Poonam Gupta arrives at the Reserve Bank of India (RBI) at a moment that calls for steady hands and fresh thinking. In her new role as deputy governor of the central bank, she will very much be a part the RBI’s Monetary Policy Committee, the highest policy-making body of the central bank. Her three-year term began in early April 2025, with Ms Gupta handling portfolios that include monetary policy, market operations and economic research.

A career economist, Ms Gupta has moved fluidly between international institutions, Indian think-tanks and major academic institutes. Young Poonam earned a master’s degree in economics at Delhi School of Economics and went on to complete a PhD in international economics at University of Maryland, USA, in the late 1990s.

The 56-year-old economist has earlier led the National Council of Applied Economic Research (NCAER) as its director general. At the nation’s leading think-tank, Ms Gupta worked extensively on matters related to economic growth, inflation, labour markets and public finance.

She was also a senior economist at both the International Monetary Fund and the World Bank. These roles have expanded her exposure to macroeconomic policy, structural reforms and global financial linkages.
Ms Gupta’s CV also includes a string of academic posts: teaching at Delhi School of Economics; a stint at University of Maryland; visiting roles at the Indian Statistical Institute and as chairperson of many other Indian policy institutes. She has also served on high-level advisory bodies – notably the Prime Minister’s Economic Advisory Council and the advisory council to the Finance Commission.

Ten months into her new role, and she already has several tasks lined up before her. The central bank has to maintain a fine balance between checking inflation and promoting growth. There is also the issue of ensuring effective and timely monetary policy transmission.  And, of course, a major concern in a free fall of the rupee. But like all economists, Ms Gupta too knows that the record depreciation of the rupee has got more to do with foreign exchange flows, while macro-economic indicators are not yet flashing alarming signals.

Ms Gupta has previously argued for greater flexibility in exchange rate policy and for clearer transmission of movement of rates into the economy. Now within the highest decision-making policy of the RBI, the deputy governor can try to push these ideas by convincing her colleagues. In the longer term, she will have to confront structural issues of improving monetary transmission, guarding financial stability amid rising credit risks and integrating climate and technological shocks into policy thinking.

Ms Gupta’s appointment brings to the RBI a mix of global experience and Indian policy scholarship. Besides, she happens to be a woman deputy governor after over a decade now. Ms Gupta’s wide exposure across policy matters and her excellent academic credentials would mean a lot, as the RBI navigates a more volatile global and domestic economic cycle. Besides, her perspectives as a woman may offer fresh insights into the RBI’s policies.