New Delhi: On Wednesday, Prime Minister Narendra Modi extended his congratulations to Reserve Bank of India's (RBI) Governor, Shaktikanta Das, for securing an A+ grade in the Global Finance Central Banker Report Cards 2024.
In a congratulatory message on social media, Prime Minister "X" stated, "We extend our heartfelt congratulations to RBI Governor Shri @DasShaktikanta for this remarkable achievement, and for his consistent excellence in leadership at the RBI. His efforts towards fostering economic growth and stability are commendable."
RBI Governor Das has been honored with the A+ grade rating for the second consecutive year.
The Global Finance Central Banker Report Cards, an annual publication since 1994, evaluates the performance of central bank governors from nearly 100 countries, territories, and districts, as well as the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States, and the Central Bank of West African States.
Grades are assigned on a scale from "A+" to "F" based on their performance in critical areas such as inflation control, achievement of economic growth targets, stability of the currency, and management of interest rates.
An "A" grade signifies an outstanding performance, while an "F" grade indicates failure.
"Central bankers have been actively combating inflation over the past few years, utilizing higher interest rates as their primary tool. The efforts are beginning to bear fruit, as evidenced by the significant reduction in global inflation," noted Joseph Giarraputo, the founder and editorial director of Global Finance.
The RBI has demonstrated success in managing macroeconomic conditions within the country. The central bank is diligently working towards promoting economic growth through its monetary policies.
Recently, the RBI maintained the repo rate at 6.5 percent following the deliberations of the Monetary Policy Committee meeting earlier this month. This decision reflects the central bank's cautious stance in the face of ongoing economic uncertainties.
In announcing the monetary policy decisions, Das highlighted the decision to keep the repo rate steady, given the persistent concerns over inflation, which remains above the RBI's target range.
Das also mentioned that inflation is expected to moderate starting from July, attributed to the improved monsoon conditions and signs of easing in global food prices, as reported by the RBI Governor.
The projected Consumer Price Index (CPI) inflation for the current fiscal year (2024-25) stands at 4.5 percent. The projected CPI inflation for the first quarter of the next fiscal year (Q1 2025-26) is set at 4.4 percent, as announced by the RBI Governor.
India's retail inflation, which had surpassed 5 percent in June, experienced a significant decline in July.
Similarly, wholesale inflation in India also saw a notable decrease in July.
The annual rate of inflation, as measured by the All India Wholesale Price Index (WPI) numbers, is 2.04 percent (provisional) for July 2024, according to the RBI Governor.
