Government appoints new MPC members

The government has appointed economists Shashank Bhide, Ashima Goyal and Jayanth R Varma as independent members to the Monetary Policy Committee. The finance ministry issued a notification to this effect late Monday.

Shashank Bhide is currently a senior advisor at the New Delhi-based think tank National Council for Applied Economic Research, while Goyal is a professor at the Indira Gandhi Institute of Development Research in Mumbai. Jayant R Varma is currently a professor at the Indian Institute of Management, Ahmedabad.

Their appointment had been cleared by the Appointments Committee of the Cabinet chaired by Prime Minister Narendra Modi. The panel is chaired by RBI governor and has as members deputy governor incharge of monetary policy and one RBI official appointed by the central board. The term of the independent members will be for a period of four years or until further order, whichever is earlier.

The Reserve Bank had on September 29 deferred the scheduled MPC meeting as the three independent members of the six member body had completed their term and new members had not been appointed.

The government had set up the MPC in 2016 following finalisation of the Monetary Policy Framework Agreement that introduced inflation targeting. Inflation target was set at 4%( +/-2%).

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