Author: Rasmita Jena

Shaktikanta Das, the outgoing governor of the Reserve Bank of India (RBI), mentioned that the main job for the RBI is to balance inflation and economic growth. He led the RBI during tough times like the pandemic and rising prices, which affected India’s economy. A career bureaucrat with extensive experience, Das was appointed governor in December 2018 by Prime Minister Narendra Modi.

On December 9, the government selected revenue secretary Sanjay Malhotra as the new governor, surprising many who expected Das to get another term. When Das started his role, tensions existed between the government and the RBI. However, Das improved how they worked together, making it easier for the two to communicate.

Central banks like the RBI control prices mainly by changing interest rates. Sometimes, this can slow down economic growth. Governments often try to speed up economic growth, making the central bank’s job challenging. As former Federal Reserve chair Ben Bernanke observed, this balance is not easy.

Das was careful about managing inflation. For 11 straight meetings, the RBI kept the interest rate unchanged at 6.5%, after raising it by 2.5% in the previous months. This concerned the government since higher interest rates can hurt economic growth. Commerce Minister Piyush Goyal suggested that the RBI should lower interest rates to boost growth. He criticized the idea that food prices should influence interest rates. Finance Minister Nirmala Sitharaman agreed, saying banks needed to make interest rates more affordable for businesses.

Despite pressures to lower rates, Das was cautious, advising lenders to avoid risky behaviors. He noted that many factors affect growth, not just the interest rate. After the latest policy meeting, he emphasized the importance of making smart monetary policies based on current conditions.

Das also played a crucial role in stabilizing the economy after the pandemic and improving relations between the government and the RBI. He remained dedicated to his duties even when he contracted Covid-19, working from home throughout his recovery.

Sanjay Malhotra takes over during a challenging time, as economic growth has slowed to 5.4%, the slowest in seven quarters, and inflation has climbed above the RBI’s 6% limit for the first time in over a year. The new governor now faces the challenge of balancing inflation and growth.

The Supreme Court recently discussed a speech given by Justice Shekhar Kumar Yadav, a judge from the Allahabad High Court, at a Vishva Hindu Parishad (VHP) event. The court is gathering more information about the situation. A video of Justice Yadav’s speech, where he suggested that laws should follow the majority, has gone viral online, causing many politicians to react strongly. In the video, he claimed, “This is Hindustan, and this country would function as per the wishes of the ‘bahusankhyak’,” which translates to the majority population.

Justice Yadav also supported the idea of a Uniform Civil Code (UCC) during his talk, explaining that it aims to create social harmony, gender equality, and secularism by having the same laws for everyone, regardless of their religion in personal matters like marriage and inheritance.

Politicians from opposition parties, like Trinamool Congress’s Mahua Moitra and Asaduddin Owaisi, criticized the judge’s statements. The Samajwadi Party and the Uttar Pradesh wing of Congress urged Chief Justice Sanjiv Khanna to look into the issue.

Prashant Bhushan, a lawyer and leader of a non-government group called Campaign for Judicial Accountability and Reforms (CJAR), wrote a letter to the Chief Justice requesting an inquiry into Justice Yadav’s conduct. Bhushan argued that Yadav’s speech, which was seen as targeting the Muslim community, demonstrates judicial misconduct and injures the reputation of the judiciary.

Bhushan pointed out that Justice Yadav made several controversial remarks, including one where he described how children from one religious community are taught values of kindness and tolerance, calling into question the fairness of his comments.

The letter noted that the judge’s actions violate the “Restatement of Values of Judicial Life,” a guideline meant to uphold the integrity of judges. CJAR demanded that Justice Yadav stop all judicial work temporarily while an investigation is conducted, stating that a prompt institutional response is essential to regain public trust in the justice system.

VHP chief Alok Kumar defended Justice Yadav against the criticism, saying that these events will continue to be organized.