Poonam Gupta, the new deputy governor at Reserve Bank of India, has taken charge on Friday and will be part of the central bank's monetary policy committee (MPC), which sets the policy rate to make a deft balance between economic growth and inflation.
Gupta's appointment as central bank deputy governor was announced on April 2. The RBI distributed the portfolio among deputy governors today which coincides with her joining date.
A former economist with the World Bank and International Monetary Fund, Gupta will spearhead the central bank's department of economic and policy research, department of statistics and information management, financial markets operations department, financial stability department, international department among others.
Also Read: RBI announces portfolios for deputy governors: Here's who handles what
In the six-member MPC, she will replace Rajeswar Rao who was the ex-officio central bank nominee after Michael Debabrata Patra, the longest serving MPC member, superannuated as deputy governor in mid-January.
The MPC turned accommodative in the April policy when it reduced the repo rate for the second time in succession after keeping it unchanged in previous 11 meetings. It also signalled further scope for monetary easing as the Consumer Price Index likely to be within the central bank's comfort level of 4%. The CPI in March softened to a 3.34%, which is the lowest print since August 2019.
Gupta, who has over two decades of global exposure, is expected to play a critical role in the country's monetary policy making at a time when the global economy is plagued with the ongoing trade war.
Earlier, Gupta was the director general of the National Council of Applied Economic Research, India's largest economic policy think tank. She joined NCAER in 2021 after working at senior positions at the IMF and World Bank for nearly two decades. She holds a doctorate degree in economics from University of Maryland. She was also a part of the Prime Minister's Economic Advisory Council and the advisory council of the 16th Finance Commission.
Gupta will also head RBI's corporate strategy and budget department, and department of communication.
Gupta's appointment as central bank deputy governor was announced on April 2. The RBI distributed the portfolio among deputy governors today which coincides with her joining date.
A former economist with the World Bank and International Monetary Fund, Gupta will spearhead the central bank's department of economic and policy research, department of statistics and information management, financial markets operations department, financial stability department, international department among others.
Also Read: RBI announces portfolios for deputy governors: Here's who handles what
In the six-member MPC, she will replace Rajeswar Rao who was the ex-officio central bank nominee after Michael Debabrata Patra, the longest serving MPC member, superannuated as deputy governor in mid-January.
The MPC turned accommodative in the April policy when it reduced the repo rate for the second time in succession after keeping it unchanged in previous 11 meetings. It also signalled further scope for monetary easing as the Consumer Price Index likely to be within the central bank's comfort level of 4%. The CPI in March softened to a 3.34%, which is the lowest print since August 2019.
Gupta, who has over two decades of global exposure, is expected to play a critical role in the country's monetary policy making at a time when the global economy is plagued with the ongoing trade war.
Earlier, Gupta was the director general of the National Council of Applied Economic Research, India's largest economic policy think tank. She joined NCAER in 2021 after working at senior positions at the IMF and World Bank for nearly two decades. She holds a doctorate degree in economics from University of Maryland. She was also a part of the Prime Minister's Economic Advisory Council and the advisory council of the 16th Finance Commission.
Gupta will also head RBI's corporate strategy and budget department, and department of communication.
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