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Informist, Tuesday, Oct. 1, 2024

 

--Govt names Delhi School of Economics Director Ram Singh as MPC member

--Govt names economist Saugata Bhattacharya as MPC member
--Govt names ISID Director Nagesh Kumar as MPC external member
--CONTEXT: ISID is Institute for Studies in Industrial Development
--Govt: New MPC external members to serve four-year term

 

NEW DELHI – The government Tuesday named Delhi School of Economics Director Ram Singh, economist Saugata Bhattacharya, and Institute for Studies in Industrial Development Director and Chief Executive Nagesh Kumar as external members of the Reserve Bank of India's Monetary Policy Committee. They will hold office for a period of four years, the government said in a release.

 

The trio replaces Shashanka Bhide, Ashima Goyal, and Jayanth Varma, who were appointed as external members of the MPC on Oct. 5, 2020. Their appointment comes just a few days before the rate-setting committee meets on Monday. The decision will be announced on Oct. 9.

 

The appointment of external members to the MPC has not been a smooth process even in the past, with Bhide, Goyal, and Varma's appointment delayed by several days in 2020. In fact, such was the delay over their appointment that the RBI had to postpone the meeting by more than a week to the second week of October in 2020 from Sept. 29-Oct. 1.

 

Singh, who has a PhD from Jawaharlal Nehru University, has taught at various universities in India as well as abroad, including Indian Institute of Science Education and Research, Bhopal, and Brown University, in addition to the Delhi School of Economics, and was a Commonwealth Fellow at the London School of Economics. He is currently a member of the Board of Governors of the Ministry of Corporate Affairs' Indian Institute of Corporate Affairs. His research interests include public economics, law and economics, and banking and financial regulation.

 

Bhattacharya, formerly chief economist at Axis Bank, is a senior fellow at Centre for Policy Research. He has written and commented extensively on macroeconomic developments and monetary policy. Kumar previously served as director of United Nations Economic and Social Commission of Asia and the Pacific (UNESCAP) and was also its chief economist for a period. With a PhD in Economics from Delhi School of Economics, Kumar's research interests include industrial policy, international trade, and inclusive and sustainable development, among others.

 

The other three members on the MPC panel are ex-officio members of the RBI, namely, Governor Shaktikanta Das, Deputy Governor Michael Patra, and Executive Director Rajiv Ranjan.

 

The external members are experts in the field of finance, monetary policy, banking, and economics. They are chosen by a 'Search-cum-Selection Committee' which has the Cabinet Secretary as the chairperson and counts the RBI governor, the Secretary of the Department of Economic Affairs, and three experts in the field of economics, banking, finance, or monetary policy as members.  End

 

Reported by Siddharth Upasani and Aaryan Khanna

Edited by Ashish Shirke

 

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