Key Highlights:
New Delhi, April 2 : The Reserve Bank of India (RBI) on Wednesday appointed renowned economist Poonam Gupta as its new deputy governor for a term of three years, ahead of the central bank’s crucial bi-monthly monetary policy committee (MPC) meeting scheduled between April 7 and 9, 2025. Gupta succeeds Michael Patra, whose term concluded recently.
This appointment marks a significant leadership change at the central bank at a time when India’s monetary policy is under close watch amid global uncertainty and domestic inflation challenges.
Who Is Poonam Gupta?
Poonam Gupta is currently serving as the Director General of the National Council of Applied Economic Research (NCAER). An accomplished macroeconomist, Gupta brings with her extensive experience from global financial institutions, including senior roles at the International Monetary Fund (IMF) and the World Bank in Washington, D.C.
She is also a member of the Economic Advisory Council to the Prime Minister (EAC-PM) and serves as Convener for the Advisory Council to the 16th Finance Commission. Known for her expertise in macroeconomic policy and global finance, Gupta is expected to bring a globally informed perspective to the RBI’s evolving monetary framework.
Academic and Professional Background
Gupta holds a Ph.D. and a Master’s degree in Economics from the University of Maryland, USA, and another Master’s degree in Economics from the Delhi School of Economics. She was awarded the prestigious 1998 EXIM Bank Award for her doctoral research in international economics.
Over the years, she has held several academic positions:
- Professor at the Delhi School of Economics and the University of Maryland
- Visiting faculty at the Indian Statistical Institute (ISI), Delhi
- RBI Chair Professor at the National Institute of Public Finance and Policy (NIPFP)
- Senior fellow at the Indian Council for Research on International Economic Relations (ICRIER)
Key Roles and Policy Influence
Apart from her academic and institutional leadership, Gupta serves on several national and global advisory platforms:
- Board Member, NIPFP and Global Development Network (GDN)
- Advisory Group Member, World Bank on ‘Poverty & Equity’ and the ‘World Development Report’
- Development Advisory Committee Member, NITI Aayog
- Executive Committee Member, FICCI
- Chairperson, Task Force on Macroeconomics and Trade during India’s G20 Presidency
Her recent work at NCAER has focused on key macroeconomic areas, including central banking, public debt, macroeconomic stability, international finance, and state fiscal frameworks.
Gupta Replaces Michael Patra at a Crucial Juncture
Gupta replaces Michael Patra, who served as RBI deputy governor overseeing the monetary policy department. Patra played a central role in formulating and executing interest rate decisions and inflation targeting measures during his tenure.
Gupta’s appointment comes at a time when the RBI is preparing for its next MPC meeting, where key decisions on repo rates, inflation control, and economic outlook will be discussed. With her global insights and policy acumen, Gupta is expected to strengthen RBI’s focus on economic resilience, inflation containment, and monetary transparency.
Industry and Expert Reactions
Leading economists and policy analysts have welcomed the move, calling it a “forward-looking” and “globally aligned” appointment. Many believe Gupta’s background with institutions like the IMF and World Bank makes her particularly suited for India’s post-pandemic economic recovery and global financial integration.
Industry bodies such as FICCI and CII have lauded the government’s decision, stating that her appointment will bring greater depth to the RBI’s research-led policy framework.
Poonam Gupta’s elevation to the post of RBI deputy governor is a major development in India’s economic policy architecture. Her expertise and track record are expected to bring fresh insights into central banking, inflation control, and global integration, especially as India navigates a complex economic landscape in 2025.
Her role will be closely observed in the upcoming April MPC meet, where she will officially participate in shaping India’s monetary strategy for the quarters ahead.
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