A new beginning

As he begins his term as RBI governor, Malhotra has to fill the big shoes of Das who has done a tremendous job

T MAY NOT quite be baptism by fire for the new Reserve Bank of India (RBI) Governor Sanjay Malhotra as it was for Shaktikanta Das, who had to contend with the pandemic during his tenure at Mint Road. However, Malhotra also has his task cut out. He has to negotiate a loss of momentum in the economy as seen in the sharp slowdown in the gross domestic product (GDP) growth for the September quarter at 5.4% while ensuring that inflation is reined in. That a seasoned bureaucrat is replacing Das does not really come as a surprise, because the government is understandably more comfortable with an Indian Administrative officer who has worked in the finance ministry. The coordination with a North Block officer can be a lot easier than with an outsider.