RBI's Shaktikanta Das named 'Governor of the Year' by Central Banking

Reserve Bank Governor Shaktikanta Das has been named the 'Governor of the Year' by the international publication Central Banking. Das, who has been at the helm of the central bank since December 2018, faced multiple crises starting from the pandemic and then the war in Ukraine, and now the inflation. He has been given the award for captaining the financial markets through turbulent periods.

Das has become the second governor to get this award after Raghuram Rajan, who was awarded back in 2015. Awarding Das, the publication said the governor helped manoeuvre the ship as it faced multiple obstacles, such as the Covid pandemic and the Russia-Ukraine war, which fuelled inflation globally that in turn prompted central banks to raise hikes.  

"An economy as complex as India's will likely never be free from challenges but, as Das faces up to the remainder of his second term, he can take pride in major achievements so far," the award citation said, adding that the governor has captained critical reforms, overseen world-leading payments innovation and steered the country through difficult times with a steady hand and well-crafted turn of phrase.

The Central Banking Publications is a financial publisher specialising in public policy and financial markets, with an emphasis on central banks, and international financial institutions. Addressing the award ceremony, Das said, "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."

"Life in the time of Covid-19 has been one of unprecedented loss and isolation. Yet, it is worthwhile to remember that tough times never last; only tough people and tough institutions do."

The publication said all RBI governors face the difficulty of working with governments that have different priorities than the central bank, and most will have to overcome crises during their tenures. "But few have had to contend with challenges on the scale that Das has met. In the years ahead, Das will have to stand firm against interference and backsliding," it said.

The publication said the RBI, since the turn of the pandemic, has been actively engaged in managing the benchmark lending rate and other levers at its disposal. To start with, the Monetary Policy Committee, and has since May 2022 jacked up key policy rates by a whopping 250 bps to 6.50 per cent as the panel missed the inflation prints 10 of the 12 months of the year.

(With inputs from PTI)