Govt’s Bold Move: 3 New Experts Join Ahead of Crucial RBI MPC Meet! | Economy & Policy News

Government Appoints New Members to Monetary Policy Committee

First Published: Oct 01 2024 | 8:46 PM IST

Last Updated: Oct 01 2024 | 8:53 PM IST

The government has announced the appointment of three new members to the Monetary Policy Committee (MPC). The new appointees are Prof. Ram Singh, director of the Delhi School of Economics; economist Saugata Bhattacharya; and Dr. Nagesh Kumar, director and chief executive of the Institute for Studies in Industrial Development.

These new members will replace outgoing members, Mumbai professor Ashima Goyal, IIM-Ahmedabad professor Jayanth Varma, and New Delhi senior adviser Shashanka Bhide.

The reconstitution of the MPC is in accordance with the provisions of the Reserve Bank of India (RBI) Act, 1934, specifically under Section 45ZB. The MPC is composed of six members: three nominated by the central government, and three ex officio members from the RBI. The ex officio members include the governor of the RBI who serves as chairperson, the deputy governor in charge of monetary policy, and one officer from the RBI nominated by the central board.

This reconstitution aims to ensure that the MPC continues its crucial task of formulating monetary policy to manage inflation and support economic growth.

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Engaging and concise, this report ensures clarity by summarizing the essential updates regarding the MPC’s new appointments while retaining all key information.

Original Story https://www.business-standard.com/economy/news/govt-announces-3-new-external-members-ahead-of-key-rbi-mpc-meet-124100101299_1.html
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