These 3 Professors are in the team that will decide India's Monetary Policy

Government has appointed three academics as members of interest-rate setting Monetary Policy Committee - Indian Statistical Institute professor Chetan Ghate, Delhi School of Economics director Pami Dua and Ravindra H Dholakia of IIM-Ahmedabad.

The three experts have been appointed for a period of four years. We will tell you all about the three academicians in a slideshow below, but before that here’s a little bit about the other members who will be a part of the committee.

The other three members will come from the Reserve Bank of India and will include RBI Governor Urjit Patel, Deputy Governor R. Gandhi, who is in charge of the monetary policy, and Executive Director Michael Patra. Urjit Patel will have a casting vote in case of a tie in the six-member committee.

Setting up of the panel will bring about a landmark change to how central bank decisions are made in the country. It represents a marked change to monetary policy, which was previously decided solely by the RBI Governor. Instead, the Monetary Policy Committee will now strive to ensure that the inflation target decided by the government and the central bank is met. The RBI has the mandate to contain retail inflation within a band of 4%, plus or minus 2 percentage points.

The MPC is slated to sit for its first monetary policy review on 4 October.

Now, more about the academicians who will be deciding the Monetary Policy of India: