Press Conference LIVE| RBI Governor Sanjay Malhotra’s First Media Briefing After Taking Charge

#rbigovernor #shaktikantadas #newgovernor #sanjaymalhotra #pressconference #mediabriefing
Sanjay Malhotra, former Revenue Secretary with the Finance Ministry, began his three-year term as the 26th Governor of the Reserve Bank of India on Wednesday 11 December. Following the announcement by the Appointments Committee of the Cabinet on December 9, Malhotra addressed the media in his first press conference after taking charge. His appointment marks the end of Shaktikanta Das' six-year tenure as RBI Governor, which concluded on December 10. Malhotra, an IAS officer from the 1990 batch, brings a wealth of experience, having graduated in computer science from IIT Kanpur and completed his Master's in Public Policy from Princeton University, USA. Malhotra's press conference comes a day after Das addressed the media on his last day as governor. At the briefing, Das said he was confident Malhotra, who was named governor on Monday for three years, "will do his best" and wished him the best. According to Das, restoring the balance between inflation and growth is the most important task facing the central bank and he said he was sure that "Team RBI under the leadership of the new governor will take it forward". Das' six-year governorship of the RBI ended amid rising pressure on the central bank's Monetary Policy Committee to reduce interest rates, with GDP growth having slid to a seven-quarter low of 5.4% in Jul-Sept while headline retail inflation was above the 6% upper-bound of the flexible inflation target. While the RBI on Dec. 6 cut its GDP growth forecast for 2024-25 (Apr-Mar) by 60 basis points to 6.6%, Das Tuesday said the Indian economy is "resilient and robust, with the capacity to deal with global spillovers very effectively". The MPC is scheduled to next meet Feb. 5-7, just days after Finance Minister Nirmala Sitharaman presents the Union Budget for 2025-26 (Apr-Mar) in Parliament.

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