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India’s government has appointed Ram Singh, Saugata Bhattacharya, and Nagesh Kumar as new members of the central bank’s rate-setting monetary policy committee. The three external members have been appointed for a four-year term with immediate effect.
The Monetary Policy Committee (MPC), consisting of three RBI and three external members, is set to meet on Oct. 7-9. In its August meeting, the MPC maintained the repo rate at 6.50%.
Ram Singh is the director of the Delhi School of Economics, Nagesh Kumar heads the Institute for Studies in Industrial Development, and Saugata Bhattacharya specializes in economic and financial markets analysis and policy advocacy.
The previous external members’ terms were set to end on Oct. 4, potentially reshaping the MPC’s future decisions and approach.
The changes could lead to a different stance on interest rates, considering both domestic and global economic conditions, including the recent rate cuts by the U.S. Federal Reserve.
Apart from the MPC, RBI Governor Shaktikanta Das and his deputies are also facing upcoming post exits, with significant implications for the central bank’s leadership.
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