About Shaktikanta Das
Shaktikanta Das, Principal Secretary to Prime Minister Narendra Modi and former Governor of the Reserve Bank of India, delivered several addresses in April 2026 focused on India’s economic resilience and reform agenda. Speaking at the CII Annual Business Summit 2026 and the All India Management Association’s National Leadership Conclave, Das described India’s navigation of recent global crises as akin to a "chakravyuh," where the challenge lies not in entering a crisis but in exiting it without creating new imbalances. He attributed India’s average annual GDP growth of 7.8% between 2021-22 and 2025-26 to targeted fiscal and monetary stimulus that was gradually withdrawn, structural reforms such as the goods and services tax and the insolvency and bankruptcy code, and a policy of strategic self-reliance (Atmanirbharta). Das also highlighted government initiatives including a ₹7,280 crore rare earth permanent magnet manufacturing scheme and a national critical mineral mission, and stated that inflation control benefits the poor by increasing real spending power.
Das rejected the narrative that the Reserve Bank’s monetary policy had caused a growth slowdown, citing 7.1% GDP growth in 2024-25 as evidence. He emphasized that India’s growth is anchored in macroeconomic stability, contained inflation, fiscal consolidation, and a resilient financial system, and said there is "no reform complacency" in the government’s pursuit of its Viksit Bharat 2047 vision. At the AIMA conclave, he received a public service excellence award and remarked that resilience maximization is replacing cost minimization as a global priority.
Source: AI-verified profile updated from Shaktikanta Das's recent appearances.
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✨ AI-enhanced transcript with speaker attribution
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Shaktikanta Das0:06
No, I think I mentioned in my speech when I said last fortnight. Fortnight means I am talking about the spike in US bonds, which has wider implications for other economies. I'm referring to the various statements coming out of the Fed Governors, from ECB, and from other leading central banks. The data points which are coming are mixed. I'm referring to the crude oil prices also, which have gone up, and the new uncertainties which have come up particularly in the last fortnight. These uncertainties, some of it were there already, it's not as if they suddenly came up, but they have become even more pronounced in some sense. So just to put it straight so that there is no misunderstanding: I'm referring to bonds, the policy pronouncements, the mixed data points from various economies, the fluctuations in crude oil prices, and the persisting volatility in financial markets globally. This is what kind of impact we expect on the Indian market.
Financial stability. You see, what is different in the context of India? Of course we are impacted by what is happening all over, no doubt on that. But that's not the headline. The headline is that our macroeconomic fundamentals continue to be sound, our financial sector continues to be sound. Eventually, in these uncertain times, what matters is how strong are your macroeconomic fundamentals, how strong is your financial sector. I think on both parameters, India is well placed.
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Interviewer2:12
The government recently hiked the MSP on key crops for the rabi season by 27%. How do you see that playing out on the inflation print for the next few months?
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Shaktikanta Das2:20
We are looking at that. We have not yet completed our analysis of that. In any case, as and when we analyze it, if there is something to say, we will definitely spell it out.
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Interviewer2:40
Volatility because the rupee is making lows. Is it because of crude oil?
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Shaktikanta Das2:46
Multiplicity of factors. The dollar index has become quite strong, the bond yields in the US have reached all-time highs. But if you look at the volatility of the Indian rupee from 1 January this year till now, the rupee depreciation is 0.6%. I repeat, from 1 January this year till now, the depreciation of the Indian rupee has been by 0.6%, whereas on the other hand, the appreciation of the US dollar for the same period is in the order of about 3%. So the rupee is stable. As for inflation, the Reserve Bank, as I have said in my intervention today, we are there in the market to prevent excessive volatility.
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Interviewer3:51
Cryptocurrency?
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Shaktikanta Das3:54
I think we have already spelled out our position very clearly time and again, and we continue with the same view. The G20 synthesis, the IMF and BIS synthesis paper which has come out also points out the risks involved in crypto. And crypto regulation: what does regulation mean? Regulation is always on a scale of 0 to 10. Zero regulation means there is no regulation, it's free for all. 10 means you don't allow it. In between 0 and 10, it depends where you are. The FSB has to now look at the granular details of regulation. All that the synthesis paper has done is to recognize the risks involved and look at ways to deal with them going forward.
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Interviewer5:00
Expect to be... I answered that question. Why should there be no need to repeat? Is it not going to reduce?
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Shaktikanta Das5:05
No, no. I said please don't misunderstand or misinterpret my statement by assuming that RBI is thinking of this. We remain very focused on inflation dynamics, completely focused. We are extra vigilant and we stand ready to take whatever action needs to be taken. I have said we need to see a persistent, sustained decline in inflation. That is our objective: to reach 4%.
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Interviewer5:58
I think in itself... one second. Would that create some sort of...?
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Shaktikanta Das6:05
I would not like to reply to that question. No, thank you.
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Interviewer6:11
On crude, sir, you have not given a view on what the last crude prices in crude prices so far...
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Shaktikanta Das6:20
As far as crude prices, what matters is the pump prices in India, that is at what price petrol and diesel are sold in the petrol pumps. The pump prices of petrol and diesel are important. So far as our inflation is concerned, crude prices to what extent they get reflected in pump prices is very important.
