Shaktikanta Das, the accomplished former Governor of the Reserve Bank of India, has taken on a newly created role as the second principal secretary to Prime Minister Narendra Modi. This strategic appointment was unveiled by the Cabinet Appointments Committee on February 23, 2025, creating ripples throughout the corridors of power in New Delhi. This new position in the Prime Minister's Office (PMO) is reflective of a broader strategy aimed at fortifying economic governance under Modi's administration.
Das's appointment coincides with Modi's current term, ensuring his expertise is utilized during pivotal years in Indian economic policymaking. His deep well of experience includes his tenure as RBI Governor from 2018 to 2024, where he was at the helm during several critical junctures for the Indian economy. Notably, Das played a crucial role in steering India through the turbulent waters post the demonetisation impact of 2016, as well as the daunting challenges brought about by the COVID-19 pandemic.
Experience Amidst Economic Turbulence
As a 1980-batch IAS officer from the Tamil Nadu cadre, Shaktikanta Das has built a reputation as both a strategist and implementer in financial policies. While at the RBI, he strengthened lines of communication between the central bank and the broader markets, providing clarity amidst global inflationary pressures. He adeptly navigated crises such as the IL&FS financial scare and championed the growth of India's digital payment landscape, with initiatives like Unified Payments Interface (UPI) and RuPay gaining significant momentum under his stewardship.
Meanwhile, PK Mishra, a seasoned 1972-batch IAS officer from Gujarat, continues in his role as the principal secretary, maintaining a stable hand within the PMO. Das's addition to the team is widely viewed as a strategic move to bolster economic oversight, blending his prior experience across different government roles, including Economic Affairs Secretary and Revenue Secretary, into the high-level policymaking dynamics within Modi's team.
A Broader Economic Canvas
Das's comprehensive background encompasses both monetary and fiscal policy, having served not only in the central bank but also as a member of the Finance Commission. This experience positions him as a critical player in shaping the economic canvas under the Modi government, with an understanding of the intricate linkage between central bank policies and their implication on various socio-economic aspects.
The appointment of Das as the second principal secretary is not just a personal milestone but also signifies a strategic restructuring within the PMO, hinting at a more nuanced approach to managing India's economic affairs. By aligning this role with Modi's term, the government is ensuring consistency in policy guidance during what is expected to be an economically formative period.