Economic Affairs Secretary Shaktikanta Das today said the newly constituted Monetary Policy Committee (MPC) will meet before the next scheduled policy review on October 4.
"It is our expectation and I am quite sure...In fact, the MPC will of course meet before October 4. It will certainly meet, and the committee will give their recommendations based on which the RBI will take a decision," he told reporters on the sidelines of an event here.
The government has named academicians Pami Dua of Delhi School of Economics, Chetan Ghate of Indian Statistical Institute and Ravindra Dholakia of IIM-Ahmedabad as its nominees to the monetary policy committee.
The other three are RBI representatives, and include Governor Urjit Patel who will have a casting vote in case of a tie, Deputy Governor R Gandhi, and Executive Director Michael Patra, who has been appointed by the RBI Board.
The MPC is a big shift in Indian policymaking, wherein the critical decision on rates will be taken by a panel of experts, in a departure from the current system of the RBI governor having final say.
With inflation ebbing down and showing signs of being low in the near future, all eyes are now on the strategy of the RBI under the newly elevated Governor Patel on rates.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)