Ghate is an associate professor in the planning unit at the Indian Statistical Institute in New Delhi and has taught most of his career, including at Colorado College.
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Ghate was also a member of the expert committee to revise and strengthen the monetary policy framework which has headed by then deputy governor of the RBI and the current RBI governor Urjit Patel.
India’s government picked its candidates for the central bank’s new monetary policy committee, clearing the way for interest-rate decisions to be taken collectively for the first time as Governor Urjit Patel starts his term. He has a Ph.D. from the Claremont Graduate University in California. Currently RBI Governor decides the benchmark interest rate. The RBI governor will only have a casting vote in case of a tie in the six-member committee.
Ghate’s research has tended to focus on monetary and fiscal policy in developing and emerging market economies and economic growth and development. He also has upcoming research work on “Monetary policy in India – A modern macroeconomic perspective”.
Pami Dua, who heads Delhi School of Economics, however, is a pure academician.
He was a member of the High Level Committees on Leveraging Postal Network in India (Aug-Nov 2014), HR Issues in the Merger of Air India and Indian Airlines (May 2011- Jan 2012), Public Expenditure Management (2009-10), and on Savings and Investment Estimation (Jan 2008- Mar 2009).
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Dholakia is now at the Indian Institute of Management, Ahmedabad. He has a Ph.D. from the University of Baroda. “Choosing the monetary policy committee members ahead of the October policy means that the rate decision will be taken collectively which will ensure transparency and independence in policymaking”, said Soumya Kanti Ghosh, chief economist at the State Bank of India. Dholakia has worked with Modi when he was chief minister of Gujarat, having sat on committees covering finance matters, while Dua is a career-long professor who has taught at the University of CT and Yale University.
