Shaktikanta Das: Reserve Bank governor who went off the beaten track

Economists praise Shaktikanta Das for his pragmatism and willingness to face challenges head on

The Covid-19 pandemic tested the resolve of authorities. At the forefront of it was the Reserve Bank of India (RBI) under a diminutive, low profile, former mandarin, Shaktikanta Das. The crisis may not have blown over yet, but Das has tried to play an important role by doing “whatever it takes” to blunt its impact. 

The economy is now flush with liquidity - Rs 7.4 trillion at the last reading, helping the government to borrow a record Rs 12 trillion at a 16-year-low average yield. Corporates are gorging on easy money, with one-year rates quoting below the overnight repo rate.