New RBI Guv Sanjay, workaholic, business friendly

Sanjay Malhotra

Rama Krishna Sangem

India’s new central bank head is a detail-oriented bureaucrat known for working long hours. That discipline will come in handy as he looks to reverse India’s growth slowdown and keep price rises in check.

Sanjay Malhotra, the Princeton-educated revenue secretary and three-decade veteran of India’s civil service, is the second career bureaucrat in a row to lead the Reserve Bank of India, replacing Shaktikanta Das after six years in the post.

Colleagues and other officials describe Malhotra, 56, as a savvy communicator and a meticulous administrator, known for working late, drinking lots of coconut water and going into the weeds on India’s byzantine tax laws — at times demonstrating more knowledge in meetings than the subject-matter experts reporting to him.

 

Prime Minister Narendra Modi’s appointment of Malhotra came as a last-minute surprise to many in the government. Described by officials as a “dark horse” whose appointment was like “pulling a rabbit out of the hat,” Malhotra comes with a low profile and a history of shunning the spotlight — qualities that likely worked in his favour with an Indian leader known for his preference for team players over outspoken challengers.

While Malhotra’s precise views on monetary policy remain something of a mystery, analysts and officials say his years in the Finance Ministry have given him a consensus-building approach that prioritises economic growth and revenue generation. Officials also say he won the confidence of Finance Minister Nirmala Sitharaman along with Modi.

 

Business  friendly

In one of his few public appearances ahead of Monday’s announcement, he told tax officials to keep economic growth in mind and avoid saddling businesses with overly large tax demands.

“Revenue comes in only when there is some income,” he told officers at the Directorate of Revenue Intelligence, according to local media reports. “Therefore, we have to be very cautious so that we do not, as they say, kill the golden goose.”

As the head of India’s central bank, Malhotra inherits the management of an economy beset with the dual challenge of rising prices and slowing growth. Last month, the RBI said the economy expanded at a seven-quarter low of 5.4 per cent between July and September, putting pressure on the bank to reduce what other top officials in Modi’s government have said are overly high borrowing costs.

Rama Krishna Sangem

Ramakrishna chief editor of excel India online magazine and website

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Chief Editor

Rama Krishna Sangem

Excel India national news magazine is a media startup founded and piloted by Rama Krishna Sangem, a Hyderabad based senior journalist with over three decade experience in the field of media, mostly in print journalism. His rich experience in reporting for both Telugu and English newspapers and heading a TV news channel and some online outfits will be of immense use to this venture. Excel India English news magazine seeks to fill the gap of analytical understanding to our readers who today are confronted with myriad media platforms. Our online version not only offers regular updates and commentary on happenings around us, but also gives larger stories not limited by space constraints of a print magazine. Excel India is ably run by a team of senior journalists committed to values and quality standards in the profession. We urge you all to support and guide us in this endeavour. Reach us at excelindiaweb123@gmail.com