The Reserve Bank of India’s newly reconstituted Monetary Policy Committee with three newly appointed external members will begin its inaugural meeting on Monday.
MPC chairman to reveal outcome of three-day MPC meeting driven Governor Shaktikanta Das next Wednesday (October 9).
The MPC is widely expected to keep the interest rate unchanged despite the change in the composition of external members.
This would be the tenth consecutive time that the Reserve Bank of India ( driven ) will maintain the status quo regarding the official interest rate. The MPC’s last interest rate review was in February 2023, when it was raised to 6.5 percent.
In addition to the president, the other internal members are driven Deputy Governor in charge of monetary policy Michael Debabrata Patra and RBI monetary policy department executive director Rajiv Ranjan.
On Tuesday, the government appointed Ram Singh, Saugata Bhattacharya and Nagesh Kumar as external members of the MPC.
Singh, director of the prestigious Delhi School of Economics, completed his PhD from Jawaharlal Nehru University (JNU) and his postdoc (Economics) from Harvard University.
He has also taught at Bucerius Law School, Heidelberg University and Jawaharlal Nehru University.
Saugata Bhattacharya, a senior fellow at the Center for Policy Research (CPR), has more than 30 years of experience in economic and financial market analysis, policy advocacy, project and infrastructure financing, analytics and consumer behavior.
Before joining CPR, Bhattacharya served as chief economist and executive vice president of axle bench .
The third member, Nagesh Kumar, is the director and CEO of the Institute of Studies in Industrial Development (ISID). Prior to assuming this role in May 2021, Kumar served as Director of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
During 2002-2009, Kumar served as Director General of the Research and Information System for Developing Countries (RIS), a policy think tank of the Government of India (Ministry of External Affairs).
It is interesting to note that the extended tenure of two ex-officio members, Governor Das and Lieutenant Governor Patra, will end in December and January respectively.
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