In 2018-19, the left-liberal cabal tried to project the appointment of Shaktikanta Das as the most controversial appointment in the history of the RBI governorship. They attacked him, citing that he has a Master’s degree in history and is at best an economic enthusiast. However, after assuming office in December 2018, he has calibrated India’s monetary policy excellently to complement economic growth despite times of global hardship. Mind you, he has captained the Central Bank at a time when the global economy has been in turmoil. It has been facing challenges like the COVID pandemic and the Russia-Ukraine conflict, among other major challenges.
Without rushing for glory, self-praise, or running into controversies, RBI Governor Das has turned out to be a far better performer than two of his coveted ‘economist’ predecessors. On the domestic front, his performance quelled the hyper-aggressive criticism of the opposition. But now, his contribution has started making rounds on the global stage as well.
Shaktikanta Das: The Governor of the Year
The RBI Governor, Shaktikanta Das, was recently awarded the Governor of the Year award by Central Banking Publication. As per the publication conferring the award, RBI Governor Das helped maneuver the ship as it faced multiple obstacles, with the COVID-19 pandemic and the Russia-Ukraine conflict being the two major tests.
Notably, Central Banking Publications is a financial publisher. It specializes in public policy and financial markets and places. Emphasis on central banks and international financial institutions.
The publication noted that India’s GDP has increased by nearly 90% in this decade. It added that GDP per capita has gone up by 70%. An average Indian earns an income equivalent to $2,400 per year, which is $1,000 more than the average in 2010.
The Central Bank praised the efforts of RBI Governor Shaktikanta Das. It said, “It was in managing [the COVID] crisis that Das had perhaps his greatest impact, appearing as a voice of calm, amid the fear and steering the RBI deftly between intense political pressures on one side and economic disaster on the other”.
Also Read: Under Shaktikanta Das, the RBI has emerged as the “Hanuman’ of the Indian economy.
Rich legacy of his RBI governorship
Under his tenure, India’s digital payments in the form of UPI have flourished. India is now becoming the world’s largest real-time payments market. In 2021, India saw a record 50 billion real-time transactions. As per the IMF, UPI has seen average annual growth rates of 160 percent since its launch in 2016.
Additionally, Governor Das has been a vocal critic of private cryptocurrencies in India. Consequently, he has helped frame policies to safeguard against the threat to financial stability in the country.
He has been leading from the front to make the Indian rupee an international currency, for which India is striking favorable agreements with foreign nations. Opening up Vostro accounts is on the same line.
Moreover, the RBI also rolled out the Digital Rupee, India’s Central Bank Digital Currency (CBDC). It is important to note that he took over the role when Urjit Patel abruptly left the post, citing ‘personal reasons’.
Earlier, as the economic affairs secretary, he was the key man for planning and executing demonetization. He was also the brain behind rolling out the Goods and Services Tax (GST).
Also read: The man no one talks about but who deserves all our praise— RBI Governor Shaktikanta Das
This reward has not gone down well with the left-wing liberal cabal, but they can go on hyperventilating as long as they want, as who cares about their meltdown? As an Indian nationalist we should only focus on our growth and nation’s development.
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