Shaktikanta Das's New Appointment as Principal Secretary

In a strategic move, Shaktikanta Das, the former Governor of the Reserve Bank of India (RBI) has been appointed as Principal Secretary to Prime Minister Narendra Modi. This role was specifically crafted for him, highlighting the significance of his expertise. Das’s extensive experience, especially in monetary and fiscal policies, adds a layer of proficiency to the Prime Minister’s office. His term will align with that of PM Modi, or until further instructions are announced.

Das retired from his position as RBI Governor in December 2024, concluding a six-year term that was marked by numerous challenges and achievements. His capacity to manage complex economic scenarios is acknowledged across sectors, making this new role all the more pivotal for the government’s economic strategy.

Achievements and Legacy in the Economic Sector

Before joining the RBI, Das served in various crucial roles including as Economic Affairs Secretary and Revenue Secretary. During these stints, he led significant reforms such as the implementation of the Goods and Services Tax (GST) and deftly handled the aftermath of demonetization — both watershed moments in Indian economic history. His leadership during the IL&FS crisis and the unpredictable economic landscape of the COVID-19 pandemic further underscore his readiness for high-stakes environments.

As the Governor of the RBI, his tenure involved steadying the financial sector amid global economic jolts, improving transparency in communication with market players, and advocating for digital payment methods. Systems like UPI and RuPay saw significant boosts, aligning India with the trend towards cashless transactions.

Das’s contributions exceeded national borders as he represented India in influential international platforms such as the International Monetary Fund (IMF), the G20, and BRICS, broadening India's financial footprint globally. His ongoing association with these councils will undoubtedly feed into his new responsibilities.

With Das as Principal Secretary-2 alongside Pramod Kumar Mishra, the government aims to finesse its economic governance framework, utilizing Das's deep-seated understanding of crisis management and economic policy formulation. This strategic positioning suggests a focused effort to ensure the seamless integration of policy with effective governance, amplifying the synergy between various financial sectors and the government.