Former Reserve Bank of India (RBI) Governor Raghuram Rajan, Delhi-born American economist Raj Chetty, and Microsoft executive Asha Sharma have been appointed to co-lead three of the US Federal Reserve's five new task forces reviewing monetary policy.

The task forces will examine the Federal Reserve's balance sheet policy, improve the quality of economic data used in policymaking, and assess how artificial intelligence and emerging technologies could reshape productivity and employment. The appointments are part of a broader reform initiative launched in the wake of years of elevated inflation to strengthen and modernise the US central bank's monetary policy framework.

The appointments are part of the five task forces established by newly appointed US Federal Reserve Chair Kevin Warsh. The groups also include former Bank of England Governor Mervyn King, former Walmart CEO Doug McMillon, Nobel laureate Thomas Sargent, and Silicon Valley venture capitalist Marc Andreessen.

"I am honoured that the best minds from a range of disciplines have agreed to work with us to sharpen our performance as an institution. The goal is straightforward: to ensure the Fed is best positioned to achieve our objectives in this consequential time," Warsh said on Thursday.