Shaktikanta Das says, "Inflation control is a huge challenge for new RBI gov"

The outgoing Governor of the Reserve Bank of India RBI Shaktikanta Das in his final speech stressed that the most crucial task facing the next RBI governor is bringing inflation back within the RBI target ANI reportedLooking back on his sixyear tenure Das highlighted the critical challenges ahead for the central bank and also showed confidence in his successors leadershipHe said First so far as the Reserve Bank is concerned I think restoring the inflationgross balance is the most important task ahead of the Reserve Bank and I am sure the Team RBI under the leadership of the new Governor will take it forwardDas also spoke about the strong and cooperative relationship that existed between the RBI and the Ministry of Finance throughout his tenure He acknowledged that while differences of opinion between the two entities are natural they were able to settle all of their conflicts through internal discussion ANI reportedHe added Perspectives of Finance Ministry and RBI can differ at times it happens world over but in my tenure we have been able to resolve all such issues through internal discussionReflecting on the struggles he went through when he assumed office in 2018 Das recalled addressing issues related to the banking sector and liquidity management ANI citedHe emphasized the need for flexible inflation targeting and the necessity of striking a balance between economic growth and inflation control It has been my endeavor to adhere to these principles during my tenure he saidDas further talked about the rapidly changing global geopolitical and economic landscape requesting the RBI to remain alert and adaptableThe global geopolitical and geoeconomics dynamics are undergoing fast changes In this situation it is always necessary to remain alert and agile and I am sure the RBI will certainly be at its best he noted expressing confidence that the central bank would continue to excel in addressing such challenges he addedUnder Dass leadership the RBI also made great progress in adopting new technologies One significant accomplishment he mentioned was the creation of the RBI Innovation Hub in Bengaluru which aims to promote innovation in the financial industryHe added Our focus in the last six years has been to capitalize as much as possible on harnessing the benefits of new technologyAs he bids farewell Shaktikanta Dass term will be remembered for its role in steering the Indian economy through difficult times including the COVID19 pandemic and global economic uncertainties ANI citedSanjay Malhotra who is currently the Ministry of Finances revenue secretary has been named by the government to be the Reserve Bank of Indias next governor As per the Department of Personnel and Training official announcement on Monday the appointment will take effect on December 11 2024 and last for three years ANI citedWith ANI inputs