Shaktikanta Das ranked among top 3 'A+' central bankers again; PM lauds

For the second time in a row, Reserve Bank of India (RBI) Governor Shaktikanta Das has received an 'A+' rating and is ranked among the top three central bankers in the Global Finance Central Banker Report Card 2024 by U.S.-based Global Finance magazine. Along with Das, Christian Kettel Thomsen of Denmark and Thomas Jordan of Switzerland have also been ranked as 'A+' central bankers globally. Jorden replaced Nguyen Thi Hong of Vietnam in the 'A+' category this year as Hong received an 'A' grade.

Reacting to the development, Prime Minister Narendra Modi wrote on X: "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."

In the latest central bankers' report card, Global Finance has released the names of central bank governors who earned the highest grades, “A+”, “A” or “A-”. 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.

“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. “Global Finance’s annual Central Banker Report Cards honour those bank leaders whose strategies outperformed their peers through originality, creativity and tenacity.” This year's full ranking will be out in October 2024.

The Central Bankers earning an 'A' grade this year are Roberto Campos Neto of Brazil, Rosanna Costa of Chile, Harvesh Kumar Seegolam of Mauritius, Abdellatif Jouahri of Morocco, Lesetja Kganyago of South Africa, Nandalal Weerasinghe of Sri Lanka, and Nguyen Thi Hong of Vietnam.

Jerome Hayden Powell of the USA, Christine Lagarde of the European Union, Eli Remolona of the Philippines, Erik Thedéen of Sweden and Tiff Macklem are among those who received an 'A-' ranking. In its last year’s issue, Global Finance had written: “In 2021, India’s economy grew by 9.1%, near its all-time high, having chalked up 8.7% the previous year. Das must be proffered the proverbial cigar for outstanding performance.”

In March 2023, Das was also named the 'Governor of the Year' for 2023 by Central Banking, another international economic research journal. Shaktikanta Das was the second RBI governor after Raghuram Rajan to have won the 'Governor of the Year' award. "The RBI governor has cemented critical reforms, overseen world-leading payments innovation and steered India through difficult times with a steady hand and well-crafted turn of phrase," the publication said.

Shaktikanta Das, an IAS officer, and former secretary at the Departments of Revenue and Economic Affairs, Ministry of Finance, assumed charge as the 25th governor of the RBI on December 12, 2018. His tenure was extended by three more years in 2021 amid the Covid-19 crisis, making him the fifth RBI governor to get tenure this long so far.