Mumbai: Against the backdrop of monetary easing by global central banks and the ongoing war in the Middle East, the Reserve Bank of India’s (RBI) reconstituted Monetary Policy Committee (MPC) with three new appointed external members will commence its three-day maiden meeting on Monday. The outcome of the three-day meeting of the MPC would be revealed by MPC Chairman RBI Governor Shaktikanta Das on next Wednesday (October 9).
The central government on Tuesday appointed Ram Singh, Saugata Bhattacharya and Nagesh Kumar as external members to the MPC. The new members will hold office for a period of 4 years.
With a strong resolve in addressing food price inflation and preventing an un-anchoring in inflationary expectations, the MPC is likely to lean towards a pause in October but is expected to start the easing cycle from December policy.
This would be tenth time in a row when the RBI will maintain status quo as far as policy rate is concerned. The MPC last revised interest rate in February 2023, when it was hiked to 6.5 per cent.
Singh is director of the prestigious Delhi School of Economics, has completed his PhD from Jawaharlal Nehru University (JNU) and Post-Doctorate (Economics) from Harvard University. He has also taught at Bucerius Law School, Heidelberg University and Jawaharlal Nehru University.
A senior fellow at the Centre for Policy Research (CPR), Saugata Bhattacharya has over 30 years of experience in economic and financial markets analysis, policy advocacy, infrastructure and project finance, consumer behaviour and analytics.
Before joining CPR, Bhattacharya served as the chief economist and executive vice president at Axis Bank.
The third member Nagesh Kumar is the Director and Chief Executive of the Institute for Studies in Industrial Development (ISID). Prior to taking up this role in May 2021, Kumar served as Director at the United Nations Economic and Social Commission of Asia and the Pacific (UNESCAP).The extended tenure of two ex-officio members Governor Das and Deputy Governor Patra is coming to an end in December and January respectively.
With a strong resolve in addressing food price inflation and preventing an un-anchoring in inflationary expectations, the MPC is likely to lean towards a pause in October but is expected to start the easing cycle from December policy.
This would be tenth time in a row when the RBI will maintain status quo as far as policy rate is concerned. The MPC last revised interest rate in February 2023, when it was hiked to 6.5 per cent.
Singh is director of the prestigious Delhi School of Economics, has completed his PhD from Jawaharlal Nehru University (JNU) and Post-Doctorate (Economics) from Harvard University. He has also taught at Bucerius Law School, Heidelberg University and Jawaharlal Nehru University.
A senior fellow at the Centre for Policy Research (CPR), Saugata Bhattacharya has over 30 years of experience in economic and financial markets analysis, policy advocacy, infrastructure and project finance, consumer behaviour and analytics.
Before joining CPR, Bhattacharya served as the chief economist and executive vice president at Axis Bank.
The third member Nagesh Kumar is the Director and Chief Executive of the Institute for Studies in Industrial Development (ISID). Prior to taking up this role in May 2021, Kumar served as Director at the United Nations Economic and Social Commission of Asia and the Pacific (UNESCAP).The extended tenure of two ex-officio members Governor Das and Deputy Governor Patra is coming to an end in December and January respectively.