Sanjay Malhotra New Governor of RBI– Sanjay Malhotra, who is currently the Revenue Secretary, has been appointed as the 26th Governor of the Reserve Bank of India (RBI). He will replace Shaktikanta Das, whose term ends on December 10, 2024. Malhotra, a 1990 batch IAS officer of the Rajasthan cadre, has over 30 years of experience in sectors such as finance, taxation, power, IT, and mining.
Sanjay Malhotra’s Educational Background
- Engineering in Computer Science: IIT Kanpur.
- Master’s Degree in Public Policy: Princeton University, USA.
His studies and experience have made him an expert in solving complex problems.
His Experience in Government Service
Sanjay Malhotra has held many important positions in the central and state government:
- Revenue Secretary (2022-2024): Increased revenue by improving tax policies.
- Secretary of Department of Financial Services: Gave stability to the banking and financial sector.
- CMD of REC Limited: Reformed the power sector and took the company forward.
Contribution to India’s Economy
Taxation and Fiscal Policy
While serving as Revenue Secretary, he:
- Increased tax collection: Thereby strengthening the government treasury.
- Made GST effective: Better managed fiscal priorities at the national and state levels.
Managed Non-Tax Revenues
To increase government earnings, he focused on several areas, such as:
- Interest on government loans.
- Profits from public sector companies (PSUs).
Reforms in Various Sectors
- Power: Improved energy distribution and infrastructure.
- IT and Mining: Balanced regulation and growth in these sectors.
Shaktikanta Das’ Legacy
Sanjay Malhotra has replaced Shaktikanta Das, who was the RBI governor since 2018.
- Das kept the economy stable during challenges like COVID-19.
- He implemented RBI policies strongly, which led to economic stability.
Challenges and Responsibilities Ahead
Focus on Inflation and Growth
As RBI governor, Malhotra will have to:
- Control inflation: So that prices remain stable in the country.
- Promote growth: Keeping in mind India’s target of a $5 trillion economy.
Global Economic Challenges
Amid geopolitical tensions and global market volatility, his strategy will be important in keeping India’s economy stable.
Why is Malhotra’s Appointment Special?
- Financial Expertise: Deep knowledge of taxation and financial policies.
- Experience in Different Sectors: He has a strong hold on everything from power to IT.
Innovation in Policy: His decisions will give a new direction to the RBI.
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FAQs on Sanjay Malhotra New Governor of RBI
Sanjay Malhotra is a 1990 batch IAS officer of Rajasthan cadre. He has over 33 years of experience in finance, taxation, power, IT and mining. He has been appointed as the 26th Governor of the Reserve Bank of India.
He holds an engineering degree in computer science from IIT Kanpur and a master’s degree in public policy from Princeton University, USA.
He has held important positions like Revenue Secretary, Secretary of the Department of Financial Services and CMD of REC Limited.
He will have to control inflation, promote economic growth and deal with global economic problems.
He worked to maintain economic stability, implement monetary reforms and keep the economy on the right track during challenges like COVID-19.
As revenue secretary, he increased tax collections, streamlined the GST system and improved non-tax revenues.
His experience spans sectors such as finance, power and IT, enabling him to solve economic problems and boost growth.
