- Successive Reserve Bank of India chiefs have faced bigger challenges than the government meddling in their affairs, poor quality data with which they have to call interest rates, and a research infrastructure that falls short of need.
- The Columbia University alumnus, Prachi Mishra is on a mission to bring in new perspectives to research at the RBI, which is all of 80 years old.
- She has more than made up for this though, with her ability to impress the mighty Rajan with her research skills. This has led to a kind of lateral hire in the RBI’s monetary policy department as ‘specialist adviser’, which is unprecedented.
- The results of her effort may not show up soon because building research capabilities is an elaborate and time-consuming process.