IAS Officer to New RBI Governor: Key Achievements of Sanjay Malhotra

Sanjay Malhotra, a distinguished 1990-batch IAS officer from the Rajasthan cadre, will take over as the 26th Governor of the Reserve Bank of India (RBI) on December 11, 2024. Replacing Shaktikanta Das, who served as the 25th Governor for six years, Malhotra brings over three decades of experience in governance and economic policymaking. Despite all these, people want to learn more about new RBI chief, Who is Sanjay Malhotra.

Born on February 14, 1968, Malhotra holds a Bachelor’s degree in Computer Science from IIT Kanpur and a Master’s in Public Policy from Princeton University, USA. This unique combination of technical and policy expertise has enabled him to excel across diverse sectors, including finance, taxation, power, and information technology.

Personal Information

• Date of Birth: February 14, 1968
• Place: Bikaner, Rajasthan, India
• Education:
  • B.Tech. in Computer Science & Engineering from IIT Kanpur (1989)
  • Master’s in Public Policy from Princeton University, USA

Career Timeline

• 1990: Joined the Indian Administrative Service (Rajasthan Cadre).
• 2000–2003:
  • Served as Secretary to the Minister of State for Space and Minister of State for MSMEs.
  • Gained early exposure to national-level policymaking.
• 2018–2020:
  • The RBI New Governor also Worked as Project Coordinator with the United Nations Industrial Development Organisation (UNIDO).
  • Focused on industrial development, showcasing his capability to handle global assignments.
• 2020–2021:
  • Appointed as Secretary in the Ministry of Power, where he contributed to major power sector reforms and improved energy efficiency.
• 2020–2022:
  • Served as Chairman and Managing Director of Rural Electrification Corporation (REC) Ltd.
  • The all new RBI Governor has also played a key role in financing and implementing large-scale energy projects across India.
• 2022–2024:
  • Held the position of Revenue Secretary, Ministry of Finance, during which he achieved significant milestones:
    • Rationalized capital gains tax in the Union Budget.
    • Streamlined tax slabs to encourage migration to the new tax regime.
    • Removed the windfall gains tax, benefiting the oil and gas sector.

Key Contributions

1. Economic Reforms:
   • Spearheaded capital gains tax rationalization and introduced policies to simplify the tax regime.
   • Enhanced India’s revenue growth, with direct tax collections increasing by 17% in FY 2022-23.
2. Banking Sector Leadership:
   • Oversaw a ₹2.11 lakh crore recapitalization of public sector banks while serving as Secretary in the Department of Financial Services.
3. Infrastructure Development:
   • Improved rural connectivity and irrigation systems during his tenure in Rajasthan, achieving a 12% rise in connectivity and 18% growth in irrigation access.
4. Power Sector Reforms:
   • Focused on energy-efficient initiatives and reduced state energy costs by 22% while leading REC and the Ministry of Power.
5. Global and Strategic Roles:
   • His experience with UNIDO added an international perspective to his work, making him adept at balancing global economic priorities with national goals.

Sanjay Malhotra is appointed as the 26th Governor of the Reserve Bank of India pic.twitter.com/eK2m3z32ay

— Upsc Civil Services Exam (@UpscforAll) December 9, 2024

As the 26th Governor of the RBI, Malhotra faces the critical tasks of managing inflation, fostering economic growth, and ensuring financial stability. His extensive experience across finance, policy, and governance positions him as a capable leader to navigate these challenges as a new Reserve Bank of India Governor.