In recent years, Reserve Bank of India Governor Shaktikanta Das has been recognized as the top central banker, achieving the feat for the second time. However, with India's economy facing challenges such as inflation and slow growth, Das has emphasized the need for careful consideration when striking a balance between promoting growth and maintaining price stability. In addition, the governor has called for banks to embrace artificial intelligence as a means of enhancing their operations and staying competitive. Further, Das has assured the public that the RBI is closely monitoring the markets and taking necessary action to ensure stability.
Shaktikanta Das, the Governor of India's Reserve Bank (RBI), has emerged as a globally recognized central banker. His expertise and leadership have been instrumental in guiding India's monetary policy through intricate economic landscapes.
Das joined the RBI in 1980 and rose through the ranks, holding various key positions. Prior to becoming Governor in 2018, he served as the RBI's Deputy Governor.
In 2022, Das was recognized as the "Central Banker of the Year" for the second time by the Central Banking Publications. This accolade underscores his ability to strike a balance between promoting economic growth and controlling inflation.
India's economy has faced significant challenges in recent years, including:
To address these challenges, Das has emphasized the need for cautious policymaking. He has raised interest rates to combat inflation while considering the potential impact on economic growth.
Das has also advocated for banks to embrace artificial intelligence (AI) to enhance operations and remain competitive. He believes AI can improve efficiency, reduce costs, and enhance risk management.
Despite the economic challenges, Das has assured the public that the RBI is closely monitoring the markets and taking necessary actions to ensure stability. He has stated that the RBI will continue to provide liquidity as needed to support the financial system.
Q1: What are the main challenges facing the Indian economy? A1: Inflation, slow growth, and geopolitical uncertainties.
Q2: How is Das addressing inflation? A2: By raising interest rates to curb demand and control price pressures.
Q3: What is Das's view on AI in banking? A3: He believes AI can enhance efficiency, reduce costs, and improve risk management.
Q4: Is the RBI concerned about financial stability? A4: Yes, the RBI is closely monitoring the markets and taking actions to ensure stability and liquidity.
Q5: What are Das's key accomplishments as Governor? A5: He has been recognized as a top central banker, navigated the Indian economy through challenges, and promoted technological innovation in banking.
Ola Electric, one of the leading electric scooter manufacturers in India, has announced its entry into the commercial segment with the launch of its 'Gig' range of scooters. These affordable electric scooters, starting at Rs 39,999, specifically target gig workers who are looking for sustainable and convenient transportation options. The company has also launched a personal-use electric scooter, the S1 Z, priced at Rs 59,999, which is aimed at urban commuters. This move by Ola Electric marks their continued efforts to promote eco-friendly and accessible transportation solutions in the Indian market.
The Securities and Exchange Board of India (Sebi) has approved 'light-touch' rules for passive mutual funds, which will make it easier for funds to be launched and traded on stock exchanges. This move will give mutual fund firms more flexibility and boost competition in the industry. Sebi has also proposed raising the investment limit for angel funds to Rs 50 crore and introduced new rules for insider trading in mutual funds, which will be effective from Nov 1, 2024. In addition, the ED has seized foreign assets belonging to Axis Mutual Fund in a front running case, while Sebi has also introduced new valuation regulations for mutual funds.
UK-based security and surveillance technology company, Synectics, has secured two major contracts totaling £2.3M in the oil and gas sector. These contracts will see Synectics' advanced COEX camera station technology deployed in Qatar's Al-Shaheen oil field and on a Floating Production Storage and Offloading vessel in Brazil. These contracts highlight Synectics' expertise and leadership in providing security solutions for critical infrastructure and showcase their ongoing collaboration with North Oil Company. The systems will play a vital role in ensuring the safety and security of personnel and assets in both projects.
On November 26, India celebrates National Milk Day in honor of Dr. Verghese Kurien's birth anniversary. Known as the "The Milkman of India," Kurien's contributions led to India becoming the largest milk producer in the world. Through the establishment of dairy cooperatives, Kurien helped farmers combat exploitation and connect directly with consumers, leading to the success of the Amul brand and the growth of the dairy industry in India. Let's remember and celebrate the visionary who made India self-reliant in milk production.
The new book "MODIALOGUE" by Ashwin Fernandes, Executive Director at QS World University Rankings, celebrates the transformative communication strategy of PM Modi's Mann Ki Baat. The book includes contributions from notable figures, a nationwide survey, and artwork by celebrated Indian artists, highlighting the positive impact of the programme on national dialogue. Fernandes, an acclaimed academician, brings his expertise in global higher education to provide a fresh perspective on national engagement. The book also draws parallels between PM Modi's communication mastery and Chanakya's philosophies of leadership and dialogue.
As the 16th anniversary of the 26/11 Mumbai attacks approaches, survivor Devika Rotawan shares her story and message of hope. Meanwhile, Zomato is making waves in the Indian food delivery market with its user-friendly platform and unique features. From dietary filters to scheduled orders, the app aims to make food ordering a stress-free and enjoyable experience.
Shashi Ruia started his career under the guidance of his father and went on to establish the Essar Group as a global conglomerate. He was an iconic figure in the Indian business world, having been involved in various influential organizations such as FICCI and the PM's Indo-US CEO's Forum. His contributions to the corporate landscape will be remembered and honored by many.
Shashi Ruia, co-founder of the multinational conglomerate, Essar Group, has passed away at the age of 80. In light of this tragedy, the company has appointed Manu Kapoor as its new group chief, effective immediately. The news has garnered international attention, with even the Prime Minister of Israel expressing his condolences. The group has also announced its plans to create the world's first decarbonized refinery in the UK, showcasing its commitment to sustainability and innovation.
Shashi Ruia, the co-founder of Essar Group, passed away at the age of 81, leaving behind a diverse portfolio of assets worth $14 billion. Ruia, who began his career in 1965 under the mentorship of his father, played a crucial role in shaping Essar's growth and diversification. He was also actively involved in various national bodies and industry associations. The funeral procession will depart from Ruia House at 4 pm on Tuesday, as Essar Group and the business community mourn the loss of a visionary leader.