Prime Minister Modi Congratulates RBI Governor Shaktikanta Das for A+ Rating
New Delhi, August 21: Prime Minister Narendra Modi congratulated Reserve Bank of India’s (RBI) Governor, Shaktikanta Das, for receiving an A+ grade in the Global Finance Central Banker Report Cards 2024. This is the second consecutive year that Das has achieved this prestigious rating.
In a post on social media platform ‘X’, Prime Minister Modi said, “Congratulations to RBI Governor Shri @DasShaktikanta for this feat, and that too for the second time. This is a recognition of his leadership at the RBI and his work towards ensuring economic growth and stability.”
The Global Finance Central Banker Report Cards, published annually since 1994, grade central bank governors from nearly 100 countries and regions on a scale from A+ to F. The grades are based on their success in areas such as inflation control, economic growth, currency stability, and interest rate management.
Joseph Giarraputo, founder and editorial director of Global Finance, noted, “Central bankers have waged war against inflation over the past few years, wielding their primary weapon: higher interest rates. Now, countries around the world are witnessing the tangible results of these efforts, as inflation has dropped significantly.”
The RBI has been effective in managing India’s macroeconomic conditions. Recently, the RBI decided to keep the repo rate unchanged at 6.5% after the Monetary Policy Committee meeting, reflecting a cautious approach amid ongoing economic uncertainties. Governor Das mentioned that inflation is expected to moderate from July onwards due to improved monsoon conditions and easing global food prices.
India’s retail inflation, which exceeded 5% in June, saw a significant drop in July. Similarly, wholesale inflation also declined sharply, with the annual rate of inflation based on the Wholesale Price Index (WPI) at 2.04% for July 2024.
Doubts Revealed
Prime Minister Modi -: Prime Minister Modi is the leader of India. He is like the head of the country and makes important decisions.
RBI Governor -: The RBI Governor is the person in charge of the Reserve Bank of India, which is like the main bank of the country that controls all other banks.
Shaktikanta Das -: Shaktikanta Das is the name of the person who is currently the RBI Governor.
A+ Rating -: An A+ rating is like getting a very high score or grade, showing that someone did an excellent job.
Global Finance Central Banker Report Cards -: This is a report that grades the leaders of central banks around the world on how well they manage things like inflation and economic growth.
Inflation control -: Inflation control means keeping the prices of things from going up too fast, so people can afford to buy what they need.
Economic growth -: Economic growth means the economy is getting bigger and better, with more jobs and more money for people.
Retail and wholesale inflation -: Retail inflation is the rise in prices of goods and services that people buy directly, while wholesale inflation is the rise in prices of goods sold in large quantities to businesses.
