New Delhi: Chetan Ghate, 45, one of the three outside experts named to the monetary policy committee (MPC), is no stranger to the new monetary policy framework.
He was part of the five-member expert committee constituted by the Reserve Bank of India (RBI) to revise and strengthen the monetary policy framework in India.
The panel headed by then deputy governor and current governor Urjit Patel had recommended a shift to an inflation targeting regime and the establishment of an MPC. The committee submitted the report to then RBI governor Raghuram Rajan in January 2014 following which the Union government and the central bank agreed to target retail inflation at 4% plus or minus two percentage points.
Ghate, a professor at the Indian Statistical Institute (ISI), Delhi centre, has worked extensively on economic growth, fluctuations, economic development, and monetary and fiscal policy in developing and emerging market economies.
Ghate’s areas of academic interest include macroeconomic theory and policy, political economy, public finance and the economics of structural change.
His colleagues and students describe him as a hardworking and motivating person.
“He is extremely devoted to his work and his contributions act like a “Public Good” for all, benefitting each of us,” said Tridip Ray, associate professor, ISI (economic and planning unit). “He has also developed an interest in Foreign Direct Investment (FDI) and the foreign exchange market,” Ray added.
Ghate joined the Indian Statistical Institute in 2008 as an assistant professor and is currently head of the economics and planning unit; he also teaches graduate-level courses in macroeconomics and monetary theory and policy.
He has been an external affiliate at the Centre for International Macroeconomic Studies (CIMS) since June 2010.
Ghate told Mint that he likes to travel, and trekking is one of his hobbies.
He is an avid football lover and runs the Delhi marathon every year.
Ghate completed his Masters in economics from the Delhi School of Economics in 1995 and moved to Claremont Graduate University in California for his doctorate in the field of economics and political economy, after which he joined the university as an assistant professor. He was a visiting faculty at the University of Sydney and German Institute of Economic Research.
Ghate has done significant work in the field of macroeconomics and monetary policy as the RBI Chair Professor of Macroeconomics at the Indian Council for Research on International Economic Relations (ICRIER) with his research on optimal fiscal and monetary policies in small, open economies between April 2012 and March 2013.
“His discipline and dedication towards his work is tremendous,” said Sargam Gupta, senior research fellow at ISI and one of Ghate’s students.
“As a teacher, he always makes sure that his students remain up to date with the contemporary research going on around the world,” Gupta added.
His major publications include The Oxford Handbook of the Indian Economy (2012) and Global Cooperation among G20 Countries: Responding to the Crisis and Restoring Growth (2014).