NCAER DG Poonam Gupta Appointed as RBI Deputy Governor for Three-Year Term

Government Announces Appointment Ahead of RBI’s Policy Meeting

The government has appointed Poonam Gupta, Director General of the National Council of Applied Economic Research (NCAER), as the fourth Deputy Governor of the Reserve Bank of India (RBI) for a tenure of three years. Gupta’s appointment fills a critical vacancy in the central bank’s leadership, replacing Michael Debabrata Patra, who retired in January 2025.

The announcement comes at a crucial time, just ahead of RBI’s Monetary Policy Committee (MPC) meeting, scheduled to take place from April 7 to April 9. With key decisions on inflation control, interest rates, and financial stability on the agenda, her appointment brings a fresh perspective from her extensive research and policy background.

• Poonam Gupta has been appointed as the fourth Deputy Governor of RBI for a three-year term.

• She replaces Michael Debabrata Patra, who retired in January 2025.

• Her appointment comes just before RBI’s crucial monetary policy meeting from April 7-9.

Government’s Selection Process and Cabinet Approval

The Appointments Committee of the Cabinet (ACC) approved Gupta’s appointment after evaluating her distinguished credentials and experience in economic research and policymaking. The position had remained vacant for over two months following Patra’s retirement, making the appointment timely and necessary for the smooth functioning of India’s central banking system.

Gupta is currently serving as a member of the Economic Advisory Council to the Prime Minister (EAC-PM), further solidifying her credibility in macroeconomic policy matters. Her selection aligns with the government’s focus on bringing research-driven and data-backed expertise into RBI’s leadership, ensuring informed decision-making in monetary policy and financial regulation.

• The Appointments Committee of the Cabinet approved Poonam Gupta’s selection.

• She is also a member of the Economic Advisory Council to the Prime Minister.

• The Deputy Governor position was vacant for over two months before her appointment.

Poonam Gupta’s Extensive Academic and Professional Background

Gupta brings decades of expertise in economic research, global macroeconomic trends, and policy formulation. Before joining NCAER, she held senior positions in prestigious global institutions such as the International Monetary Fund (IMF) and the World Bank. She also served as the Lead Economist for Global Macro and Market Research at Policyl, a position that provided her with deep insights into financial markets and economic policy.

Additionally, she has an academic background that includes roles at the Indian Council for Research on International Economic Relations (ICRIER) and the Delhi School of Economics. Her extensive research on emerging markets, fiscal policy, and macroeconomic stability makes her a valuable addition to the RBI’s leadership.

• Gupta has previously worked at the IMF, World Bank, and Policyl.

• She has an academic background with teaching roles at ICRIER and Delhi School of Economics.

• Her expertise lies in macroeconomic stability, fiscal policy, and emerging markets.

Educational Credentials and Research Contributions

Poonam Gupta holds a Ph.D. in Economics from the University of Maryland, USA, and a Master’s degree in Economics from the Delhi School of Economics, Delhi University. Her research has been widely published in leading economic journals, covering topics such as inflation dynamics, monetary policy effectiveness, and international trade.

Her ability to blend academic rigor with practical policy insights has earned her recognition in the global economic community. With her extensive research on India’s economic framework and international trade relations, Gupta is expected to play a pivotal role in shaping RBI’s monetary policy strategies.

• Gupta has a Ph.D. in Economics from the University of Maryland, USA.

• She also holds a Master’s degree in Economics from Delhi School of Economics.

• Her research covers inflation, monetary policy, and international trade.

Role and Responsibilities as RBI Deputy Governor

As the newly appointed Deputy Governor, Gupta will be responsible for overseeing the monetary policy department, a crucial function in India’s central banking framework. RBI has four Deputy Governors, with one typically being an economist specializing in monetary policy, another from a commercial banking background, and two appointed from within the RBI’s internal ranks.

Gupta’s role will involve advising on inflation control measures, liquidity management, and interest rate decisions. With India navigating global economic uncertainties, her expertise in global macroeconomics will be instrumental in ensuring financial stability. She will also play a key role in RBI’s external engagements with global financial institutions and policymakers.

• Gupta will oversee the RBI’s monetary policy department.

• She will contribute to inflation control, liquidity management, and interest rate policies.

• Her global economic expertise will support RBI’s international financial engagements.

Significance of the Appointment Amidst Economic Challenges

Gupta’s appointment comes at a time when India’s economy is facing multiple challenges, including inflationary pressures, fluctuating crude oil prices, and evolving global trade dynamics. Her policy expertise and global experience are expected to help RBI navigate these complex economic conditions.

The upcoming Monetary Policy Committee meeting in April will be her first major task, where key decisions on repo rates and inflation targeting will be taken. With the global economy witnessing volatility, Gupta’s presence in the RBI leadership could enhance policy stability and market confidence.

• Gupta’s appointment is crucial amid inflationary pressures and economic uncertainties.

• She will participate in the upcoming Monetary Policy Committee meeting from April 7-9.

• Her global economic experience is expected to strengthen RBI’s policy framework.