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.
Bengaluru-based Ola Electric has expanded its portfolio with the launch of four new electric scooters, including a budget-friendly option for gig workers. With prices ranging from Rs 39,999 to Rs 64,999, the new models offer different features and ranges to cater to different needs. Ola has also introduced a portable battery inverter for home use.
Italian motorcycle brand Ducati has announced that it will be raising the prices of some of its models from January 2022. The company cites increased operational costs, driven by inflation and commodity prices, as the reason for the price hike. While the brand has not yet disclosed which models will be affected, it is expected that popular models will see a marginal increase while slower-selling ones may keep their current prices. The price increase is set to take effect on January 1st next year.
In an effort to promote sustainable agriculture and reduce farmers' electricity and diesel expenses, the government has launched the PM Kusum Scheme which provides free agricultural pumps to farmers. Experts suggest crowd-financed loans as a viable option for farmers to obtain solar-powered pumps which have long-term benefits. With the central government setting a target for Haryana to install 22,000 solar pumps, applicants can avail of up to 75% subsidy for irrigation.
Mahindra, a prominent carmaker, is set to launch its first ever battery electric vehicles - BE 6e and XEV 9e - in early 2025. These SUVs are built on Mahindra's INGLO platform, specifically designed for electric vehicles. The BE 6e is a sporty coupe with rugged features, while the XEV 9e has an "SUV coupe" appearance. These vehicles are expected to compete with other popular electric cars in the market. The starting prices for BE 6e and XEV 9e are around Rs 18.90 lakh and Rs 21.90 lakh respectively (ex-showroom).
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.