Monetary Pushback
India's central bank has once again stepped in with a measured response to the growing economic uncertainty by cutting the repo rate by 25 basis points, bringing it down to 6 per cent.
Reserve Bank of India (RBI) Governor Shaktikanta Das received an award for A+ grade in Central Bank Report Cards 2024, for the second consecutive year.
The award, presented by Global Finance in Washington DC, USA, recognised RBI Governor’s excellent performance and effective leadership in steering India’s apex bank through complex economic challenges.
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“Governor @DasShaktikanta received the award for A+ grade in Central Bank Report Cards 2024, for the second consecutive year. Presented by Global Finance at an event held today in Washington DC, USA,” RBI said in a social media post on X.
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On his visit to Washington DC, the Governor also addressed the Macro Week 2024 organised by the Peterson Institute for International Economics (PIIE).
He said the global economic dynamics is shifting rapidly, driven by forces such as technological transformation, geoeconomic realignments, environmental challenges, and the ongoing global geopolitical disruptions.
“In this rapidly changing context, it is incumbent upon the G20 and international monetary institutions to adapt swiftly and act decisively to foster global stability and sustainable growth,” he added.
He further said the global co-operation and the integration of global markets, in particular, were instrumental in driving decades of world growth. For many low-income countries and emerging markets, this integration into the global economy was a crucial contributor to their development.
The Central Bank 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.
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