3 March 2025
In a landmark decision, Shaktikanta Das, the former Governor of the Reserve Bank of India (RBI), has been named as the second Principal Secretary to Prime Minister Narendra Modi. This appointment is historic for the Prime Minister's Office (PMO) as it introduces a dual Principal Secretary model, with Das joining the ranks alongside the current Principal Secretary, PK Mishra. His tenure in this newly minted role is set to begin on February 22, 2025, and will coincide with the remainder of Modi's term as Prime Minister.
Das, a seasoned bureaucrat from the 1980 batch of the Indian Administrative Service (IAS), has a rich history of navigating India's complex economic landscape. His time as the RBI Governor from 2018 to 2024 was marked by numerous economic challenges. Notably, he steered the nation through the controversial demonetisation process and the implementation of the Goods and Services Tax (GST). Further, during the COVID-19 pandemic, Das implemented critical liquidity measures and tailored monetary policies to support the Indian economy, showcasing his adeptness in crisis management.
His new role places him at the heart of economic policymaking at a time when the country faces fiscal uncertainties globally and domestically. Having served as the Economic Affairs Secretary during the challenging period of demonetisation in 2016, Das played a crucial role in orchestrating the remonetisation strategy that followed, an effort that significantly echoes in his continued commitment to fiscal and monetary stability.
With expertise in both fiscal and monetary policies, Das is expected to be instrumental in driving the economic agenda of the government. As Principal Secretary, he will likely focus on addressing current economic challenges with an eye towards sustainable growth and stability, further enhancing the government's economic strategies. His extensive background makes him a trusted advisor to PM Modi, particularly in times requiring strategic economic decisions. The introduction of a second Principal Secretary signals Modi's intention to bolster the PMO with experienced hands in preparation for the economic challenges ahead.
