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.
The Appointments Committee of Cabinet (ACC) has approved the appointment of Shri @DasShaktikanta , IAS Retd. (TN: 1980) as Governor, Reserve Bank of India (RBI) for a period of three years.
— Ministry of Finance (@FinMinIndia) December 11, 2018
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.
In Petrol/diesel bunks customers have the choice of filling upto full 500 or 1000 rupees.Can avoid problems of getting back the change.
— Shaktikanta Das (@DasShaktikanta) November 11, 2016
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.
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.
Government has appointed two persons who vocally supported demonetisation to two key posts. What does it say about the Modi government?
Is government telling the people of the country ‘we don’t care what you think, we will do exactly as we please’?
— P. Chidambaram (@PChidambaram_IN) December 12, 2018
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.