Poonam Gupta: RBI’s new status-quo challenger
Poonam Gupta’s appointment as the deputy governor of the Reserve Bank of India could test the status quo on some of the regulator's policies and frameworks. Members of the RBI’s monetary policy committee, which Gupta is expected to join as deputy governor in charge, have in recent meetings, the minutes show, initiated a debate on what the inflation target, currently set at 4%, could be. Hawkish voices from the MPC, especially from its RBI members, had argued at that time that monetary policy’s role was to first return inflation from 7% to the tolerance band and then align it with the 4% target. The government’s latest estimates show that real GDP growth in 2023-24 was 9.2%, the fastest in over a decade, which has taken the wind out of the public attacks on the RBI’s monetary policy record. Dovish stance In February this year, Gupta wrote about the RBI’s monetary policy, calling for a dovish stance and a fresh look at the inflation target of 4% and the framework’s other specifics.
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