
Dr Poonam Gupta takes over as Dy Governor of RBI
As Deputy Governor, Dr Gupta will take charge of the monetary policy department, financial markets operations department, economic and policy research department, department of financial stability, international department, department of statistics and information management, corporate strategy and Budget department and department of communications.
Prior to this appointment, Dr Gupta was the Director General of the National Council of Applied Economic Research (NCAER), dealing with issues related to economic development, international financial architecture, central banking, macro economic stability, public debt and state finance.
She also served as a member of the Economic Advisory Council to the Prime Minister and Convener of the Advisory Council of the 16th Finance Commission.
Prior to joining NCAER, Dr. Gupta held senior positions at the International Monetary Fund (IMF) and the World Bank for nearly two decades. Dr. Gupta also taught at the Delhi School of Economics, University of Maryland (USA) and also served as a visiting faculty at the Indian Statistical Institute (ISI), Delhi.
She has been an RBI Chair Professor at the National Institute of Public Finance and Policy (NIPFP) and a Professor at the Indian Council for Research on International Economic Relations (ICRIER).
Dr. Gupta has published several research papers and authored an edited book 'Emerging Giants: China and India in the World Economy'. She holds a Master's degree and PhD in Economics from the University of Maryland, USA, and a Master's degree in Economics from the Delhi School of Economics, University of Delhi.
UNI GNK PRS
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Mint
19 minutes ago
- Mint
Investing abroad: Here are the pros and cons of using old and new routes
Investing in overseas markets is important for diversifying one's portfolio. But over the years, there have been restrictions in traditional modes of investing, such as mutual funds, while new investing avenues have opened up in Gift City. There are multiple ways to invest abroad, and with deepening of markets, more avenues are becoming available. Here is a look at the advantages and disadvantages of both old and new avenues, and different investor profiles. Direct purchase of stocks There are broking firms, either multinational firms or Indian entities with tie-ups with broking firms abroad, who facilitate the execution. Your investment in stocks or bonds abroad is subject to liberalized remittance scheme (LRS) limit of $250,000 per financial year. At a conversion rate of 86 per dollar, it is ₹2.15 crore per financial year. Provided you do not have any other requirement for money abroad, children's education, or travel, you can utilise this limit. However, one issue here is stock selection. If you are in a different profession, then analysing stocks, that too foreign stocks, is not your forte. There are entities in India that offer a curated basket of stocks which you can purchase, and they will facilitate the transaction through a broking entity with which they have a tie-up. However, they do not have accountability for the performance of those stocks. You require guidance on picking stocks abroad. Otherwise, it is not advisable to venture into it. Managed vehicles - mutual funds Through the mutual fund route, you not only get the advantage of a professional fund management team managing the portfolio, but also the fact that it is not part of the LRS limit. The issue of the MF route is entirely different. There are RBI limits for the MF industry, of $7 billion for investment abroad and another $1 billion for investments in ETFs abroad. The limits became almost full, and MFs had to stop accepting fresh subscriptions. However, certain MFs investing abroad do accept money from time to time. There are redemptions, which open up scope for accepting fresh money. Hence, you can go through the MF route. You get the advantage of a fund manager managing your money, or a passive fund following an index abroad, where you can avoid the fund manager risk (risk of the fund manager underperforming a benchmark index). GIFT City options There is another avenue in MFs: recently, a fund has been launched under the IFSCA (International Financial Services Centres Authority) jurisdiction at GIFT City. This is a different jurisdiction, not subject to the usual RBI or SEBI regulations. That is, it is not subject to the cap on investments abroad or $7 billion or $1 billion. This is a retail fund, with minimum subscription of $5,000 ( ₹430,000) at a conversion rate of 86. The term retail fund has a particular connotation: it is a particular fund structure under the IFSCA. This fund is subject to the LRS limit of $250,000 per year. The appeal of this structure is that at $5,000, the ticket size is relatively affordable. There are other outbound products available at GIFT City (other than mutual funds) where the ticket size is higher. Portfolio management services There are PMSs available at GIFT City, where you convert your money from your normal rupee bank account to dollar and remit to a bank housed at GIFT. The ticket size is usually $75,000, which is ₹64.5 lakh. Quantum could be lower if the service provider offers 'accredited investors". There is a professional fund manager to manage your portfolio. Money remitted to GIFT jurisdiction is part of the LRS limit of $250,000. Alternative Investment Funds There are fund management houses that have Alternative Investment Funds (AIFs) under IFSCA guidelines. The fund would be structured as something like 'A Restricted Scheme (Non-Retail) classified as a close-ended category III AIF under the IFSCA FM Regulations". A restricted scheme is one under a private placement offer to only accredited investors or investors investing above $150,000, and it shall have not more than 1,000 investors. Things to know about GIFT City route Similarly, when there is a redemption from investments abroad but the money stays within GIFT, there is no LRS implication. It can be remitted abroad later when Sen is a corporate trainer (financial markets) and author. Views are personal.


Mint
23 minutes ago
- Mint
It's time for a holistic strategy to foster women's entrepreneurship
Over the past 25 years, the share of women-owned enterprises in the Indian economy has been steadily rising, a promising development amid the concerns surrounding low female labour force participation. We ask, what lies behind this growth? How large are these enterprises? Do they operate primarily in manufacturing or services? Are they concentrated in specific industries within these sectors? Crucially, what are the constraints faced by women-owned enterprises, and how can we fully tap the potential of such enterprises? Data from the Economic Census (EC) of India shows a steady increase in women-owned enterprises between 1998 and 2013, both in manufacturing and services. We observe sharp growth particularly between 2005 and 2013, even among firms that have more than 10 paid workers. Also read: Women entrepreneurs need a tribe of their very own We combine data from older rounds (2010 and 2015) with the most recent rounds (2021, 2022 and 2023) of the unorganized sector enterprise survey, with the caveat that these primarily cover informal, unregistered enterprises. Here too, we observe an upward trajectory of own-account enterprises and those with more than one worker in manufacturing and services both. Within manufacturing, the increase in women-owned enterprises is mostly in select industries, namely tobacco, food and beverages, paper and chemicals; for services, the growth is led by sectors like education and other personal services. The growth of women-led enterprises can drive economic development. By engaging more women in income-generating and productive activities, a substantial segment of the population—previously not actively participating in the economy—can be brought into the workforce. This impact is amplified by the phenomenon of employment homophily, where individuals tend to hire others similar to themselves. For example, the 2013 EC reported that 65% of employees in women-owned businesses were women. Therefore, encouraging women's entrepreneurship could create more jobs for women, improving India's overall women's labour force participation. The rise in women's entrepreneurship is in tandem with recent financial inclusion initiatives by the government and Reserve Bank of India (RBI). Following the launch of the Pradhan Mantri Jan Dhan Yojana (PMJDY) in 2014, India's banking sector saw a steep rise in the share of bank accounts held by women. According to the ministry of finance (2024 data), 55.6% of PMJDY beneficiaries are women. As for women entrepreneurs, the enterprises survey shows that the share of women owners with a bank account has gone up from 40% in 2015 to 61% in 2023. This has enabled credit access, increasing the share of loan accounts held by women. Moreover, targeted schemes offered by banks under their Priority Sector Lending goals have also increased credit flow to women, particularly in rural areas. Also read: Women's participation in the labour force: It's too risky to let it languish The Pradhan Mantri MUDRA Yojana launched in 2015 also aims to ease credit constraints through collateral-free loans with flexible repayment tenures and concessional rates for women borrowers. The share of MUDRA loan accounts held by women increased dramatically from about 18% in 2015 to 36% in 2024. Similarly, the female share of retail business loan accounts rose from 19.9% to 30.7%. This trend is reflected in the enterprise data, where commercial banks, cooperative banks and government schemes account for up to a third of outstanding loans to women-owned enterprises in 2023. Another constraint faced by women is their lack of property rights, which deprives them of collateral against which they can borrow. Lakshmi Narayanan (2019) finds that amendments to India's property-rights laws to ease women's inheritance of property strengthened their rights and paved the way for more women entrepreneurs. While targeted financial integration is expected to close gender gaps in credit access, social norms and lack of awareness contribute to gender disparities in entrepreneurship. There is ample evidence that women are influenced by role models and peers, particularly other women in leadership positions, not just in developing countries but in developed ones as well. Given this, how do we bring more women into entrepreneurship? The government has started the Women Entrepreneurship Platform to identify and mentor women entrepreneurs who want to start businesses and provide knowledge as well as hands-on support for doing so. There have been several initiatives in specific sectors to leverage this platform. The steady rise in women's entrepreneurship in India is a promising development, but significant challenges remain. While financial inclusion has opened new doors, deep-rooted social norms, limited property rights and weak support networks continue to constrain many women. Credit access and training, though essential, are not sufficient on their own. A more holistic approach is needed, one that combines financial support with legal empowerment, mentorship, access to networks and sector-specific interventions. The Women Entrepreneurship Platform is a step in this direction. As more women enter and sustain themselves in entrepreneurial roles, gender-disaggregated data and a careful evaluation of policy initiatives will also be critical. Also read: Caregivers to contributors: Can India unlock the full potential of its female workforce? Only through such an integrated strategy can we ensure that the gains made so far translate into a more inclusive and dynamic entrepreneurial ecosystem. The authors are affiliated with the Centre for Advanced Financial Research and Learning (CAFRAL).


NDTV
24 minutes ago
- NDTV
Delhi Chief Minister Flags Irregularities In Widow Pension And Disability Aid
Delhi Chief Minister Rekha Gupta on Monday ordered a full review of the city's welfare schemes, citing "serious irregularities" in widow pensions and disability support handed out under the previous Aam Aadmi Party administration. Chairing a crucial meeting at the Delhi Secretariat, Chief Minister Gupta said government aid meant for the most vulnerable was being misused and promised corrective action. "Many women who were not eligible were granted pensions unchecked. Our government will not allow such malpractice," Chief Minister Gupta told senior officials from the Department of Social Welfare and the Department for the Welfare of Scheduled Castes and Scheduled Tribes. "Those who truly need help will get it. But those found ineligible will be removed from the list." The remarks come amid rising concerns over transparency in the city's social safety net. The Chief Minister accused the former AAP government of "cheating the underprivileged" and turning a blind eye to lapses that allowed benefits to flow to ineligible individuals. A key reform discussed during the meeting was the rollout of digital ID cards for persons with disabilities (PwDs) to tighten beneficiary records. Officials were also directed to address long delays in issuing disability certificates and streamline coordination between departments. Among the schemes under review is the Financial Assistance for Senior Citizens programme, which pays Rs 2,000 - Rs 2,500 a month to over four lakh beneficiaries, mainly from scheduled caste (SC) and scheduled tribe (ST) and low-income groups. The PwD scheme, covering roughly 1.34 lakh individuals, also faces scrutiny over outdated records and inconsistencies in documentation. The Delhi Family Benefit Scheme (DFBS), which offers one-time assistance of Rs 20,000 to families who lose their main earning member, has supported around 1,100 dependants to date. SMILE, a scheme aimed at rehabilitating individuals involved in begging, offers shelter, medical help, counselling, skills training, and livelihood support. Ms Gupta said the government's role goes beyond direct cash aid. "Welfare is not just about handing out money, it also means rehabilitation, education, and livelihood support," she said. The Chief Minister has directed the departments to prioritise data accuracy, digitisation, and faster grievance redressal mechanisms. Officials now have two weeks to submit updated beneficiary lists, with field audits expected to follow. With budgets stretched and public scrutiny rising, the administration faces a key question- can it clean up the system and get support to those who truly need it?