Shaktikanta Das Appointed Principal Secretary-2 to PM Modi

The government has appointed retired IAS officer and former Reserve Bank of India (RBI) Governor Shaktikanta Das as Principal Secretary-2 to Prime Minister Narendra Modi. Das is the first Principal Secretary to have extensive experience in both fiscal and monetary policy, making his appointment crucial at a time when the Indian economy faces challenges such as trade wars, rupee volatility, and economic slowdown. His tenure will be co-terminus with the term of the Prime Minister or until further orders.

Key Highlights of Shaktikanta Das’s Appointment

Appointment Details

  • Appointed as Principal Secretary-2 to PM Modi.
  • Tenure will align with the Prime Minister’s term or until further orders.

Professional Background

  • Former RBI Governor (December 2018 – December 2024).

Served in the Ministry of Finance in multiple roles,

  • Revenue Secretary
  • Economic Affairs Secretary
  • Fertilisers Secretary
  • 1980-batch Tamil Nadu cadre IAS officer.
  • Handled key policy matters in both fiscal and monetary domains.

Significance of His Appointment

Comes at a time when the Indian economy faces multiple challenges like,

  • Trade wars sparked by US policies.
  • Rupee volatility.
  • Overall economic slowdown.
  • His vast experience positions him to balance government’s growth objectives with inflation control.

Notable Achievements as RBI Governor

Managed financial stability amid crises like

  • Collapse of IL&FS and its impact on NBFCs.
  • Russia-Ukraine war and its effect on inflation.

Policy decisions during COVID-19

  • Repo rate cut by 125 basis points.
  • Loan moratorium and restructuring package.

Improved banking sector stability

  • Reduced Gross Non-Performing Assets (GNPA) from 10.8% (2018) to 2.8% (2024).

Handled RBI-Government tensions on

  • Transfer of surplus funds (Rs 1.76 lakh crore in 2019).
  • Liquidity infusion and loan restructuring policies.

Experience in Major Economic Reforms

  • Demonetization (2016): Led the re-monetization process.
  • Budget Planning: Key official in the Budget division.
  • 15th Finance Commission & G20 Sherpa (2017).
Summary/Static Details
Why in the news? Shaktikanta Das Appointed Principal Secretary-2 to PM Modi
New Role Principal Secretary-2 to PM Modi
Appointed By Appointments Committee of the Cabinet
Term Co-terminus with PM Modi’s tenure
Previous Role RBI Governor (2018-2024)
IAS Batch & Cadre 1980, Tamil Nadu
Key Expertise Fiscal & Monetary Policy
Major Challenges Managed Demonetization, IL&FS crisis, COVID-19 economy revival, Russia-Ukraine war impact
Banking Reforms
Reduced GNPA from 10.8% to 2.8%
Government-RBI Coordination
Facilitated Rs 1.76 lakh crore surplus transfer
Shivam

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