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Sanjay Malhotra

Sanjay Malhotra

Governor, Reserve Bank of India (26th RBI Governor)

Appears in 2 stories

Notable Quotes

“Inflation at around 2% and growth above 7% present a rare Goldilocks period for the Indian economy.” ([indianexpress.com](https://indianexpress.com/article/business/economy/repo-rate-cut-25-bp-to-5-25-rare-goldilocks-period-says-rbi-governor-10405107/lite/?utm_source=openai))

“The benign inflation outlook continues to provide the policy space to support the growth momentum, while we remain vigilant to external risks.” ([indianexpress.com](https://indianexpress.com/article/business/economy/repo-rate-cut-25-bp-to-5-25-rare-goldilocks-period-says-rbi-governor-10405107/lite/?utm_source=openai))

Stories

RBI’s 2025 rate-cut cycle meets a US tariff shock

Money Moves

Leads RBI pause on rate cuts Feb 6, 2026; shifts focus to liquidity management as trade deal eases external pressures

In 2025, under Governor Sanjay Malhotra, the RBI cut its repo rate by a cumulative 125 basis points—from 6.50% in February to 5.25% on December 5. It was the sharpest easing since 2019. The cuts came with $16 billion in liquidity injections via bond purchases and a dollar-rupee swap, which Malhotra called a rare Goldilocks period of sub-target inflation and strong growth.

Updated 7 days ago

India's economic trajectory: From fifth to fourth largest economy

Rule Changes

Led unanimous MPC decision to hold repo rate at 5.25% on February 6, 2026

India surpassed Japan in mid-2025 to become the world's fourth-largest economy. On February 1, 2026, Finance Minister Nirmala Sitharaman presented the Union Budget 2026, introducing a sweeping overhaul of India's tax code—the first major rewrite since 1961—while allocating a record ₹12.2 lakh crore for capital expenditure and ₹20,000 crore for carbon capture technologies. The budget came as the government faces new external pressures: the United States had imposed combined 50% tariffs on several Indian exports in 2025, yet India proved more resilient than expected. Just one day later, on February 2, India and the United States finalized a landmark trade agreement reducing U.S. tariffs on Indian goods from 50% to 18%, bringing India's trade burden in line with regional competitors. Prime Minister Narendra Modi had called the preceding Economic Survey a glimpse of the 'Reform Express,' stating India's momentum is accelerating even during difficult times.

Updated Feb 6