<p>New Delhi: Sanjay Malhotra, who is set to replace Shaktikanta Das as the Reserve Bank of India’s Governor, on Tuesday said he would take the best possible steps for the economy after understanding the new turf.</p>.<p>"One has to understand the turf, all perspectives and do what is the best for the economy," Malhotra told reporters outside the Finance Ministry in New Delhi.</p>.<p>Malhotra, a 1990 batch Indian Administrative Service (IAS) officer of Rajasthan cadre, is scheduled to assume charge as the head of India’s central bank on Wednesday.</p>.<p>The incumbent RBI governor would be under huge pressure to cut rates to support the GDP growth, which slipped to the lowest level in nearly two years during July-September quarter.</p>.<p>The Princeton-educated 56-year-old Malhotra, who served as Revenue Secretary in the Ministry of Finance before his appointment as RBI governor, refused to make any comment on inflation and growth. “Let me first join and understand the turf,” he said.</p>.'MA in History' Shaktikanta Das silences critics; leaves behind robust RBI.<p>Last week, the monetary policy committee of the RBI decided to keep key policy interest rates unchanged. It has not changed the benchmark policy interest rates for almost two years in a bid to control inflation.</p>.<p>Addressing his last press conference as RBI governor in Mumbai, Shaktikanta Das said, “Restoring the inflation-growth balance is the most important task ahead of the Reserve Bank and I am sure the team RBI under the leadership of new governor (Sanjay Malhotra) will take it forward.”</p>.<p>India is currently facing the dual challenge of slowdown in economic growth and high inflation. The country’s gross domestic product (GDP) growth dipped to a seven-quarter low of 5.4 per cent in July-September period, while the headline inflation surged to 6.21 per cent in October, as per the latest official data. </p><p>The RBI has been mandated by the government to maintain the headline inflation at 4% with a margin of 2 per cent on either side.</p>.<p>Due to the poor Q2 numbers, the RBI last week lowered its GDP growth projection for the current financial year to 6.6 per cent from its earlier forecast of 7.2 per cent. It also raised the inflation projection for the fiscal year 2024-25 to 4.8 per cent, up from the previous estimate of 4.5 per cent.</p>.<p>The senior ministers in Prime Minister Narendra Modi cabinet have recently pitched for a cut in interest rates to support economic growth.</p>.<p>Making a pitch for early rate cuts, Union Finance Minister Nirmala Sitharaman recently said the cost of borrowing is “very stressful" and an affordable lending rate is required to ramp up private investments, while Commerce Minister Piyush Goyal has also made a pitch for rate cuts saying targeting food inflation through interest rates is a “flawed theory.”</p>
<p>New Delhi: Sanjay Malhotra, who is set to replace Shaktikanta Das as the Reserve Bank of India’s Governor, on Tuesday said he would take the best possible steps for the economy after understanding the new turf.</p>.<p>"One has to understand the turf, all perspectives and do what is the best for the economy," Malhotra told reporters outside the Finance Ministry in New Delhi.</p>.<p>Malhotra, a 1990 batch Indian Administrative Service (IAS) officer of Rajasthan cadre, is scheduled to assume charge as the head of India’s central bank on Wednesday.</p>.<p>The incumbent RBI governor would be under huge pressure to cut rates to support the GDP growth, which slipped to the lowest level in nearly two years during July-September quarter.</p>.<p>The Princeton-educated 56-year-old Malhotra, who served as Revenue Secretary in the Ministry of Finance before his appointment as RBI governor, refused to make any comment on inflation and growth. “Let me first join and understand the turf,” he said.</p>.'MA in History' Shaktikanta Das silences critics; leaves behind robust RBI.<p>Last week, the monetary policy committee of the RBI decided to keep key policy interest rates unchanged. It has not changed the benchmark policy interest rates for almost two years in a bid to control inflation.</p>.<p>Addressing his last press conference as RBI governor in Mumbai, Shaktikanta Das said, “Restoring the inflation-growth balance is the most important task ahead of the Reserve Bank and I am sure the team RBI under the leadership of new governor (Sanjay Malhotra) will take it forward.”</p>.<p>India is currently facing the dual challenge of slowdown in economic growth and high inflation. The country’s gross domestic product (GDP) growth dipped to a seven-quarter low of 5.4 per cent in July-September period, while the headline inflation surged to 6.21 per cent in October, as per the latest official data. </p><p>The RBI has been mandated by the government to maintain the headline inflation at 4% with a margin of 2 per cent on either side.</p>.<p>Due to the poor Q2 numbers, the RBI last week lowered its GDP growth projection for the current financial year to 6.6 per cent from its earlier forecast of 7.2 per cent. It also raised the inflation projection for the fiscal year 2024-25 to 4.8 per cent, up from the previous estimate of 4.5 per cent.</p>.<p>The senior ministers in Prime Minister Narendra Modi cabinet have recently pitched for a cut in interest rates to support economic growth.</p>.<p>Making a pitch for early rate cuts, Union Finance Minister Nirmala Sitharaman recently said the cost of borrowing is “very stressful" and an affordable lending rate is required to ramp up private investments, while Commerce Minister Piyush Goyal has also made a pitch for rate cuts saying targeting food inflation through interest rates is a “flawed theory.”</p>