Prime Minister Modi Congratulates RBI Governor for A+ Rating in Global Central Banker Report

Prime Minister Narendra Modi lauded RBI Governor Shaktikanta Das for securing an A+ grade in the Global Finance Central Banker Report Cards 2024. This marks Das's second consecutive year receiving this honor, highlighting his leadership in stabilizing and driving India's economic growth.

Prime Minister Narendra Modi congratulated Reserve Bank of India's Governor, Shaktikanta Das, on receiving an A+ grade in the Global Finance Central Banker Report Cards 2024. Modi shared his congratulations on social media platform 'X', noting that this is the second consecutive year Das has achieved this rating. Modi praised Das's leadership and efforts in ensuring economic stability and growth.

RBI Governor Das was awarded the A+ grade rating for the second year in a row. The Global Finance Central Banker Report Cards, published annually since 1994, assess central bank governors from nearly 100 regions including key countries, territories, districts, and unions like the European Union and various African states.

The grades range from 'A+' for exceptional performance to 'F' for failure, considering success in controlling inflation, achieving economic growth goals, maintaining currency stability, and managing interest rates. Global Finance founder and editorial director Joseph Giarraputo stated that central bankers' efforts to combat inflation through higher interest rates are bearing fruit, evidenced by significant drops in inflation globally.

The RBI's macroeconomic management and proactive monetary policies have been pivotal in India's economic developments. Earlier this month, the RBI's Monetary Policy Committee decided to maintain the repo rate at 6.5 percent amid ongoing economic challenges and persistent inflation concerns.

Governor Das projected a moderation in inflation starting July, attributing it to improved monsoon conditions and easing global food prices. The RBI anticipates CPI inflation for Q1 2024-25 at 4.5 percent and for Q1 2025-26 at 4.4 percent. July witnessed a notable decline in both retail and wholesale inflation in India, with the wholesale price index rate for July 2024 provisionally at 2.04 percent over the previous year.

(With inputs from agencies.)