RBI promotes Kumar, Choudhary as EDs
The Hindu
RBI promotes Kumar, Choudhary as EDs The Reserve Bank of India has elevated Deepak Kumar and Ajay Kumar Choudhary as Executive Directors (EDs) with effect from January 03.Previously, Dr. Kumar was hea
The Reserve Bank of India has elevated Deepak Kumar and Ajay Kumar Choudhary as Executive Directors (EDs) with effect from January 03.
Previously, Dr. Kumar was heading the Department of Information Technology of RBI while As ED, he will look after Foreign Exchange Department, Department of Communication and Deposit Insurance and Credit Guarantee Corporation, which is a wholly owned subsidiary of the RBI.
Mr. Choudhary was the Chief General Manager-in-Charge, Department of Supervision. As ED, he will look after Fintech Department, Risk Monitoring Department and Inspection Department.
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The Union Budget unveiled on February 1, 2025, has come at a time of unprecedented global uncertainty and a flagging domestic economy. The real GDP growth is estimated at 6.4% for 2024-25 and between 6.3-6.8% for 2025-26, a far cry from >8 percent growth required annually to make India a developed nation by 2047. While much attention has been devoted to the demand stimulus through income tax cuts, not enough is said about the proposed reforms in urban development, tariff rationalisation, and regulatory simplification aimed at making Indian cities and corporates more competitive. Since the majority of economic activity is located in cities (urban areas account for ~55% of GDP) and produced by large corporates (~40% of the national output and 55% of India’s exports), the above-mentioned reforms have a pivotal role in improving India’s trend growth rate. Below we unpack each reform.