Shaktikanta Das

Introduction

Shaktikanta Das is a retired Indian Administrative Service (IAS) officer from the Tamil Nadu cadre of the 1980 batch. Before taking on the role of 25th governor of the Reserve Bank of India (RBI), he served as a member of the Fifteenth Finance Commission and represented India as a Sherpa at the G20.

As an IAS officer, Das served the governments of Tamil Nadu and India in a variety of capacities, including those of Secretary of Economic Affairs, Secretary of Revenue, and Secretary of Fertilisers. Additionally, he has held positions at the World Bank, Asian Development Bank, National Development Bank, and Asian Infrastructure Investment Bank as Alternate Governor for India. In several international fora, such as the IMF, G20, BRICS, and SAARC, he has spoken on behalf of India.

Early Days

Shaktikanta Das is now serving as the Reserve Bank of India's (RBI) 25th governor in a stand-in capacity. Before this, he served as India's Sherpa to the G20 and as a member of the Fifteenth Finance Commission. Das was raised in Bhubaneswar and attended the Demonstration Multipurpose School. Later in his academic career, he graduated from St. Stephen's College at the University of Delhi with a bachelor's (BA) and master's (MA) degree in history.

Shaktikanta Das is a well-known Indian economist and government servant who has made significant contributions to financial and economic policies. Shaktikanta Das has accomplished a great deal in his more than 25-year career. These include serving as the Economic Affairs Secretary, coordinating with various international gatherings on monetary issues, preparing the Prime Minister's yearly speech on the state of the economy, participating in the prestigious G20 Summits, leading the controlling board of trustees, establishing bad banks, and more.

Unlike the traditional brokers, Shaktikanta Das has always been a wise academic and orator. After ten years of teaching at the Indian Institute of Management Ahmedabad, he gained recognition from the public. He is renowned for having in-depth knowledge of both micro and full-scale economics.

Shaktikanta's remarkable duties as the Secretary of Economic Affairs include the important decisions to try the demonetization of the Rs. 1000 and Rs. 500 banknotes on November 8, 2016. He had a key role in proposing the Goods and Services Tax, or GST, as it is commonly known. He has also worked for periods in the National Bank for Agriculture and Rural Development, United Commercial Bank, State Bank of India, Canara Bank, New Delhi Municipal Council, and Asia Development Bank.

Education and Accomplishments

Shaktikanta Das is a well-educated professional who holds master's degrees in business administration and economics. He has finished plenty of training courses and seminars on financial and economic subjects both in India and elsewhere. He has held several positions in the government, including Revenue Secretary of India and Secretary of the Department of Economic Affairs in the Ministry of Finance. Additionally, he has participated in numerous task groups and committees inside the Indian government.

Shaktikanta Das's Career

An IAS Officer

Das worked for the Indian government as well as the Tamil Nadu government in a variety of capacities. In the Tamil Nadu government, he held positions as area justice and authority for the Dindigul and Kancheepuram regions, as well as Principal Secretary (Industries), Special Commissioner (Revenue), Secretary (Revenue), Secretary of Commercial Taxes, and venture overseer of the Tamil Nadu State AIDS Control Society.

In addition, Das held the positions of Special Secretary in the Ministry of Finance's Department of Economic Affairs, Secretary of Union Economic Affairs, Secretary of Union Revenue, Secretary of Union Fertilisers, and Joint Secretary in the Ministry of Finance's Department of Expenditure.

Revenue Secretary

Das was appointed Union Revenue Secretary by the Appointments Committee of the Cabinet (ACC) in June 2014. He assumed the position of Secretary on June 16, 2014, and left on August 31, 2015.

Secretary of Economic Affairs

Das was appointed Union Economic Affairs Secretary by the ACC in August 2014; he accepted the position on 31 August 2015 and resigned from the government on 28 May 2017 after being granted a three-month extension by the public authority. Das was widely regarded as India's most remarkable government employee during his tenure as Union Economic Affairs Secretary.

Post-Retirement Life

After Das retired from the Indian Administrative Service (IAS), the ACC named him a person from the Fifteenth Finance Commission. Similarly, the ACC appointed him as India's Sherpa to the G20. Das departed from his position in the Fifteenth Finance Commission in December 2018 by his arrangement as the legislative leader of the Reserve Bank of India.

Life in the Reserve Bank of India as a Governor

On December 11, 2018, the ACC appointed Shaktikanta Das as the Reserve Bank of India's governor for a three-year term, replacing Urjit Patel, who had recently submitted his resignation. Das' appointment as RBI's lead representative drew mostly positive responses.

On December 12, 2018, Das accepted the position of RBI lead representative. The business sectors reacted positively to Das' arrangement, with the BSE SENSEX gaining 629 points and the NIFTY 50 increasing by 188. As the RBI's chief representative, Das serves as an ex-officio member of the central bank's Monetary Policy Committee. The London-based magazine The Banker awarded him the 'National Banker of the Year, Asia-Pacific 2020' award for his efforts to strengthen the financial system.

Shaktikanta Das is well-known for his dedication to public service and humility. He has dedicated a significant portion of his career to advancing economic and financial inclusion and has always kept the demands of the populace front and center. In addition, he has made an effort to make decisions that are optimal for the nation.

For his knowledge of public finance, financial sector reforms, and macroeconomic policy, Shaktikanta Das is well-respected. His influence has been felt greatly in the development of India's economic policies, market liberalization, and investment growth. In addition, he has memberships in several significant international groups, including the International Monetary Fund and the Group of Twenty. Throughout his career, his dedication to public service and humility have served as a great source of inspiration.

Personal Life

Regarding his private life, Shaktikanta Das is a married individual. He hasn't, however, revealed his wife's identity to the press or general public. In a similar vein, he keeps his family members out of the spotlight and leads a fairly private existence. Furthermore, he hasn't brought up his kids in any interviews yet.

More About His Life

Das emphasized the difficulties presented by international money laundering, claiming that it accounts for between 2 and 5 percent of GDP worldwide, or roughly $800 billion to $3 trillion, with only 0.1 percent of it being successfully stopped each year. It is still difficult to achieve complete AML/CFT compliance because enforcement is sometimes patchy and difficult.

He emphasized that creative solutions are required to handle this serious risk to the global financial system. Das urged the integration of AML/CFT technology into multilateral platforms to lower the risks associated with illicit funding and increase the effectiveness of screening procedures.

Additionally, the governor of the RBI talked about the significance of multilateral cross-border CBDC platforms. The goal of these platforms should be to improve interoperability between different domestic payment systems and multi-CBDC platforms.

These platforms can have a big impact on the future of cross-border payments by lowering operating costs, improving efficiency, and guaranteeing standardization across several jurisdictions.

With 93 proposals submitted across three problem statements, the G20 TechSprint 2023 had an impressive response from throughout the world. In partnership with the Bank for International Settlements (BIS), 21 ideas were shortlisted, seven for each issue statement.

These ideas are in line with the G20's aims and have the power to change the cross-border payments ecosystem completely. They have the potential to be extremely important in preserving the integrity of the financial system, empowering marginalized groups, lowering transaction costs between countries, and bolstering the resilience of financial institutions.

Das praised the G20 TechSprint winning teams, noting that each issue statement had one standout submission selected. He thanked all of the competitors, partners, judges, and mentors for their contributions to the event's success. Additionally, he recognized the important role the BIS Innovation Hub has played in fostering this innovative and cooperative journey.

Conclusion

Shaktikanta Das' incredible career is proof of the value of perseverance and hard work. He has long been a driving force behind India's financial and economic policies, and his influence will undoubtedly continue for a very long time. Many have found inspiration in his modesty, dedication to public service, and knowledge of economic and financial policies. Shaktikanta Das is a virtuous leader with a long and illustrious career in public service, which will inspire future generations.