New RBI guv signs in, says focus to be on economic growth, policy stability

Sanjay Malhotra, who assumed office as the twenty-sixth Reserve Bank of India (RBI) governor on Wednesday, said in his first media interaction that fostering economic growth, ensuring stability in policy making, and expanding financial inclusion would be among his key priorities moving forward.

- ANJALI KUMARI & SUBRATA PANDA

While significant progress has been made in financial inclusion, much more remains to be done, said Malhotra, stressing the importance of collaborating with all stakeholders in the financial system to further advance these efforts.

"Ours is still an economy that needs to develop as we enter 'Amrit Kaal' and to realise the vision of Viksit Bharat by 2047. The huge responsibility we have in ensuring that the growth this country has, continues," Malhotra said.

This statement assumes as India's gross domestic product (GDP) growth in the July-September quarter fell to a seven-quarter low of 5.4 per cent.

The RBI, in its recently concluded monetary policy meeting, also lowered its projection for GDP growth in FY25 from 7.2 per cent to 6.6 per cent.

The slowdown in growth has led to calls for a rate cut in the February monetary policy meeting, which will mark Malhotra's first time chairing the meeting as RBI governor.

He highlighted that "stability" in policy making is essential. "In my previous role, we were trying to give stability or continuity in policy.