July 24, 2019
The rationale of the central bank’s mandate on inflation
The debate that should begin is whether RBI’s current mandate should continue after 2021 or there is a case for a fresh look.
July 17, 2019
The 1969 bank nationalization did India more harm than good
It was the pivot of a political economy strategy of the 1970s—when economic growth barely outpaced population growth.
July 15, 2019
Free market politics, defection economics
The only homage paid to virtue, Lord Byron once said, is hypocrisy. The Indian political class has internalised this in letter and in spirit. Every party has a stance on defection and the stand depends on where they sit.
June 19, 2019
Five policy reforms to jump-start growth
How can India put in place policy reforms to raise GDP growth without creating macroeconomic instability?
June 06, 2019
India’s macroeconomic policy playbook is ripe for a debate
This is an opportune time to revisit the 2-4-6-8 framework that sets economic targets for achieving sustained high growth.
May 22, 2019
The immediate challenges for the next finance minister
The country’s current macroeconomic indicators should not cause any alarm but the economy’s direction is worrisome.
April 25, 2019
The ongoing churn in Indian capitalism and the Sensex
The frequent churn in the Sensex is as much a testament to the dynamic nature of the Indian economy as the decline of a once-dominant airline, Jet Airways, which suspended operations last week.
February 26, 2019
Printing currency isn’t a good way to finance deficit
The increased use of seigniorage in an inflation-targeting regime is likely to be self-defeating.
December 05, 2018
MPC should take rate hikes off the table
The current combination of benign inflation as well as slower economic growth means that there is no reason at all for the MPC to increase rates this week.
April 23, 2018
How Milton Friedman and Edmund Phelps changed macroeconomics
None of the contemporary debate would have been possible without the googly that Milton Friedman and Edmund Phelps threw at the economics profession.