Though with not so positive circumstances, India has witnessed a major development today with the taking over of the newly appointed Governor of the Reserve Bank of India (RBI). Shaktikanta Das, though being criticized by every single hater of Prime Minister Narendra Modi, is considered to be a right man who will further lead RBI.
While many out there are busy making a confident claim that, appointing Shaktikanta Das as governor of the Reserve Bank of India, the Bharatiya Janata Party-led National Democratic Alliance is exposing India’s economy to significant risk, let me tell you that Das is the same old brain behind the implementation of two major decisions that changed the map of Indian Economy.
The brain behind 2 Major decisions for Indian Economy..
Who wouldn’t remember the overnight announcement of Note Ban, when every Indian was totally clueless about what was exactly happening around! And what was to be done with the 1000 & 500 notes, which were pure trash then. He first played a part in the PM Modi government’s crackdown on black money and then building a consensus for the impending rollout of the Goods and Services Tax (GST). And yes, the same Das is now appointed as the Governor of RBI.
For a career bureaucrat who was equally at ease with three different finance ministers and a 1980 batch IAS officer of the Tamil Nadu cadre, is a post graduate in history from the Delhi University but had mostly worked in economic and finance departments in the state and the centre during his 37 year tenure. He stayed on as the reins were taken over by Pranab Mukherjee and was part of budget making for five consecutive years first as a joint secretary and then as an additional secretary.
Das was promoted as Secretary, Department of Chemicals and Fertilizers in December 2013 but was brought back to the finance ministry as revenue secretary when the BJP-led government stormed to power in 2014.
For last few weeks, the RBI has been at loggerheads with the finance ministry on matters ranging from the appropriate size of the reserves the central bank must hold to the easing of lending norms for sectors such as small and medium enterprises.
Besides, there are differences on governance issue as to what should be the level of involvement of central board on various important decision. The role is well charted before the new Governor Das, who has served on the board of the RBI as a government nominee director for nearly two years as Economic Affairs Secretary till May 2017.
Let’s accept the point that the man who mastered these two major decisions for the betterment of Indian economy, of course with the orders of the Prime Minister, is promising enough to handle the position of RBI Governor in a much dignified manner. He is promising enough withstand the criticism over him at the moment
Soon after superannuation, the government appointed Das as G-20 Sherpa of India and a member of the 15th Finance Commission, an MoS rank position in the Government of India. Das will be the 25th Governor of the RBI. The Indian state has experimented with two internationally qualified professionals as head of the RBI and decided it was best to return to the long-term norm of appointing a civil servant back to head the central bank of India. Of course, the point cannot be ignored that Das, stands out of the crowd with his own capabilities and thus believed to handle the position with a better level of understanding.
Source: Economic Times