NEW DELHI/MUMBAI: The war on inflation has a new general leading the charge, as India's top revenue officer Sanjay Malhotra moves from North Block to Mint Road. On Monday, the Union cabinet's appointments committee named the 1990 batch IAS officer to lead the Reserve Bank of India, a day before governor Shaktikanta Das leaves at the end of six years at its helm.
Malhotra becomes the latest finance ministry official to steer RBI, after outgoing governor Das, as well as previous governors D Subbarao, Y.V. Reddy and Bimal Jalan. The officials come with a deep understanding of fiscal matters and the pressures on the government, even as they take the reins of India's inflation-targeting central bank.
Malhotra, who currently oversees the Centre's direct and indirect tax administration, will serve for three years beginning Tuesday, the appointments committee comprising Prime Minister Narendra Modi and home minister Amit Shah said. The Rajasthan-cadre officer has previously led the department of financial services and worked across power, mining and information technology.
Like Das, Malhotra will have to deal with stubborn food prices that have pushed headline inflation beyond the monetary policy committee's (MPC) flexible target of 2-6%. In October, inflation as measured by the consumer price index (CPI) was 6.21%, higher than 5.49% in September. The committee now to 4% only by the September quarter of FY26. Meanwhile, the rupee trades near all-time lows, amid strong demand for the dollar and portfolio outflows.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
China building villages near Doklam in Bhutan: Sat data
NEW DELHI: China has built at least 22 villages and settlements over the past eight years within territory that has traditionally been part of Bhutan, with eight villages coming up in areas in proximity to the strategic Doklam plateau since 2020, according to satellite imagery.
'Our dreams are shattered': Deaths in Georgia wreck homes in Punjab
MEA OFFICIALS SAID THEY WERE WORKING TO BRING THE BODIES BACK TO INDIA
67% sanitation workers from SC communities: Centre to LS
NEW DELHI: Two-thirds of sewer and septic tank workers (SSWs) in urban local bodies across India, surveyed by the Union government, come from Scheduled Caste (SC) communities, the Centre informed Parliament on Tuesday.
ONOP will test govt's ability to muster up two-thirds majority
NEW DELHI: The NDA government's ambitious plan for simultaneous national and state polls could be a test of its ability to muster the requisite numbers as it doesn't have a two-thirds majority needed to push through a Constitution amendment under Article 368 in the Lok Sabha.
MOVE AGAINST FEDERALISM, WILL ALTER BASIC STRUCTURE: OPPN
Opposition leaders on Tuesday launched a scathing attack on the bills introduced in the Lok Sabha that propose simultaneous elections to the Lower House and state assemblies, arguing that the legislation undermines federalism, violates the Constitution's basic structure, was introduced without adequate consultation with states and envisions an impractical scenario.
BJP govts to soon bring UCC in every state: Shah
NEW DELHI: The Uniform Civil Code (UCC) implemented by Uttarakhand is a model law that will be debated widely and then the Bharatiya Janata Party (BJP) governments will bring a common civil code in all states, Union home minister Amit Shah said on Tuesday as he accused the Congress of undermining the Constitution and promoting appeasement politics.
From 2025, NTA not to hold recruitment tests
The National Testing Agency (NTA) will, from 2025, conduct only entrance exams for higher education institutions and not recruitment exams, a move aimed at improving its functioning and in keeping with the recommendations of a high-level committee set up in June 2024.
'Like Tendulkar is for cricket, Zakir Hussain was for classical music'
As the world of Indian classical music mourns Ustad Zakir Hussain, who died on December 15, few feel the loss as deeply as musician Aditya Kalyanpur.
WHY INDIA LOVES BRAND AYUSHMANN KHURRANA
Actor Ayushmann Khurrana is considered one of India's most relatable youth icons, something that is reflected in the diverse brands he endorses.
When Chay flew to Mumbai
Following their wedding on December 4, actor-couple Naga Chaitanya and Sobhita Dhulipala have opened up about their relationship for the first time.
