restricted in the economy.

Shaktikanta Das ensured that NPA crisis does not impact lending

In his first stint, Das focused on growth and brought down the interest rates to push money in the economy. Within two years, the RBI cut the repo rate by 135 basis points. The rate cut was in line with the accommodative stance, which is aimed towards promoting business prospects and jobs in the country.

But, even then Banks were fearful of lending due to tighter norms introduced by Das’ predecessors. Given the fact that the Modi government was focused towards uplifting the MSME sector, a change in Central Bank’s policy regarding lending was the need of the hour. MSME can’t run without taking credit from the banks.

Made it easy for government and public to borrow

Das eased out the NPA declaration rules for MSMEs with loans up to 25 crores rupees. On the supply side, Shaktikanta Das liberalised the Prompt Coercive action regime with regards to lending. RBI put 11 public sector banks under PCA and asked them to stop lending until their balance sheet is healthy. The credit by these banks dried up, and the banks improved their balance sheet but the regulator was not ready to release them from PCA till the entry of Das.

Under Shaktikanta Das, RBI did not only take care of the public’s borrowing requirement, but it also ensured that when the Government borrows, it has to pay low interest rates. Das used tactics like infusing liquidity on the eve of auction of Government Securities, keeping inflation in check, rejecting bids not favourable to assist the Government. In his first stint, the Modi government borrowed more than Rs 12.60 lakhs crores and the process could never have been smoother.

Resuscitation during Corona

When the Corona Pandemic struck during his second term, Shaktikanta Das took a leaf out of his bureaucrats’ manual and went on a spree to resuscitate the economy. RBI took more than 100 measures which include reducing the repo rate by 115 basis points. RBI also reduced interest rates under Liquidity adjustment Facility by 155 basis points. Banks were allowed to borrow Rs 1,37,000 crores more under the Marginal Standing Facility.

RBI also judicially utilised long-term repo operations (LTROs) to increase liquidity in the market. RBI’s total contribution to liquidity in the economy during the period was Rs 17.2 lakh crores. Loan moratorium, asset classification standstill, easing of working capital financing and deferment of interest, restructuring of advances to MSMEs were some of the key measures directly benefiting average India.

Also Read: Amidst falling Euro, RBI ensures that Rupee stands tall

Das has protected India from recessions

When the effects of pandemic subsided, the world was looking dark into the abyss of inflation. The Sri Lanka and Bangladesh crisis have further raised the fears. But RBI ensured that the country is in good shape. When Das took charge, India’s Forex reserve was hovering between $400-425 billion Dollars. Today, we have the 4th largest Forex reserve in the world. India is the only major economy in the world which won’t be affected by global headwinds of American recession.

Appointment of the Shaktikanta Das, a former Economics Affairs Secretary was termed as “frightening for the autonomy of institutions” by Abhijit Banerjee. Even Subramanian Swamy was apprehensive and went to the extent to call him corrupt. In 2022, numbers are speaking for Das but these experts are not.

Support TFI:

Support us to strengthen the ‘Right’ ideology of cultural nationalism by purchasing the best quality garments from TFI-STORE.COM

Also Watch:

Tags: EconomicsGovernor of RBIIndiaIndian GovernemntShaktikanta Das
ShareTweetSend
Previous Post

‘Build houses or miss your funds goodbye,’ Modi govt warns Bhupesh Baghel

Next Post

Politician Aditya Thackeray Biography and Career

Abhishek Kumar Singh

Abhishek Kumar Singh

Truth Seeker. Columnist at TFI Media.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Most Read
  • Comments
  • Latest
Xi Jinping, coronavirus, Shinzo Abe, china, Japan, coornavirus, COVID-19, Wuhan Virus

‘Pack up and get out of there,’ Japan to spend $2.2 billion to get Japanese companies to exit China

9 April 2020
ajay devgn karan johar

The man who bullied the Bully – How Ajay Devgn made Karan Johar’s monopoly a joke and forced him to apologize

22 June 2020
Huawei, China, Trump, USA, Xi Jinping

‘Our survival is at stake now,’ Chinese Telecom giant Huawei crumbles after US ban on Semiconductor exports

19 May 2020
T-Series Sonu Nigam Divya Khosla Kumar Bhushan Kumar

T-Series forced to take down Atif Aslam’s video, Divya Khosla trolled. T-Series has a bad day in office

25 June 2020
Meat Ban

A Jain responds to Meat Ban in Mumbai

Public Sector Bank, Government, Bill

Dear bank employees, continue your stride but PSBs will be privatized

anti-Hindi

Anti-Hindi Forever?- In search of a National Language!

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Digvijay is not Congress; Congress leaders are not Congress; then who represents Congress? convicted Rahul Gandhi?

Digvijay is not Congress; Congress leaders are not Congress; then who represents Congress? convicted Rahul Gandhi?

31 March 2023
Bhutan PM statement

Bhutan’s unfortunate statement on Doklam stalemate

31 March 2023
The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

The cat and mouse game between the Indian government and Zakir Naik, and why Naik is winning

31 March 2023
Balochistan India

Nehru’s Historic Blunder: Why Balochistan Remains Disconnected from India

31 March 2023

Popular This Week

Priyanka Chopra
Cinema

Priyanka Chopra is often off the mark, but this time she has hit the bull’s eye

by Paurush Gupta
29 March 2023
Yami Gautam
Cinema

Why Yami Gautam should get films more often

by Sabita Mishra
28 March 2023
Physics Wallah controversy
Opinions

Physics Wallah controversy: The day Alakh Pandey decided to become an internet sensation is the day Physics Wallah died

by Shubham Bajpai
30 March 2023
Rahul Gandhi
Analysis

A bigger conspiracy lies behind Rahul Gandhi’s ouster

by Paurush Gupta
27 March 2023
Renuka Chowdhury will file a defamation case against PM Modi
Opinions

A point-by-point rebuttal on Renuka Chowdhury’s rants

by Paurush Gupta
26 March 2023

©2023 TFI Media Private Limited

  • Terms of use
  • Privacy Policy
  • Sitemap
No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFI Official Merchandise
TFI हिन्दी
TFI Global
  • About us
  • Careers
  • Brand Partnerships

©2023 TFI Media Private Limited

Follow us on Twitter

and never miss an insightful take by the TFIPOST team

Follow @tfipost