MPC fared well but the new group should do better, say economists

There is no provision for extension of tenure of external members, and it is likely that the govt will appoint new ones

From September, the six-member monetary policy committee (MPC) of the Reserve Bank of India (RBI) will see a new set of external members as three incumbents-–Pami Dua, Ravindra Dholakia, Chetan Ghate--complete their four-year terms.

There is no provision for an extension of tenure of the external members, and it is likely that the government will appoint new ones. It is important to note that the appointments are left to the government, and the RBI has almost no say in that. The RBI contributes with three members in the committee, and if there is a tie, the RBI governor has an