RBI’s MPC gets new external members

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The government has appointed economists Shashank Bhide, Ashima Goyal and Jayanth R Varma as independent members to the Monetary Policy Committee, a senior government official told ET. 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…

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The government has appointed economists Shashank Bhide, Ashima Goyal and Jayanth R Varma as independent members to the Monetary Policy Committee, a senior government official told ET.

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 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 targetting. Inflation target was set at 4%( +/-2%).

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