Good Bye Economists; New RBI Governor is ‘MA in History’

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Shantikanta Das with Urjit Patel during demonetisation

Shaktikanta Das, member of the 15th Finance Commission and former Economic Affairs Secretary, has taken over as the new Reserve Bank of India (RBI) Governor. The Ministry of Finance confirmed the same on 11th December.

Das’s appointment comes a day after Urjit Patel unexpectedly resigned as the central bank chief, amid prolonged disagreements between the RBI and the Finance Ministry on several issues.

Welcoming the new RBI governor, the Finance Minister, Arun Jaitley said,

“Besides his experience as the Revenue Secretary and Economic Affairs Secretary, he also had the experience in preparing several Budgets as Joint Secretary in charge of Budget division. Subsequently, he has been a G20 Sherpa on behalf of India. He’s been a member of 15th Finance Commission. I think he has the right credentials and has been extremely professional. He has worked under various governments has excelled himself & I am sure he will excel in meeting the challenges before India’s economy as a Governor of RBI.”

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Das, 61, a 1980-batch IAS officer of the Tamil Nadu cadre, is a post-graduate in history from St. Stephen’s College, Delhi.

Das’ Role during Demonetisation

Das held regular briefings on behalf of the government as Economic Affairs Secretary to announce key changes, even as then RBI Governor Patel maintained silence.

At one point Modi transferred Das to Economic Affairs and it was during Demonetisation that we witnessed the implementation mess created by Shaktikanta Das. He would daily hold press conferences and kept changing the rules.

 

 

There was also a time when Das advocated putting ink mark on the persons exchanging old notes with the Banks.

Demonetisation has costed the Modi government very dearly and the impact has been seen on the Assembly elections result yesterday, where BJP did not secure victory in any of the five states.

Image result for Shaktikanta Das

 

This morning, the former finance minister, P Chidambaram tweeted how the government had appointed two persons who were vocal about their support for demonetisation. He was referring to Shaktikanta Das, the new RBI Governor and the recently appointed chief economic advisor, Krishnamurthy Subramanian. 

Chidambaram even inferred how the government did not care what people of the country think and do whatever pleases them.

Now, India awaits to come out of the economic mess, which will be led by both the Finance Minister and the RBI governor who have no background of economics.

 

 

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