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INDIA: Three New External Member’s Named in RBI Rate-Setting Panel

INDIA
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  • The government has appointed Ram Singh, Saugata Bhattacharya and Nagesh Kumar as the new external members to the Reserve Bank of India’s monetary policy committee.
  • The appointments will replace Ashima Goyal, Jayanth Varma, and Shashanka Bhide, whose contracts will expire on October 4, just days before the next MPC rate decision on October 9.
  • The Economic Times note that the external MPC members who ended their terms have been more dovish than their RBI counterparts in recent rate meetings. Both Goyal and Varma voted for rate cuts in the past two meetings, while Bhide raised concerns about the impact of high rates on economic growth.
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  • The government has appointed Ram Singh, Saugata Bhattacharya and Nagesh Kumar as the new external members to the Reserve Bank of India’s monetary policy committee.
  • The appointments will replace Ashima Goyal, Jayanth Varma, and Shashanka Bhide, whose contracts will expire on October 4, just days before the next MPC rate decision on October 9.
  • The Economic Times note that the external MPC members who ended their terms have been more dovish than their RBI counterparts in recent rate meetings. Both Goyal and Varma voted for rate cuts in the past two meetings, while Bhide raised concerns about the impact of high rates on economic growth.