Meet Poonam Gupta, former World Bank economist, appointed as the RBI deputy governor

In a landmark move, India has appointed noted former World Bank and International Monetary Fund (IMF) economist Poonam Gupta as the new Deputy Governor of the Reserve Bank of India (RBI) for a three-year term, the government said.

Currently serving as the director general of the economic policy think tank, the National Council of Applied Economic Research (NCAER), Gupta brings a wealth of experience in economic policy and international finance.

She now takes over from Michael Patra, a veteran central banker who has been with the RBI since 1985 and served as Deputy Governor from January 2020 to January 2025. Her appointment comes just days before the RBI’s crucial Monetary Policy Committee (MPC) meeting, scheduled for April 7-9.

So, who is Poonam Gupta, and what has her journey been like? Here’s a closer look.

• Gupta holds extensive operational and decades of policy experience. Currently, as head of NCAER, she leads the work on issues related to economic growth, international financial architecture, central banking, macroeconomic stability, public debt, and state finances.

• She has also played a significant role in government advisory bodies. She is a member of the Economic Advisory Council to the Prime Minister and convener of the Advisory Council to the 16th Finance Commission. During India’s G20 Presidency, she chaired the Task Force on Macroeconomics and Trade.

• Before joining NCAER as Director General in 2021, Gupta spent nearly two decades in senior positions at the IMF and World Bank in Washington, DC. Her work focused on economic policies for emerging markets, giving her a strong foundation in global finance and policy-making.

• Alongside her policy roles, Gupta has been actively involved in academia. She has taught at the Delhi School of Economics and the University of Maryland (USA) and was a visiting faculty member at the Indian Statistical Institute (ISI), Delhi.

• She has also held prestigious positions as the RBI Chair Professor at the National Institute of Public Finance and Policy (NIPFP) and the Indian Council for Research on International Economic Relations (ICRIER).

• Gupta’s research contributions are widely recognised. She has authored nearly 50 research papers, many of which have been cited in top-tier global publications like The Economist, The Financial Times, and The Wall Street Journal. She also co-edited a book on India and China with economist Barry Eichengreen.

• Academically, the new RBI deputy governor holds a PhD in Economics, specialising in macroeconomics, international finance, and international trade. Her research excellence earned her the prestigious EXIM Bank award in 1998.

• She also has a dual master’s degree in Economics from the University of Maryland and the Delhi School of Economics, along with a bachelor’s degree from Hindu College, University of Delhi.

• With Gupta’s appointment, the RBI now has four deputy governors, alongside M Rajeshwar Rao, T Rabi Sankar, and Swaminathan J.

• Her arrival comes at a crucial time as India is struggling to boost economic growth, lagging at four-year lows, while also facing geopolitical uncertainties and inflationary pressures.

• The Indian economy is estimated to have grown at 6.5 per cent in the fiscal year ending March 31, slightly higher than the government’s earlier projection of 6.4 per cent, but well below the 9.2 per cent growth rate recorded in the previous fiscal year.

• Gupta has been vocal about the need to reassess India’s inflation-targeting framework. In an article written after a rate cut in February, she said, “RBI has been chasing a dated inflation number and has often missed its forecast by a large margin. Households’ inflationary expectations have remained misaligned, and transmission of monetary policy has not improved sufficiently.

• In a separate opinion piece in March, she suggested that while the RBI should avoid excessive exchange rate volatility, it should allow the rupee to move more freely than in the recent past. Her insights will be crucial before the MPC meeting scheduled for next week.

  With input from agencies