India is poised to contribute about one-fifth of the world’s GDP growth on the back of robust domestic demand and prudent macroeconomic and financial sector policies, which enabled it to withstand “external shocks”, Shaktikanta Das, the Principal Secretary-2 to PM Narendra Modi, said.

Addressing an event in Pune on Saturday (October 11, 2025), he emphasised that India’s underlying priority in free trade agreement negotiations with the U.S. and other countries is to secure fair and balanced agreements in the best interest of the Indian people.

“India continues to demonstrate remarkable dynamism and resilience amid an uncertain global environment”, Mr. Das added.

Mr. Das delivered the 85th Kale memorial lecture on “Indian Economy in a changing global order” during the convocation at Pune-based Gokhale Institute of Politics and Economics.

Noting that the global economy was experiencing a phase of unprecedented uncertainty and fundamental reset, Mr. Das said the rules-based trading framework, promoting globalisation and free trade for over eight decades, is facing a challenge.

Mr. Das stated that the situation has changed from the days when it was considered that the world was flat and that it should become one market.

Cost competitiveness and the principles of comparative advantage across countries were supposed to be the guiding principles, but a fundamental change has crept in, he added.

“The situation has changed fundamentally. The global economy and trade have become considerably fragmented. Established rules are being increasingly questioned while new norms are yet to be firmly set in. The COVID pandemic and the Ukraine-Russia conflict have accelerated the move toward self-reliance,” he said.

The former governor of the RBI said that the vulnerability in global supply chains has led many nations to rethink their external dependencies and give higher importance to supply chain resilience over cost efficiency.

“Strategic autonomy is now a top priority. This transformation is also evident in the growing influence of regional trade agreements, which reflect a shift towards more fragmented yet practical trade alliances. The year 2025, in a nutshell, is a pivotal year in terms of global economic trajectory.”

Guided by a decade of structural reforms and strategic global positioning under the vision of “aatmanirbhar” Bharat, the nation has successfully weathered multiple global headwinds, Mr. Das added.

“The robust domestic demand, together with prudent macroeconomic and financial sector policies, has enabled the country to withstand many external shocks. India is now poised to contribute about one-fifth of the world’s GDP growth”, Mr. Das added.

He said India has been actively reshaping its trade engagements to align with the changing global order.

“India is a signatory to 14 free trade agreements (FTAs) and six preferential trade agreements (PTAs), with the U.K., Australia, and the UAE being the recent additions among FTAs,” he added.

Mr. Das said members of the European Free Trade Association (EFTA), including Iceland, Liechtenstein, Norway, Switzerland, and India, have signed a comprehensive Trade and Economic Partnership Agreement in March 2024.

“At present, India is in free trade agreement negotiations with the U.S., the EU, Peru, Oman, and New Zealand, among several others. The underlying priority of our trade negotiations is to secure fair and balanced agreements in the best interest of our nation and people,” he added.

Amid a changing global trade, it is important to focus on the robust fundamentals that strengthen the Indian economy and the structural reforms that have strengthened these fundamentals.

“These factors have enabled India to navigate through the tumultuous world order,” he said.

Published – October 11, 2025 06:14 pm IST

Sanjay Malhotra will be the 26th RBI Governor. File
| Photo Credit: PTI

Sanjay Malhotra will replace Shaktikanta Das as the Governor of the Reserve Bank of India and his appointment, for three years, will take effect on December 11, 2024. Mr. Malhotra will be the 26th RBI Governor.

A 1990-batch IAS officer of the Rajasthan cadre, Mr. Malhotra was the Revenue Secretary to the Government of India. Prior to that, he was working as an officer on special duty (OSD) in the revenue department since October 2022.

Before working as an OSD, he served as the Department of Financial Services (DFS) secretary.

In his career of over 33 years, he has worked in multifarious sectors, including power, finance and taxation, information technology, and mines, among others.

He has extensive experience in finance and taxation at the State as well as the central government levels. As a part of his present assignment, he plays an instrumental role in tax policy formulation in respect of direct and indirect taxes.

Mr. Malhotra is an IIT-Kanpur alumnus and holds a master’s degree in public policy from Princeton University, U.S.

(With inputs from PTI)

New Delhi:
Sanjay Malhotra, a 1990-batch IAS of Rajasthan cadre, has been appointed as the Governor of the Reserve Bank of India (RBI). He will succeed Shaktikanta Das as the RBI chief.

Here are 5 facts on Sanjay Malhotra:

Revenue Secretary Sanjay Malhotra has been appointed as the new RBI Governor replacing Shaktikanta Das whose tenure ends on December 10, 2024. File
| Photo Credit: PTI

The Appointments Committee of the Cabinet, on Monday (December 9, 2024), has appointed Sanjay Malhotra as the new Reserve Bank of India (RBI) Governor for a period of three years.

Mr. Malhotra was the Revenue Secretary to the Government of India.

Mr. Malhotra was a 1990 Batch Rajasthan Cadre IAS Officer,

Mr. Malhotra will replace Shaktikanta Das whose six year tenure at the helm of the Reserve Bank of India comes to an end on Tuesday (December 10, 2024).

Mr. Malhotra, 56, will be the 26th RBI Governor. He is an engineering graduate in computer science from the Indian Institute of Technology, Kanpur, and has a Master’s in Public Policy from Princeton University, the US.

In his career of over 33 years, he has worked in multifarious sectors, including power, finance and taxation, information technology, and mines, among others.

n his previous assignment, he held the post of Secretary in the Department of Financial Services under the Ministry of Finance.

He has extensive experience in finance and taxation at the state as well as the central government levels. As a part of his present assignment, he plays an instrumental role in tax policy formulation in respect of direct and indirect taxes.

Das was appointed as the 25th Governor of the RBI on December 12, 2018, after the abrupt exit of Urjit Patel.

(With inputs from PTI)

A video featuring Indian Finance Minister Nirmala Sitharaman and RBI Governor Shaktikanta Das promoting the Government’s ‘income-generating platform’ is being widely shared on social media. The video purportedly shows them urging Indian citizens to invest Rs 21,000 in the project, promising returns of Rs 15 lakh in a month. Let’s verify the authenticity of this video.

Claim: Nirmala Sitharaman and Shaktikanta Das are promoting a government income-generating project, urging people to invest Rs 21,000 to receive returns of Rs 15 lakh within a month.

Fact: This video was manipulated using AI-driven facial feature alterations and voice cloning. Neither Nirmala Sitharaman nor Shaktikanta Das promoted such projects. Hence the claim made in the post is FALSE.

We conducted a reverse image search of the keyframes from the viral video and found that the clip of Nirmala Sitharaman was taken from her News18 interview on 16 September 2024, where she discussed the Indian economy, GST, and Modi 3.0 etc. She did not mention any government income-generating project offering Rs 15 lakh returns for a Rs 21,000 investment.

Similarly, the clip of RBI Governor Shaktikanta Das was taken from his Post-Monetary Policy Press Conference on 09 October 2024, where he did not promote any such scheme.

Upon close inspection, discrepancies in Mr Sitharaman and Mr Das’s voice and lip movements were evident. AI detection tools like Truemedia and Hive confirmed that the video was manipulated using AI-driven facial feature alterations and voice cloning. Furthermore, the link (archive) embedded beneath the viral video directs users to a phishing website designed to mimic the India Today website, aiming to harvest user data.

Addressing the issue, on 19 November 2024, RBI issued a clarification (archive) stating that neither the RBI Governor nor any other officials were promoting such platforms and confirmed that the videos were fake. The RBI also cautioned the public against falling for such scams on social media. FACTLY has debunked numerous deepfake videos designed to scam the public. Relevant fact-check articles can be seen here, here, and here.

To sum up, the video of Nirmala Sitharaman and RBI Governor Shaktikanta Das promoting a government income-generating project is fake.

(This story was originally published by Factly, and republished by NDTV as part of the Shakti Collective)
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Shaktikanta Das
| Photo Credit: Thulasi Kakkat

RBI Governor Shaktikanta Das on Monday (November 18, 2024) asked banks to proactively monitor their portfolios, identify areas of over-concentration, and take pre-emptive measures to address potential risks and challenges.

The Governor also asked bank boards to strengthen the internal governance framework to curb unethical practices, such as mis-selling of products or opening of accounts without proper KYC verification.

In a keynote address at the Conference of Directors of Private Sector Banks, Mr. Das said bank boards need to continuously assess external factors like regulatory changes, shifting market winds, overall macroeconomic changes and advances in technology.

“Boards should also be fully cognisant of the organisation’s internal strengths, vulnerabilities, and operational conditions so that they have a clear situational awareness,’ he said.

The Governor stressed that boards must be cognizant of build-up of concentrations in their business model.

Excessive reliance on specific sectors, markets, or customer segments can expose the bank to amplified risks, particularly in times of economic stress or industry shifts, he said.

“Boards can play a proactive role by regularly monitoring the bank’s portfolios, identifying potential areas of over-concentration, and taking pre-emptive steps to maintain a balanced approach,” Mr. Das added.

The boards, he said must also remain vigilant to operational risks, particularly those arising from IT outsourcing and reliance on third-party vendors.

He also said that the incentives for bank staff should be carefully structured so as not to encourage them to indulge in unethical practices.

“While such practices may yield short-term gains, they ultimately expose the bank to significant long-term risks, including reputational damage, supervisory scrutiny, and financial penalties,” he said in a keynote address at the Conference of Directors of Private Sector Banks.

He further said the Indian banking sector is transitioning through a time which is replete with opportunities as well as risks and challenges.

“The banking sector remains strong and stable. All the financial indicators have improved since we met in May last year, reflecting the efforts of the various participants of the banking sector, including their management and boards,” Mr. Das said.

To keep the resilience of the banking system intact, the Governor emphasised that strong fundamentals ought to be leveraged to reinforce and fortify the defences.

“Good times, after all, are the best times to reinforce resilience and grow sustainably,” he added.

Mr. Das also said that in the rapidly evolving and technology-driven environment, organisations face significant challenges and risks.

Factors like technological advancements, the rise of new-age fintech entities, third-party dependencies and climate change are reshaping the economic landscape, he added.

Amid these shifting tides, bank boards should serve as a lighthouse for lenders and provide steady guidance to help navigate these challenges and steer towards safe and prosperous shores, he said.

“While such practices may yield short-term gains, they ultimately expose the bank to significant long-term risks, including reputational damage, supervisory scrutiny, and financial penalties,” Shaktikanta Das said in a keynote address at the Conference of Directors of Private Sector Banks here.
| Photo Credit: Thulasi Kakkat

RBI Governor Shaktikanta Das on Monday (November 18, 2024) asked bank boards to strengthen internal governance framework to curb unethical practices, such as mis-selling of products or opening of accounts without proper KYC verification.

Mr. Das also said that the incentives for bank staff should be carefully structured so as not to encourage them to indulge in unethical practices.

“While such practices may yield short-term gains, they ultimately expose the bank to significant long-term risks, including reputational damage, supervisory scrutiny, and financial penalties,” he said in a keynote address at the Conference of Directors of Private Sector Banks here.

Mr. Das further said that the Indian banking sector is transitioning through a time which is replete with opportunities as well as risks and challenges.

“The banking sector remains strong and stable. All the financial indicators have improved since we met in May last year, reflecting the efforts of the various participants of the banking sector, including their management and boards,” he said.

To keep the resilience of the banking system intact, the governor emphasised that strong fundamentals ought to be leveraged to reinforce and fortify the defences.

“Good times, after all, are the best times to reinforce resilience and grow sustainably,” he added. Mr. Das also said that in the rapidly evolving and technology-driven environment, organisations face significant challenges and risks.

Factors like technological advancements, the rise of new-age fintech entities, third-party dependencies and climate change are reshaping the economic landscape, he added.

Amid these shifting tides, bank boards should serve as a lighthouse for lenders and provide steady guidance to help navigate these challenges and steer towards safe and prosperous shores, he said.

The Reserve Bank of India’s Monetary Policy Committee (MPC) wrapped up its three-day deliberations today, deciding to maintain the repo rate at 6.5 per cent for the fourth consecutive time this fiscal year and the tenth time overall. Despite global market movements and the US Federal Reserve’s recent 50-basis-point rate cut, RBI Governor Shaktikanta Das confirmed the decision to keep the rate unchanged. 

The repo rate is the interest rate at which the RBI lends money to commercial banks. Changes in this rate directly influence the interest rates on loans and deposits offered by banks. A stable repo rate often translates to predictable EMI (Equated Monthly Instalment) payments for borrowers.

Impact on loan EMIs

• Home Loans: For individuals with floating interest rates on home loans, the unchanged repo rate means that EMIs will likely remain stable in the near term. Borrowers can breathe a sigh of relief as there won’t be immediate pressure to adjust their monthly payments. 
• Personal and Auto Loans: Similar to home loans, personal and auto loans linked to the repo rate will also see no immediate changes in EMIs. This stability can help borrowers manage their finances more effectively without the fear of sudden increases.
• Fixed-Rate Loans: For borrowers with fixed-rate loans, the impact of the repo rate remains minimal in the short term.

Key outcomes of the meeting

• The MPC decided to keep the repo rate steady at 6.5 per cent, with a majority of 5 out of 6 members supporting this decision.
• The real GDP growth rate for FY25 is projected at 7.2 per cent.
• RBI Governor Shaktikanta Das mentioned that food inflation pressures may ease due to favourable conditions from the kharif sowing season and good soil moisture.
• Change in Policy Stance: The MPC changed its policy stance from ‘withdrawal of accommodation’ to ‘neutral.’
• The committee noted weaker corporate profitability and government expenditure as factors influencing the growth outlook, leading to a downward revision of growth expectations for the June quarter from 7.3 per cent to 7.1 per cent.
• Governor Das highlighted downside risks to the economy, including geopolitical tensions, particularly in West Asia and financial market volatility.
• The MPC’s discussions included expectations for inflation to remain moderate but acknowledged that moderation might be “slow and uneven”.

Reserve Bank of India (RBI) Governor Shaktikanta Das delivers the Monetary Policy statement, in Mumbai. File photo
| Photo Credit: PTI

 The Reserve Bank of India’s Monetary Policy Committee (MPC) on Wednesday (October 9, 2024) decided to keep the policy repo rate unchanged at 6.50% for the 10th consecutive time.

Of the six members of the MPC, five voted in favour of the decision, which is aimed at taming inflation.

Governor Shaktikanta Das announced the central bank’s decision on policy rates in the RBI’s concluding day Monetary Policy Committee (MPC) meeting on Wednesday. “The Flexible monitory policy framework has completed 8 years. This is major structural reform, “ Mr. Das said in a statement.

The RBI changes stance of monetary policy to ‘neutral’ from withdrawal of accomodation, Mr. Das said. In the backdrop of a good monsoon and adequate buffer stock, the food inflation will fall later in the year, Mr. Das said.

The meeting, which began on October 7, has garnered significant attention, as the RBI has maintained the repo rate at 6.50% for the past nine consecutive meetings, adopting a cautious stance to balance inflationary concerns with the need for economic growth.

Earlier on August 8, 2024, in its first meeting after the Union Budget, the RBI’s Monetary Policy Committee (MPC) kept the policy repo rate unchanged at 6.50% for the ninth consecutive time.

(With inputs from agencies)

New Delhi:

The Reserve Bank of India (RBI) has kept its key interest rate unchanged for the tenth consecutive time, its governor Shaktikanta Das announced today.

A six-member Monetary Policy Committee (MPC) headed by Mr Das kept the repo rate unchanged at 6.5 per cent.

This time three new members were inducted into the MPC, replacing outgoing external members. The new external members included in the MPC are Professor Ram Singh, Director, Delhi School of Economics, University of Delhi, Saugata Bhattacharya, economist; and Dr. Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development. They replaced Ashima Goyal, who served as the at emeritus professor, Indira Gandhi Institute of Development Research, Shashanka Bhide, honorary senior advisor, National Council of Applied Economic Research and Jayanth R. Varma, professor at Indian Institute of Management, Ahmedabad (IIM-A).

The decision was announced after the RBI’s three-day monetary policy meeting, which began on October 7. 

“Inflation is on a declining path, but still have distance to cover,”Mr Das said in the monetary policy statement.

The repo rate has remained steady since the RBI adopted a cautious stance to balance inflation control and economic growth.

The committee, which consists of three RBI and three external members, voted 5:1 to keep the repo rate unchanged. It had last changed rates in February 2023.

The MPC also kept the growth projection unchanged at 7.2 per cent for the current financial year.