As the 26th Reserve Bank of India Governor, Sanjay Malhotra stepped in when sentiment was sagging, growth stalling, and monetary policy having entered an extended phase of status quo. His first year has been defined by an aggressive 125-basis-point (bps) reduction in the repo rate after a long delay — the policy rate was at 6.5 per cent since February 2023 before it was cut by 25 bps in February 2025. Growth, inflation projections, and the stance of monetary policy have been changed very quickly in a clear departure from the more sedate alterations under previous central bank chiefs.

To be sure, every RBI governor invariably walks into a storm . However, the issues confronting Malhotra, who completed one year as the central bank governor on Thursday, are more worrisome going forward t

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