Professor 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, will now serve on the MPC.
These appointments replace Mumbai-based Professor Ashima Goyal, IIM-Ahmedabad’s Jayanth Varma, and senior adviser Shashanka Bhide from New Delhi. Goyal, Bhide, and Varma were appointed in October 2020 and, as per the RBI Act, external members are not eligible for reappointment, nor can their tenures be extended.
The newly appointed members will serve a four-year term, effective immediately, according to the Finance Ministry. The reconstitution of the MPC was carried out in line with the Reserve Bank of India Act, 1934, which mandates that the MPC comprises six members—three nominated by the government and three from the RBI.
The next MPC meeting is scheduled for October 7-9, 2024, requiring a quorum of four members.
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