Shaktikanta Das thanks PM Modi, FM Sitharaman as his RBI tenure ends

Shaktikanta Das, set to demit office today, expressed gratitude to PM Modi and FM Sitharaman for their support during his tenure as RBI governor

Outgoing Reserve Bank of India (RBI) Governor Shaktikanta Das will demit office today (December 10), marking the end of his six-year tenure as the 25th Governor of the RBI.

 

Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes.(1/5)

— Shaktikanta Das (@DasShaktikanta) December 10, 2024

  In a series of posts on X (formerly Twitter), Das thanked Finance Minister Nirmala Sitharaman, highlighting the seamless fiscal-monetary coordination during his tenure.

 

“Heartfelt thanks to Hon’ble FM @nsitharaman for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years,” Das wrote.

 

Heartfelt thanks to Hon’ble FM @nsitharaman for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years. (3/5)

— Shaktikanta Das (@DasShaktikanta) December 10, 2024

  Das also expressed gratitude to Prime Minister Narendra Modi for his guidance and encouragement. He posted, “Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes. Immensely grateful to the Hon’ble PM @narendramodi for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts.”

Immensely grateful to the Hon’ble PM @narendramodi for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts. (2/5)

— Shaktikanta Das (@DasShaktikanta) December 10, 2024

Das’s tenure as RBI Governor

Shaktikanta Das assumed office on December 12, 2018, following the sudden resignation of Urjit Patel, who stepped down citing personal reasons amid reported tensions between the RBI and the government over fiscal discipline and banking regulations.

 

During his tenure, Das focused on balancing economic growth and inflation management. In his first address, he emphasised his commitment to financial stability — a goal he pursued diligently throughout his term.  Also Read: Sanjay malhotra New Governor of RBI  https://www.business-standard.com/industry/banking/sanjay-malhotra-is-new-governor-of-rbi-to-replace-shaktikanta-das-124120900854_1.html

 

Shortly after Das took charge, the Covid-19 pandemic disrupted economies globally. Under his leadership, the RBI reduced the policy repo rate to an unprecedented 4 per cent and maintained low-interest rates for nearly two years to support an economy reeling from lockdown-induced challenges.

 

With the post-pandemic recovery underway, Das led the Monetary Policy Committee (MPC) in initiating interest rate hikes from May 2022 to curb inflationary pressures and prevent economic overheating.

 

His adept handling of monetary policy challenges earned him a three-year extension in 2021, solidifying his legacy as a leader who balanced inflation control with fostering economic growth.

A career of distinction

A 1980 batch IAS officer, Das has held key positions in both central and state governments over his 38-year career. He served as Secretary of the Departments of Revenue and Economic Affairs and was involved in preparing eight Union Budgets during his tenure in the Ministry of Finance.

 

After his retirement, Das was appointed a Member of the 15th Finance Commission and served as India’s G20 Sherpa.

 

An alumnus of St Stephen’s College, Delhi University, Das’s contributions span diverse areas, including finance, taxation, industries, and infrastructure.