Deputy Governor Gupta Likely To Miss MPC Meet Due to Delayed Appointment

Economist Poonam Gupta will unlikely participate in the April Monetary Policy Committee meeting as Deputy Governor. The irony is hard to miss—Gupta, who is meant to oversee the Reserve Bank of India’s monetary policy department, will sit out the very meeting where the stance itself may shift.

With her formal assumption still pending and no announcement from the RBI on portfolio reallocation, Deputy Governor M. Rajeshwar Rao is expected to continue holding monetary policy as an additional charge. 

The April policy meeting is widely expected to deliver a 25 basis point cut in the repo rate. Just as crucial are the updated projections for inflation and GDP in 2025–26 and beyond. Markets will be watching closely for signals on whether the RBI will shift its stance from ‘neutral’ to ‘accommodative’. That discussion will now proceed without the participation of the official who will soon be in charge of steering it.

The search for Michael Patra’s successor began in November 2024, and interviews concluded by mid-January. Yet the appointment came only on April 2—barely five days before the meeting. Such drift is not new. Past episodes, including the prolonged vacancies after Viral Acharya’s resignation and the 2020 MPC stalemate, show a pattern of disregard for timeliness in key appointments.

These recurring lapses erode institutional credibility. Central banks must act with clarity and continuity, not last-minute improvisation. Gupta’s appointment, while welcome, loses much of its impact in the absence of a timely transition.

India’s economic institutions need more than capable individuals. They require governance systems that respect deadlines and understand the stakes. That remains a work in progress. 

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