Modi congratulates RBI Governor Das on A+ rating in Global Finance Report

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

Prime Minister Narendra Modi, on Wednesday, congratulated Reserve Bank of India's (RBI) Governor, Shaktikanta Das for bagging an A+ grade rating in the Global Finance Central Banker Report Cards 2024.

Prime Minister in a post on social media "X" said, "Congratulations to RBI Governor Shri @DasShaktikanta for this feat, and that too for the second time.

This is a recognition of his leadership at the RBI and his work towards ensuring  economic growth and stability."

RBI Governor Das has been awarded the A+ grade rating for the second consecutive year.

The Central Banker Report Cards, published annually by Global Finance since 1994, grade the central bank governors of nearly 100 key countries, territories, and districts, as well as the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States.

Grades are based on an "A+" to "F" scale for success in areas such as inflation control, economic growth goals, currency stability and interest rate management.

"A" represents an excellent performance, down through "F" for outright failure. "Central bankers have waged war against inflation over the past few years, wielding their primary weapon: higher interest rates.

Now, countries around the world are witnessing the tangible results of these efforts, as inflation has dropped significantly," said Global Finance founder and editorial director Joseph Giarraputo.

The RBI has been successful in controlling the larger macroeconomic situations in the country. The apex bank is actively working to push economic growth through its monetary policies.

The RBI recently kept the the repo rate unchanged at 6.5 per cent after the deliberations of the Monetary Policy Commitee meeting earlier this month. The move reflects the central bank's cautious approach amid ongoing economic uncertainties.

Announcing the monetary policy decisions, Das had said that the decision to keep the repo rate steady comes amidst persistent concerns about inflation, which remains above the RBI's target range. RBI Governor Das said that the inflation will moderate from July onwards as the monsoon has improved and global food prices have shown signs of easing in July.

The Q1 Consumer Price Index (CPI) inflation for the current financial year (2024-25) is projected at 4.5 per cent. CPI inflation for the first quarter of the next financial year (Q1 2025-26) is projected at 4.4 per cent, as announced by the RBI Governor.

India's retail inflation, after breaching 5 per cent in June, softened drastically in July. In line with the moderation in retail inflation, wholesale inflation in India too witnessed a sharp decline in July. The annual rate of inflation based on all India Wholesale Price Index (WPI) numbers is 2.04 per cent (provisional) for July 2024 (over July 2023).