Tracing New RBI Guv Shaktikanta Das’ Line of Thought Via Tweets

Shaktikanta Das took charge as the 25th Governor of the Reserve Bank of India (RBI) today, 12 December.

Former Economic Affairs Secretary Shaktikanta Das took charge as the Governor of the Reserve Bank of India (RBI) on Wednesday, 12 December, after Urjit Patel stepped down from the post on Monday.

Assumed charge as Governor, Reserve Bank of India. Thank you each and everyone for your good wishes.

— Shaktikanta Das (@DasShaktikanta) December 12, 2018

Unlike his predecessor, Shaktikanta Das is very vocal on matters of the economy and often takes to Twitter to express his opinion.

From GST to global trade tariffs, here’s what Das said about key economic events.

On the Role of Central Banks Across Countries

Central Banks across countries have a very critical role at the current juncture. The challenge is to try and read the situation and take decisive steps in pursuit of their multiple responsibilities.

— Shaktikanta Das (@DasShaktikanta) October 18, 2018

On Shielding from Global Headwinds

Emerging economies need to be prepared for prolonged global headwinds, emanating from US Fed rate hikes,intensifying trade conflicts,volatile oil prices and sanctions. Fiscal policies should remain prudent and monetary policies in sync with the curve.

— Shaktikanta Das (@DasShaktikanta) October 15, 2018

On India’s Economic Focus

India’s macro economic numbers are its biggest insurance against global uncertainties. These numbers need to be further strengthened. Deficit and debt targets should continue to be main focus.

— Shaktikanta Das (@DasShaktikanta) September 13, 2018

With current macro economic numbers, no need for offshore NRI bonds etc. RBI’s reserves are still around US$ 400 bn. Focus should continue on steadying the banking sector.

— Shaktikanta Das (@DasShaktikanta) September 16, 2018

Strong commitment to fiscal deficit target will have positive impact on bond yields,inflation and currency value. Need further measures for boosting exports,liberalisation of FDI,adjustment or refund of GST credit accumulation,etc.

— Shaktikanta Das (@DasShaktikanta) September 16, 2018

On 1 Year of GST in India

Das played a part in the Modi government's crackdown on black money and helped build a consensus for the impending rollout of the Goods and Services Tax (GST).

He moved to the economic affairs department in September 2015, and was in-charge when the government on 8 November 2016, withdrew from circulation old 500 and 1,000 rupee notes.

GST completes one year. Stabilisation of a huge tax reform in record time. Other countries took longer. Reduction in GST rates for many items in the 1st year is unique. Robust growth in revenue collections in coming years will make a case for further rationalisation of tax rates.

— Shaktikanta Das (@DasShaktikanta) June 29, 2018

On the Insolvency and Bankruptcy Code

Good to see resolution of companies/bank loans through Insolvency and Bankruptcy Code(IBC). IBC marks a paradigm shift in our banking sector. Will ensure greater transparency and accountability. Was part of its drafting,enactment and implementation. Feel satisfied.

— Shaktikanta Das (@DasShaktikanta) May 22, 2018

Newspaper(TOI) report states that the fear of losing control over companies has prompted defaulting promoters to settle dues of around ₹83000 Cr. Fear of action under IBC is putting pressure on loan defaulters. Paradigm shift indeed in banking sector.

— Shaktikanta Das (@DasShaktikanta) May 23, 2018

On The Need For Digital Economy

India’s viewpoint on the importance of cross country skills mobility and portability of social security schemes gaining wider support.

— Shaktikanta Das (@DasShaktikanta) May 3, 2018

Digital economy will define the shape and content of world economy in the coming decades. The focus has to be on inclusiveness.

— Shaktikanta Das (@DasShaktikanta) May 3, 2018

On Global Trade Tariffs

Tariff skirmishes between large economies are a matter of concern for global growth. These countries need to analyse whether it really benefits their domestic economy. Such trade issues need to be resolved through mutual engagement.

— Shaktikanta Das (@DasShaktikanta) March 23, 2018

On Inflation and Economic Survey

Stable and low inflation offer policy options to Monetary Policy Committee.

— Shaktikanta Das (@DasShaktikanta) January 29, 2018

Economic Survey 2017-18: Gains from adherence to fiscal prudence and structural reforms visible. Growth outlook for FY 19 very positive. Stable inflation. Widened tax base.

— Shaktikanta Das (@DasShaktikanta) January 29, 2018

(With inputs from PTI)