For much of the final two years of former Reserve Bank of India Governor Shaktikanta Das' tenure, the central bank appeared to be winning one of its toughest battles.
After navigating the economic fallout of the pandemic, supply-chain disruptions, weather-related shocks and the commodity surge triggered by the Russia-Ukraine war, inflation gradually moved away from crisis levels. By the time Das left office, policymakers were once again discussing growth, liquidity and rate cuts rather than emergency inflation-fighting measures.
