India’s new central bank governor takes over as economic growth slows and inflation rises

Associated Press

NEW DELHI (AP) — Sanjay Malhotra, a career civil servant, has become India’s new central bank governor at a time when the country’s economic growth is slowing and inflation is surging. Malhotra, a former revenue secretary, has been appointed Wednesday to a three-year term as head of the Reserve Bank of India. He succeeded Shaktikanta Das, who retired as central bank governor after an extended six-year term. India’s economy grew at a 5.4% annual pace in the last quarter, the weakest pace in nearly two years, while inflation rose to 6.2% in October, well above the RBI’s target of 4%, due to rapid increases in vegetable prices.