People stand in front of a Reserve Bank of India logo at the Global Fintech Fest in Mumbai, India, 5 September, 2023.
Niharika Kulkarni | Nurphoto | Getty Images
India has appointed Revenue Secretary Sanjay Malhotra as governor of the country’s central bank for a three-year period, according to CNBC TV18.
He will on Tuesday take over from outgoing Governor Shaktikanta Das, following the latter’s six-year tenure.
Malhotra is set to take over at a critical time for the world’s third-largest economy, which is attempting to contain rising inflation without impairing growth.
Last week, the central bank opted to keep interest rates unchanged at 6.5% after inflation surged to a 14-month high of 6.21% in October — above the central bank’s 4% target and 6% tolerance ceiling.
Market concerns have mounted over whether the Reserve Bank of India’s (RBI) restrictive measures risk deviating India’s economy from hitting its 6.6% growth forecast for the fiscal year through March 2025 after logging a weaker-than-expected expansion of just 5.4% over the July-September quarter.
The International Monetary Fund currently sees economic growth for the country of 1.44 billion at 7% this year, with inflation at 4.4% over the period.
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