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TO CUT OR NOT TO CUT: EASING INFLATION AND A U.S. FED RATE CUT COULD MAKE THINGS EASIER FOR NEW RBI GOVERNOR SANJAY MALHOTRA.
January 2025
|Fortune India
THE RELATIONSHIP between the Reserve Bank of India (RBI) and the finance ministry has often been marked by a delicate push-and-pull, a dynamic that past governors have humorously highlighted.

Y.V. Reddy, who presided over the RBI between 2003 and 2008, once remarked cheekily on the central bank's autonomy, saying: "The RBI has full autonomy, I have taken the permission of my finance minister to tell you that." Similarly, when asked how he would have reacted to the demonetisation decision if he were the governor, Reddy had quipped that he would have "checked into a hospital" to avoid confrontation and later resigned on grounds of ill health!
So, when governor Shaktikanta Das checked into a Chennai hospital on November 24, it might have seemed reminiscent of Reddy's approach. But the only difference is that Das, who took office in December 2018, had enjoyed a notably cordial relationship with the government, marked by his role in navigating contentious policies and presiding over one of the largest surpluses ever transferred by the central bank to the exchequer.
So much so that Prime Minister Narendra Modi had lauded Das for his "out-of-the-box thinking" at the RBI's 90th anniversary celebrations. Hence, Das' extension, set to be announced before his term ended on December 10, seemed almost inevitable.
Yet, the evening of December 9 delivered an unexpected twist. The appointment of Sanjay Malhotra as the 26th governor for a three-year term took many by surprise.
In hindsight, however, it wasn't entirely unexpected.
The RBI had recently faced growing criticism from senior government officials, including finance minister Nirmala Sitharaman and commerce minister Piyush Goyal, over its reluctance to lower the repo rate despite slowing growth. Sitharaman had flagged high interest rates as a deterrent to industrial growth, while Goyal argued that monetary policy should not be overly swayed by food inflation data.
هذه القصة من طبعة January 2025 من Fortune India.
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