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National News

Oct 06, 2020

Ashima Goyal, Jayanth R Varma, Shashanka Bhide appointed as new members of MPC

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The three-day meeting of the newly-constituted Monetary Policy Committee will begin tomorrow and the bi-monthly monetary policy review will be announced on Friday. The meeting, earlier scheduled to begin on 29th September was postponed due to lack of quorum as three independent members, Chetan Ghate, Pami Dua, and Ravindra Dholakia had completed their term and were not eligible for re-appointment.
The government has now named three eminent economists Ashima Goyal, Jayanth R Varma and Shashanka Bhide as the new members of the MPC. While Ms. Goyal is a professor at the Indira Gandhi Institute of Development Research; Jayanth Varma teaches at the Indian Institute of Management, Ahmedabad. Mr. Bhide is senior advisor at the National Council for Applied Economic Research.
The other three ex-officio members of the MPC are Reserve Bank Governor Shaktikanta Das, Deputy Governor (in-charge of monetary policy) Michael Patra and executive director Janak Raj. The six-member MPC has the mandate to maintain annual inflation at 4 percent, with an upper tolerance of 6 percent and a lower tolerance of 2 percent. The last meeting of the panel was held in August wherein the committee had decided to keep interest rates unchanged in a bid to tame inflation. 

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