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Ans. Sanjay Malhotra is appointed as 26th RBI Governor on 11th December 2024 after Shaktikant Das tenure is over.
Q2. Who is Sanjay Malhotra?
Ans. Sanjay Malhotra is a 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre, recently appointed as the 26th Governor of the Reserve Bank of India (RBI).
Q3. Which policies are regulated by Sanjay Malhotra?
Ans. In his position as Revenue Secretary, Sanjay Malhotra has regulated several significant policies including Direct and Indirect Tax Policy Formulation, Goods and Services Tax (GST) Management, Tax Collection Enhancement, etc.
Sanjay Malhotra The Next RBI Governor
Sanjay Malhotra The Next RBI Governor: Sanjay Malhotra, who has decades of experience appointed as the 26th RBI Governor on 11th December 2024 as Shaktikanta Das bids adieu.
Priyanka Dahima10 Dec, 2024
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Sanjay Malhotra, The Next RBI Governor:
On 11th December 2024, Sanjay Malhotra will formally assume leadership of the Reserve Bank of India (RBI), welcoming its 26th Governor. Shaktikanta Das's six-year term, during which he effectively managed significant economic issues, comes to an end with his appointment.
The appointment of two career bureaucrats as RBI Governor in a row, according to market analysts, shows that the government is comfortable with having a bureaucrat rather than a technocrat in charge of the central bank. Sanjay Malhotra, a revenue secretary and another Finance Ministry insider, will take over as RBI Governor on Wednesday.
Sanjay Malhotra, The Next RBI Governor
As the upcoming governor of the RBI, Malhotra will need to place the utmost importance on the economy's interests when addressing the growth-inflation trade off at Mint Street.
A 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre, Malhotra became the revenue secretary on 01st December 2022, following an eight-month tenure as secretary in the Department of Financial Services (DFS).
In his role as revenue secretary, Malhotra made several important decisions, such as rationalizing capital gains tax in this year’s Budget, adjusting the slabs in the new tax regime to promote shifts from the old tax regime, and abolishing the windfall gain tax, which offered substantial relief to the oil refining sector. He also significantly contributed to the alignment of interests between the states and the central government during discussions at the Goods and Services Tax (GST) Council meetings, which resulted in the imposition of a 28 percent tax on online gaming. From 2003 to 2018, he primarily served in his home cadre in areas such as mining, commercial taxes, information technology, energy, and revenue.
Sanjay Malhotra Career Highlights
Before being appointed as the 26th Governor of the Reserve Bank of India (RBI), starting December 11, 2024, Malhotra held the position of Revenue Secretary in the Ministry of Finance.
His professional journey encompasses over 33 years, during which he has occupied important roles in various fields including finance, taxation, power, information technology, and mining.
Revenue Secretary:
In this capacity, he played a key role in developing tax policies and boosting tax revenue growth. His guidance was vital for strong tax collections necessary for India's fiscal stability.
Department of Financial Services:
Before this, Malhotra was the Secretary in this department where he directed financial reforms and reinforced the banking sector.
Chairman and Managing Director of REC Ltd. :
He navigated this government-owned power sector finance company through essential growth stages.
Policies Regulated by Sanjay Malhotra
In his position as Revenue Secretary, Sanjay Malhotra has regulated several significant policies that have greatly influenced India’s tax structure and economic health. Here are some of the prominent policies and initiatives he has participated in:
Direct and Indirect Tax Policy Formulation:
Sanjay Malhotra has been instrumental in crafting policies concerning both direct and indirect taxes. His leadership has been vital in improving the efficiency of tax collection systems, thus thus enhancing revenue generation for the government.
Goods and Services Tax (GST) Management:
As the ex-officio Secretary to the GST Council, he managed the intricacies of the GST framework, ensuring its successful implementation across states. This included reconciling fiscal expectations among various state governments while preserving the integrity of the GST system.
Tax Collection Enhancement:
Under his direction, there has been a concentration on boosting tax collections, which are crucial for sustaining India’s fiscal health. This encompasses initiatives aimed at expanding expanding the tax base and enhancing compliance among taxpayers.
Non-Tax Revenue Management:
Malhotra has supervised the administration of non-tax revenue streams, such as income from interest on loans, dividends from public sector undertakings (PSUs), and service fees. This all-encompassing oversight demonstrates his comprehension of the broader financial ecosystem and its role in government revenues.
Financial Reforms:
Throughout his time as Secretary of the Department of Financial Services, he was key in executing various financial reforms aimed at reinforcing India’s banking sector. This included initiatives to refine banking regulations and bolster financial stability.
Fiscal Policy Initiatives:
His background in fiscal policymaking has equipped him to tackle emerging economic challenges adeptly, particularly as he transitions to his role as RBI Governor during a phase characterized by economic uncertainty and pressure to modify interest rates.
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