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RBI Transitions into Market Economy Enabler: Governor Shaktikanta Das

RBI Transitions into Market Economy Enabler: Governor Shaktikanta Das

1 April 2024 – Reserve Bank of India (RBI) Governor Shaktikanta Das emphasized the central bank’s evolution into a facilitator for the market economy during the RBI’s 90th-year ceremony. Das highlighted the transformative journey of the RBI, closely intertwined with the development of the Indian economy.

Governor Shaktikanta Das outlined the significant evolution of the Reserve Bank of India, stating that it has transitioned from primarily allocating scarce resources during the planning period to becoming an enabler for the market economy. He emphasized the pivotal role of the RBI in facilitating economic growth and stability.

Das described the RBI as a comprehensive central bank, with its functions extending across multiple dimensions. He highlighted the diverse roles and responsibilities undertaken by the RBI in ensuring the smooth functioning of the Indian financial system.

Prime Minister Narendra Modi commended the RBI for its instrumental role in transforming stressed banks into profitable entities. He reflected on the challenges faced by the banking sector in 2014 and lauded the significant progress achieved since then. PM Modi credited the RBI for contributing to India’s robust and sustainable banking system, making it globally recognized.

While acknowledging the achievements of the past decade, PM Modi emphasized the need for continued efforts to propel the country further. He expressed confidence in India’s economic resilience and highlighted the ongoing efforts to overcome challenges and achieve greater heights.

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