Reserve Bank of India (RBI) Governor Sanjay Malhotra, who assumed office in December, is signaling a willingness to allow the Indian rupee to move more freely. Sources familiar with the central bank’s operations revealed that Malhotra has been engaging extensively with RBI departments ahead of his first monetary policy meeting in February.

The new governor has shown openness to permitting the rupee to align more with regional currencies while intervening selectively in the foreign-exchange market to curb excessive volatility. This approach contrasts with his predecessor, Shaktikanta Das, who maintained tight control over the rupee during his six-year tenure.

Under Das, the RBI built a robust foreign exchange reserve of over $700 billion, using it to shield the currency. However, Malhotra appears inclined toward a strategy that allows the rupee greater freedom to find its market-driven level, though interventions will continue to manage speculative attacks and sharp movements.

The rupee, which recently touched a record low of 86.7025 per dollar, has faced heightened volatility since Das’s departure. The currency has declined by 2% against the dollar this year, accompanied by a surge in implied volatility to its highest level in over a year.

India’s export competitiveness and trade dynamics are key factors in the evolving policy. Exporters have previously expressed concerns over the rupee’s stability, which they claim undermines their ability to compete globally. The currency’s overvaluation, reflected in the 40-country trade-weighted real effective exchange rate (REER) of 108.14 in November, has also been under scrutiny.

While the RBI is allowing some depreciation to address these imbalances, the central bank remains wary of the impact on India’s import-dependent economy, particularly in energy. As Asia’s third-largest economy imports nearly 90% of its oil, a weaker rupee drives up energy costs, impacting the broader trade deficit.

The RBI has emphasized its readiness to intervene decisively to manage speculative activity and ensure market stability. The central bank expects improved currency stability in the coming months, supported by macroeconomic adjustments and policy measures.

Malhotra’s approach marks a nuanced shift in the RBI’s currency management strategy, balancing market dynamics with the broader economic and trade imperatives of the nation.

The Maha Kumbh 2025 commenced with the first ‘Amrit Snan’ on Makar Sankranti, marked by the participation of Naga sadhus from the Niranjani and Anand Akharas. Spiritual leaders Acharya Mandleswar Balkanand Ji Maharaj and Surendra Giri Ji Maharaj led the Anand Akhara processions, while Swami Kailashanand Giri led the Niranjani Akhara’s contingent to the holy Triveni Sangam for the sacred bath.

Renowned for their emphasis on spiritual discipline, Niranjani Akhara focuses on yoga, meditation, and self-realization. Anand Akhara, which worships Suryanarayana, the Sun God, is known for its role in promoting Hindu scriptures and martial arts education.

Kumar Swami Ji Maharaj of Anand Akhara shared his joy at witnessing the grand event. “Nothing is bigger than this (Maha Kumbh). Those who come here are truly fortunate. Being present here brings unparalleled peace and joy. Our saints and scriptures have always emphasized world peace,” he said.

The significance of Maha Kumbh

The Maha Kumbh is one of the largest religious gatherings in the world, held every 12 years at four sacred locations in India. This year, the Poorna Kumbh, continuing until February 26, 2025, will feature several auspicious bathing dates, including:

• January 14: Makar Sankranti – First Shahi Snan
• January 29: Mauni Amavasya – Second Shahi Snan
• February 3: Basant Panchami – Third Shahi Snan
• February 12: Maghi Purnima
• February 26: Maha Shivaratri

The 13 akharas participating in Maha Kumbh include three main groups—Sanyasi (Shaivite), Bairagi (Vaishnav), and Udaseen. These akharas come together to uphold the traditions of Sanatan Dharma through yoga, meditation, and spiritual practice.

The first ‘Amrit Snan’ symbolizes purity and the renewal of faith, drawing millions of devotees and spiritual leaders alike. As the sacred event unfolds, pilgrims and sadhus immerse themselves in the spiritual significance of this timeless tradition.

A peaceful gathering
For devotees and spiritual leaders, Maha Kumbh represents a beacon of unity and peace. The holy dip at Triveni Sangam, the confluence of the Ganga, Yamuna, and Saraswati rivers, is believed to cleanse sins and bring spiritual liberation.

With its rich heritage and profound spiritual essence, Maha Kumbh 2025 promises to remain a cherished event, drawing seekers from across the world.

On Tuesday, thousands of devotees across India gathered along the banks of the Ganga and other holy rivers to celebrate Makar Sankranti, a festival marking the Sun’s transition into Capricorn and the start of the auspicious period of Uttarayan.

From the ghats of Kolkata’s Babughat to Haridwar’s Har Ki Pauri and Prayagraj’s Triveni Sangam, the faithful braved the chilly weather to take ritualistic holy dips and offer prayers.

In West Bengal, the serene Babughat saw large numbers of worshippers performing rituals and taking a sacred dip in the Ganga. Similarly, the bustling ghats of Varanasi and Patna were filled with families, including children, embracing traditional customs with enthusiasm despite the biting cold.

At Har Ki Pauri in Haridwar, devotees performed the Ganga snan (holy bath) to mark the occasion. In Rajasthan, prayers were offered at Jaipur’s renowned Balaji temple. Bihar’s Ganga Ghat in Patna also witnessed thousands of visitors, many accompanied by their children and elders, braving the cold waters with faith and devotion.

Vijaya Laxmi, a devotee celebrating in Patna, expressed her joy, saying, “May we continue to celebrate Makar Sankranti joyously every year, and may everyone’s wishes come true.” She highlighted the inspiring strength of faith that motivates people to endure the cold.

The event coincided with the first Amrit Snan of Maha Kumbh 2025 at Prayagraj, where sadhus of the Mahanirvani Panchayati Akhada led the holy dip at the Triveni Sangam.

Makar Sankranti, celebrated on January 14, marks the Sun’s movement from Sagittarius into Capricorn, signifying a shift in cosmic energy. The festival holds immense spiritual significance, with bathing in sacred rivers believed to cleanse sins and bestow divine blessings.

Charity and devotion are central to Makar Sankranti celebrations. People also prepare traditional dishes like sesame-jaggery laddus and khichdi, adding flavor to the festivities. Kite flying, a popular activity symbolizing joy and vibrancy, remains a cherished custom in many regions.

Celebrated under various names across India, including Pongal in Tamil Nadu, Bihu in Assam, and Maghi in Punjab, Makar Sankranti unites the nation with its shared values of faith, gratitude, and joy.