Who is Sanjay Malhotra?
Sanjay Malhotra, a 1990-batch Indian Administrative Service (IAS) officer from Rajasthan cadre, was recently appointed as the 26th Governor of the Reserve Bank of India (RBI).
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Career Highlights
Before being appointed as the 26th Governor of the Reserve Bank of India (RBI) with effect from December 11, 2024, Malhotra served as the Revenue Secretary in the Finance Ministry.
You are watching: New RBI Governor Sanjay Malhotra Biography, Education Qualification and Career Details
His career spans over 33 years and has held key positions in various fields including finance, taxation, power, information technology and mining.
- Minister of Revenue: In this position, he plays an important role in formulating tax policy and promoting tax revenue growth. Under his leadership, strong tax administration was critical to India’s fiscal health.
- Department of Financial Services: Previously, Malhotra served as secretary of the department, where he oversaw financial reforms and strengthened the banking sector.
- Chairman and Managing Director of REC Ltd.: He has led the government-owned power industry finance company through a critical growth phase.
Appointed as Governor of Reserve Bank of India
Sanjay Malhotra’s appointment as Reserve Bank of India governor comes at a critical time for the Indian economy, replacing Shaktikanta Das, who held the post for six years.
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His extensive experience in fiscal policy formulation and tax administration is expected to play a vital role in formulating Indian monetary policy and addressing economic challenges such as inflation and growth stability amid global uncertainty.
What are the key policies Sanjay Malhotra has instituted in his current role?
During his tenure as Revenue Minister, Sanjay Malhotra instituted several key policies that had a significant impact on India’s tax framework and fiscal health. Here are some of the notable policies and initiatives he was involved in:
Direct and indirect tax policy formulation:
Malhotra played a key role in formulating policies related to direct and indirect taxes. His leadership was critical in making the tax system more efficient, thereby increasing government revenue.
Goods and Services Tax (GST) Administration:
As ex-officio secretary of the GST Council, he is responsible for managing the complexities of the GST framework and ensuring its effective implementation across states. This involves harmonizing fiscal expectations among state governments while maintaining the integrity of the GST system.
Strengthen tax collection and administration:
Under his guidance, the focus is on driving strong tax collection, which is critical to supporting India’s fiscal health. This includes initiatives aimed at broadening the tax base and improving taxpayer compliance.
Non-tax revenue management:
Malhotra oversees the management of non-tax revenue streams, including interest income from loans, dividends from public sector undertakings (PSUs) and service charges. This comprehensive oversight reflects his understanding of the wider financial ecosystem and its contribution to government revenue.
Financial reform:
While serving as Minister of Financial Services, he was instrumental in implementing various financial reforms aimed at strengthening the Indian banking sector. This includes initiatives to improve bank supervision and enhance financial stability.
Fiscal policy initiatives:
His experience in fiscal policymaking has equipped him to respond effectively to emerging economic challenges, especially as he transitions to the post of Governor of the Reserve Bank of India during a period of economic uncertainty and pressure for interest rate adjustments.
Sanjay Malhotra appointed as 26th Governor of Reserve Bank of India pic.twitter.com/eK2m3z32ay — Upsc Civil Services Exam (@UpscforAll) December 9, 2024
Also Read | List of Reserve Bank of India Governors (1935-2024) Who is the new RBI Governor Sanjay Malhotra to replace Shaktikanta Das?
Source: https://dinhtienhoang.edu.vn
Category: Optical Illusion