MPC: Back on track

The new members will bring divergent views to policymaking

After an avoidable delay, the government on Monday appointed external members to the Reserve Bank of India’s (RBI’s) monetary policy committee (MPC), and the new rate-setting committee will meet between October 7 and 9 to review the policy. While the government has restricted its choice of panel members to academia, it has done well to maintain a diversity of interests.

Jayanth Varma, an expert in finance, was a member of the board of the Securities and Exchange Board of India. He has been engaged in policy work in financial markets and has served on a number of expert committees. The research