Who is Sanjay Malhotra, the New RBI Governor Replacing Shaktikanta Das?

The Appointments Committee of the Cabinet has named 1980-batch Indian Administrative Service (IAS) officer Sanjay Malhotra as the Reserve Bank of India (RBI)'s new governor for a three-year term. He will succeed Shaktikanta Das, as the next RBI Governor of India.

Malhotra, who is currently the Revenue Secretary in the Ministry of Finance, has over 33 years of experience in a variety of important fields, including mining, taxation, power, finance, and information technology.

Who is Sanjay Malhotra?

Sanjay Malhotra, a 1980-batch IAS officer, is a computer science engineering graduate from the Indian Institute of Technology (IIT) Kanpur. He also has a master's degree in public policy from Princeton University in the United States. Throughout his career, he has shaped policies in a variety of areas while holding important positions in both the federal and state administrations.

Prior to his current position, Malhotra was the Secretary of the Department of Financial Services, where he was in charge of the banking and financial industries in India. The state-run REC Ltd. underwent major growth stages during his previous term as chairman and managing director.

His Early Career

Since becoming Revenue Secretary in December 2022, Malhotra has played a key role in shaping both direct and indirect tax policies. His leadership has significantly boosted tax collections, which are crucial for India’s financial stability.

Additionally, Malhotra held the position of ex-officio Secretary to the GST Council, which is in charge of overseeing the Goods and Services Tax (GST) system in India. His job was to preserve the integrity of the federal tax system while striking a balance between the occasionally divergent fiscal demands of the states.

In addition to taxes, Malhotra was in charge of managing the government's non-tax revenue streams, which included service fees, dividends from public sector companies (PSUs), and interest on loans.

Malhotra’s New Role in RBI

Malhotra will have to balance controlling inflation and guaranteeing steady economic growth in his role as the new governor of the RBI. In the face of global economic uncertainty, his background in financial services, tax administration, and fiscal policymaking is anticipated to influence India's monetary policies. 

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