An autonomous research institute under the Ministry of Finance


Opinion Columns


The third element of the exit framework

The system envisaged under the FRDI Bill, if implemented properly, would help improve the efficiency of capital allocation without harming consumers, and without risking the stability of financial reforms.

(pub. 11/12/2017 Business Standard)

- Ajay Shah

Redefining the commission's mandate?

The Centre would do well to remember that offsetting the fiscal disabilities of the state is critical to achieving and realising the goals under new India 2022.

(pub. 05/12/2017 Financial Express)

- M. Govinda Rao

Measuring the drama in the economy

Seasonal adjustment is a powerful tool to obtain better and faster insights into the macroeconomy.

(pub. 27/11/2017 Business Standard)

- Ajay Shah

An Indian spot currency trading platform

The RBI proposal is both noble and overdue, but it must avoid the creation of early monopolies or slicing and dicing the platform.

(pub. 27/11/2017 Business Standard)

- Radhika Pandey & Bhargavi Zaveri

Reflections from inside a toxic city

A programme to reduce stubble burning would have far greater positive externalities than many schemes ongoing today.

(pub. 17/11/2017 Livemint)

- Sudipto Mundle

How can we deter crime?

Increasing the headcount in the police and the judiciary is an answer, but its opportunity cost needs to be worked out.

(pub. 13/11/2017 Business Standard)

- Ajay Shah

India's economy on the mend?

The economy seems to have bottomed out, and barring further disruptions, it should show a gradual acceleration.

(pub. 07/11/2017 Financial Express)

- M. Govinda Rao

Trade, investment & human development

Even if finance is forthcoming, it is important to recognise that there are domestic decisions to be taken to maximise its welfare impact.

(pub. 03/11/2017 Business Standard)

- Rathin Roy

Unanticipated recapitalisation announcement: A big boost to the economy

The recapitalisation aim to stem the burgeoning stressed assets and spur genuine long-term infrastructure lending for upcoming or stalled mega-infrastructure projects.

(pub. 31/10/2017 The Financial Express)

- Lekha Chakraborty

Extend and pretend

Banks can play that game no more. But recapitalisation is not the reform that is needed to prevent a recurrence.

(pub. 31/10/2017 The Indian Express)

- Ila Patnaik

Principles to guide bank bailouts

Without bringing sound governance and technical capabilities into the RBI's work, injecting new money sets the stage for a next wave of bad behaviour by banks. 

(pub. 30/10/2017 The Hindu)

- Ajay Shah

Avoid the adventurous path

  Any aggressive attempt to widen the fiscal deficit will land India's economy in problems.

(pub. 17/10/2017 The Hindu)

- C. Rangarajan and M Govinda Rao

Three-page notes considered harmful

  In each major area of public policy, we need intellectual capabilities in understanding where things are going wrong, and in building a strategy for change.

(pub. 16/10/2017 Business Standard)

- Ajay Shah

Financing the SDGs

  The world has not until recently intersected significantly with the world of public finance.

(pub. 06/10/2017 Business Standard)

- Rathin Roy


Need to speed up structural reforms

  All the attempts at fiscal consolidation will come to nought if any attempt to provide fiscal stimulus is made by breaching the targets. The rating agencies are not likely to take kindly to any such fiscal adventurism.

(pub. 03/10/2017 Financial Express)

- M. G. Rao

IBC: The only way out is through

  The implementation of the Insolvency and Bankruptcy Code is far from finished and new work is required.

(pub. 02/10/2017 Business Standard)

- Ajay Shah

It's the economy, stupid

  With high interest rates, and a low risk of depreciation, portfolio inflows have risen sharply, leading to the appreciation of the rupee. This has encouraged imports, hurting domestic capacity utilisation, investment and growth.

(pub. 26/09/2017 Business Standard)

- Ajay Chhibber

A great churning

Reforms are needed to pave the way for the exit of weak firms so that labour and capital can move to healthy ones.

(pub. 18/09/2017 Business Standard)

- Ajay Shah

Sliding economic growth: what is to be done

Given this depressing picture of demand, what is suprising is not that GDP growth has declined but that it has not declined further.

(pub. 15/09/2017 Mint)

- Sudipto Mundle

Pension as mandatory savings

Before tinkering with the basic framework and philosophy of the NPS, it is useful to understand what low pension coverage means.

(pub. 06/09/2017 Business Standard)

- Renuka Sane

Growth number tell the truth

Even the low manufacturing imprint is an underestimate as the estimates are based on the formal sector data, and the effect of demonetisation will be clearer only when the revised estimates come in, when the informal sector's impact is captured better.

(pub. 05/09/2017 Financial Express)

- M. Govinda Rao

What shapes investment?

Expectations of buoyant growth are related to progress on economic reforms, with strong institutional mechanisms in place.

(pub. 04/09/2017 Business Standard)

- Ajay Shah

Maximum pain

Objectives of demonetisation could have been served better by doing a cost benefit analysis.

(pub. 01/09/2017 Indian Express)

- Ila Patnaik

Peace Dividend still a mirage

The spurt in global arms trade may reflect an atmosphere of hightened tensions, but there is also an opportunity in this challenge.

(pub. 01/09/2017 Financial Express)

- Lekha Chakraborty and Samiksha Agarwal

It Takes Two to Untangle

One way to reduce trade imbalance would be to get more Chinese firm to invest and manufacture in India.  This would also support the 'Make in India' campaign

(pub. 28/08/2017 Economic Times)

- Ajay Chhibber

Should we recapitalise the banks?

Our priority should be to address the policy failures that gave our banking crisis, not to paper over the problem with taxpayer money.

(pub. 21/08/2017 Business Standard)

- Ajay Shah

India at 70: how are we doing?

Agriculture, education and health three vital sectors affecting the bulk of India's population, have been neglected in the reform agenda.

(pub. 18/08/2017 Mint)

- Sudipto Mundle

Taking stock: 25 years of economic reforms

A new book offers a holistic view of the ripple effects of liberalization - and points to its unfinished business.

(pub. 11/08/2017 Mint)

- Sudipto Mundle

Privacy and the ‘nothing to hide’ argument

The argument wrongfully equates privacy with secrecy, even though the former is a distinct and much richer concept.

(pub. 09/08/2017 Live Mint)

- Vrinda Bhandari and Renuka Sane

Elements of the recovery

A way out of the present economic slump is to revisit the template of 15 years ago and follow its constituents.

(pub. 07/08/2017 Business Standard)

- Ajay Shah

Finance commission road map

This year the Fifteenth Finance Commission (FC) will be constituted.

(pub. 04/08/2017 Business Standard)

- Rathin Roy

Need to build state capacity

Lack of capacity of the state is not merely a matter of incompetence. It has more to do with ‘special interest group’ politics.

(pub. 02/08/2017 Financial Express)

- M. Govinda Rao

Strategic thinking in financial markets policy

The machinery of the equity market can be used to obtain benefits for all the other parts of financial market training.

(pub. 24/07/2017 Business Standard)

- Ajay Shah

Agraria crisis: the challange of a small farmer economy

The highly distorted and exploitative product market is one of the most important factors responsible for the misery of the small farmer.

(pub. 21/07/2017 Mint)

- Sudipto Mundle

G-20 and the 'irreversible' Paris climate commitments

Given that UNFCC requirements need to be increasingly integrated into national planning and budgeting processes, the role of the finance ministry in initiating climate responsive budgeting is crucial for India.

(pub. 12/07/2017 Financial Express)

- Lekha Chakraborty

The buy side in bankruptcy process

Leadership must create a team that will work on the bankruptcy reform to get good recovery rates.

(pub. 09/07/2017 Financial Express)

- Ajay Shah

Cooking an edible Hamburger

The G-20 summit open friday to a melancholic backdrop.

(pub. 07/07/2017 Business Standard)

- Rathin Roy

Essar Steel insolvency issue vs RBI: What lies ahead?

In this case, RBI's low capacity in legal drafting is unlikely to lead to a serious legal problem.

(pub. 06/07/2017 Business Standard)

- Pratik Datta

Celebrate GST, but with caution

The reform remains work-in-progress; hopefully, the number of rates will be reduced and real estate and petroleum products will be brought under its ambit.

(pub. 04/07/2017 Financial Express)

- M. Govinda Rao

Entering the age of GST

The long-term benefits of GST are clear - the challenge is too quickly address the short-term obstacles.

(pub. 01/07/2017 Hindu)

- M. Govinda Rao

Farm Prices After a Bumber Crop: Managing a Problem of Plenty

Farmers have to find avenues to sell excess production. More warehouses are the solution.

(pub. 29/06/2017 BloombergQuint)

- Amey Sapre and Smriti Sharma

Beware of premature load bearing

Our fledgling systems face a new level of stress both from big cases of insolvency and the GST.  We run the risk of an organisational rout.

(pub. 26/06/2017 Business Standard)

- Ajay Shah

Reversal on rupee-dominated debt

Determining the interest at which the Indian firms will be able to borrow in the foreign market is an unwarranted intervention, given that the currency risk in such borrowings is borne by the foreigners.

(pub. 20/06/2017 Business Standard)

- Bhargavi Zaveri and Radhika Pandey

Finally a goods and services tax but what lies ahead?

The potential gains in logistics efficiency from a comon market with no artificial barriers between states are enormous.

(pub. 15/06/2017 Mint)

- Sudipto Mundle

Firms are fearful as uncertainty goes up

We run risk of 2017-19 being consumed by GST just as 2016-17 suffered on account of demonetisation.

(pub. 12/06/2017 Business Standard)

- Ajay Shah

RBI's inconsistent view

The decision by the MPC of the RBI to keep the policy rate unchanged was not a surprise. 

(pub. 09/06/2017 Business Standard)

- Rathin Roy

Need for an independent fiscal commission

Housing the commission under the finance ministry will undermine its independence; make it answerable to parliament only.

(pub. 06/06/2017 Financial Express)

- M. Govinda Rao

The Aadhaar legal framework is broken

The regulations are weak on grievance redressal and completely absent when it comes to authentication and data security.

(pub. 30/05/2017 Mint)

Vrinda Bhandari and Renuka Sane

The task of the MoF

The roots of macro instability lie in our institutional arrangements for fiscal, financial and monetary policy. 

(pub. 29/05/2017 Business Standard)

- Ajay Shah


NPA crisis: Banking ordinance skirts real solutions to the ongoing crisis

India’s banking crisis has been on a slow burn for the last three years.

(pub. 23/05/2017 Economic Times)

Ajay Chhibber

A celebration in Yokohama and a summit in Beijing

Led by Japan, the Asian Development Bank has helped transform this continent over the past 50 years. Now, China is taking the lead and its Belt and Road initiative is only one of three key tools.  

(pub. 19/05/2017 Mint)

Sudipto Mundle

The Hits and misses

 Lack of reasonably long time series data on GDP (based on new estimation methodology), poor employment statistics, no official poverty numbers, demonetisation, etc., could only hinder evidence-based policy making in the country.

(pub. 18/05/2017 Financial Chronicle)

- N.R. Bhanumurthy

Is the fiscal prudence really fading away?

The concerns pertaining to state finances should centre around the restoration of revenue account balance not the level of fiscal deficit, which without UDAY remained well within limits.

(pub. 18/05/2017 Financial Express)

- Pinaki Chakraborty

Does the ordinance solve the banking crisis?

The biggest threat in banking regulation is the pressure within the RBI to hide bad news at banks, as faltering banks reflect poorly upon bank regulation by the regulator.

(pub. 15/05/2017 Business Standard)

- Ajay Shah

India needs a fiscal council

(pub. 12/05/2017 Business Standard)

- Rathin Roy

Capital controls undermine arbitration potential

(pub. 10/05/2017 Business Standard)

Only a total overhaul of the capital controls regime under FEMA can help improve legal certainty in enforcing international arbitration awards.  

- Pratik Datta and Deepaloke Chatterjee

A Practitioner's Guide to Policy Reforms

(pub. 02/05/2017 Financial Express)

 NITI recommends enhancing shares of development and capital expenditures by 2019-20. Revenue expenditures, more particularly, the food and fertiliser subsidies, should be reduced.  

- M. Govinda Rao

Why FRBM failed?

(pub. 01/05/2017 Business Standard)

As long as the notion of money Bill stays in the Constitution, the only effective fiscal responsibility rule is one that is in the Constitution. 

- Ajay Shah

An Italian sojourn: glimpses of a flatering recovery

  (pub. 21/04/2017 Mint)

With poor education undermining Italy's competitiveness, how long it can retain its position as the third largest economy in Europe is an open question.

- Sudipto Mundle

How can ARCs help solve the baking crisis?

  (pub. 17/04/2017 Business Standard)

For an ARC to make sense, it must be a simple private equity fund.  The notion of the RBI writing regulations governing ARCs was wrong.

- Ajay Shah

Firm believer in need for a fiscal council: Interview

  (pub. 13/04/2017 Business Standard)

The committee has recommended maintaining the fiscal deficit at 3 per cent of GDP from FY18 to FY 20. Does this give the Finance Minister the Leeway to keep the deficit at 3.2 percent in his next budget, since he has already done that much in this year's?.

- Rathin Roy

An insider's take on FRBM report

  (pub. 14/04/2017 Business Standard)

Extant FRBM legislation focusses on two operational targets, the fiscal deficit and revenue deficit.

- Rathin Roy

 The stage is set for implementation

  (pub. 04/04/2017 Financial Express)

 What is being proposed is a highly complicated structure with four tax rates, in addition to exemption, a low rate on bullion and cesses on demerit goods.

- M. Govinda Rao

  Market power in the new economy

  (pub. 03/04/2017 Business Standard)

  It is a cause for concern if sheer financial might is the tool through which market dominance is achieved.

- Ajay Shah

  Connecting the dots

  (pub. 20/03/2017 Financial Express)

  Any increase in nominal GDP that is consumption-driven, not investment-driven must be celebrated with caution.

- Pinaki Chakraborty and Shatakshi Garg

  The growth forecast

  (pub. 07/03/2017 Financial Express)

  The economy was already slowing down and demonetisation compounded the problem.

- M. Govinda Rao

  Strategy to deal with the banking crisis

  (pub. 06/03/2017 Business Standard)

  Healthy firms need more financing while RBI needs reforms.

- Ajay Shah

  Universal basic Income: a disturbing admission

  (pub. 03/03/2017 Business Standard)

  The political consensus around UBI thus reflects a disturbing admission.

- Rathin Roy

  The road ahead at Sebi

  (pub. 21//02/2017 Business Standard)

  Deep reforms necessary at the regulator to fulfil its core objectives.

- Ajay Shah

  A fiscal consolidation budget that falls short on reforms

  (pub. 17//02/2017 Mint)

  The most urgent reform unfortunately omitted is the resolution of non-performing loans and the clean-up of corporate and bank balance sheets.

- Sudipto Mundle

  Half-hearted FDI reform

  (pub. 17//02/2017 Business Standard)

 Dismantling the FIPB is the first step on the road to rationalising the FDI regime. It must be complemented with a single comprehensive law governing capital inflows in India, which includes doing away with the approval system.

- Bhargavi Zaveri and Radhika Pandey

  Reforms take a back seat

  (pub. 07//02/2017 Financial Express)

  It is in allocating resources for public investment where the finance minister has been stingy.  Increase in public spending on infrastructure would have helped to crowd in private investment.

- M. Govinda Rao

  The economy's pain points

  (pub. 06//02/2017 Business Standard)

  There is no alternative to deeper reforms in order to Kick-start investment.
- Ajay Shah

  Low-rate GST, parenting and punishment

  (pub. 04//02/2017 Mint)

  Vijay Kelkar on why India should begin with a single low-rate GST; why economic empowerment of mothers leads to children getting more rewards.

- Vijay Kelkar

  Much ado

  (pub. 04//02/2017 The Indian Express)

  The budget has failed to further the reform agenda the government promised.
- Ajay Chhibber

  It is a pleasant surprise

  (pub. 03//02/2017 Indian Express)

  While the headline fiscal deficit is relaxed marginally and budgeted at 3.2% for FY18 (the earlier target was to contain it at 3% in FY18), the demand seems to have shifted from revenue to capital.

- N. R. Bhanumurthy

  Inclusive without being populist

  (pub. 02//02/2017 The Telegraph)

  The union budget was presented on the back of huge expectations that it would make up for the large disturbances that the economy has faced because of demonatisation.

- N. R. Bhanumurthy

  Not with a bang

  (pub. 02//02/2017 Indian Express)

  FM springs no surprises. Nor responds adequately to slow down in private investment.

- Ila Patnaik

  The message in the median

  (pub. 02//02/2017 The Hindu)

  The fiscal prudence is timely, but the budget lacks measures to revive the economy.

- M. Govinda Rao

  Views on budget 2017-18

  (pub. 02//02/2017 Financial Express)

  Some fiscal Stimulus is desirable; even if government overshoots the fiscal deficit target, that's not a bad thing in my view.

- Sudipto Mundle

  A fine balancing act

  (pub. 02//02/2017 Business standard)

  The Budget tries to achieve the fine balance between macro-fiscal aspects by targeting higher GDP growth and marginally relaxing of the fiscal deficit target.

- N. R. Bhanumurthy

  A conservative budget

  (pub. 02//02/2017 Business standard)

  But, given the economic slump, it comes up short.
- Ajay Shah

  Prudent in Practice, extravagant rhetoric

  (pub. 02/02/2017 Business standard)

  Govt is aware that nominal growth is going to be much lower than projected.
- Rathin Roy

  Measures to change the 'colour' of money

  (pub. 02/02/2017 Finanical Express)

  The reduction in presemtive tax could serve as an incentives for taxpayers who are keen to declare their income, but may not be enough to bring more taxpayers in, since the alternatives is zero tax.
- R. Kavita Rao

  Are states really at the centre?

  (pub. 31/01/2017 Financial Express)

  It is not the finance commission, but the union government that determines the transfers to the states.

- M. Govinda Rao

  Fiscal Policy and the India Growth Story

  (pub. 24/01/2017 Business Standard)

  In recent months many have commented on fiscal policy and the Indian growth story.
- Rathin Roy

  RBI Independence: The middle ground

  (pub. 23/01/2017 Business Standard)

  In the principal-agent relationship of finance ministry and central bank, autonomy arguments are weak.
- Ajay Shah

 Growth deficit and the Fiscal deficit

  (pub. 20/01/2017 Mint)

  The budget is likely to overestimate the expected revenue and the absolute level of the permissible fiscal deficit.

- Sudipto Mundle

 Relax the 3 per cent fiscal deficit target

  (pub. 16/01/2017 Business Line)

  The forthcoming budget is to be presented at a time when there are uncertainities in both the domestic and external environment.

- N.R. Bhanumurthy

 Reserved bank of India

  (pub. 14/01/2017 Indian Express)

  Demonetisation showed India's central bank is too opaque.  It's decision-making must be open to scrutiny.
- Ila Patnaik

 Strategy for 2017

  (pub. 09/01/2017 Business Standard)

  Private corporate investment holds the key to business cycle conditions in India. The government, through policy, can change the incentives of private persons and encourage them to invest.

- Ajay Shah

 How much effect will the note ban have on growth

  (pub. 09/01/2017 Mint)

- M. Govinda Rao interviewed by Latha Venkatesh 

 More populism, or a revival effort

  (pub. 03/01/2017 Financial Express)

  The government will have to tread carefully between wiping the tears of disruption that demonetisation caused and kick-starting the revival of economic activity.

- M. Govinda Rao

 Demonetisation a dicey domain

  (pub. 31/12/2016 Financial Express)

  Clarity on fiscal target is possible only after the FRBM Committee submits its report and the government considers it.  It is by now almost clear that the GST may not be implemented in April, and that's make projection of revenues that much more difficult.

- M. Govinda Rao

 Two litigations and a takeaway

  (pub. 27/12/2016 Business Standard)

  The fact that the complexities of FEMA are used to dispute contractual obligations is a wake-up call for the simplification of the law.

- Bhargavi Zaveri and Radhika Pandey

 Note ban's impact in 2017

  (pub. 26/12/2016 Business Standard)

  Many feel that once cash is back to normal levels, life will return to normal. Macroeconomies do not work like that.

- Ajay Shah

 Development as a measure of governance

  (pub. 16/12/2016 Business Standard)

  While the best and worst performing states have remained the same a decade apart, sharp changes appear when rankings are adjusted to account for the impact of development.

- Sudipto Mundle, Somik Chowdhury and Satadru Sikdar

 Our failed education policy needs urgent reform

  (pub. 16/12/2016 Mint)

  India's poor performance stands out when compared to that of some of our Asian neighbours and other emerging market economies.

- Sudipto Mundle

 Revamping the Income tax appellate tribunal

  (pub. 13/12/2016 Mint)

  The recent demonetisation is aimed at reducing the extent of black money-money on which tax should be paid, but it is not.

- Pratik Datta, Surya Prakash B.S. & Renuka Sane

  A bad time for a crisis

  (pub. 12/12/2016 Business Standard)

  India got a business cycle downturn in 2012. With demonetisation and weak global conditions, the difficulties have deepened.

- Ajay Shah

  RBI as uncertain as the rest of us

  (pub. 09/12/2016 Business Standard)

  The monetary policy committee of the Reserve Bank of India has left the reporate unchanged at 6.25 percent.

- Rathin Roy

 Crossing the chasm

  (pub. 09/12/2016 Indian Express)

  In government's push for a cashless economy, policy and regulation must focus on competition, innovation.

- Ila Patnaik

The gains vis-a-vis the pains

(pub. 06/12/2016 Financial Express)

The announcement by the prime minister on November 8, that currency notes with face-value of Rs 500 and Rs 1000 will no longer be valid sent shock-waves.

- M. Govinda Rao

Off the Black Mark

(pub. 28/11/2016 Indian Express)

It might have been better to go after real estate transactions, the movie industry, gold, weddings, election financing and benami transactions.

- Ajay Chhibber

How to make digital payments work

(pub. 28/11/2016 Business Standard)

Tech companies should be given membership of the Reserve Bank’s RTGS system, which should be operational 24x7.

- Ajay Shah

Six battlefronts for the war on corruption

(pub. 21/11/2016 Mint)

To truly disrupt the shadow economy, reforms targeting gold, hawala, real estate, taxation, politics and elections, and administration are a must.

- Vijay Kelkar and Ajay Shah

Growth pangs of demonetisation

(pub. 19/11/2016 Financial Express)

The ease at which the currency is replaced is key.

- N.R. Bhanumurthy

Consequences of the demonetisation shock

(pub. 18/11/2016 Live Mint)

With the overall tightening of the regulatory environment, tax evaders and wilful defaulters may consider changing their game.

- Sudipto Mundle

Demonetisation: Black Wealth, the Real Deal

(pub. 16/11/2016 Economic Times)

Demonetisation is usually associated with decrepit economies with hiper-inflation such as Zimbabwe recently and Argentina in the past.

- Ajay Chhibber

A monetary economics view of the demonetisation

(pub. 14/11/2016 Business Stantard)

Money is the lubricant of the economy; a shock to the money supply disrupts the economy and could lead to recession.

- Ajay Shah

Empire and Extraction

(pub. 12/11/2016 Business Stantard)

Shashi Tharoor's history of the colonial era will reignite thinking on the nature of British Rule in India.

- Ajay Chhibber

Show me the money

(pub. 11/11/2016 Indian Express)

Ban on Rs 500, Rs 1000 notes deals with stocks of black money. But push to a cashless economy is premature.

- Ila Patnaik

Reforming the UN development system

(pub. 11/11/2016 Business Standard)

The increasing importance of EMEs has the potential to simultaneously bring new ideas and broader ownership to the UNDS. 

- Rathin Roy

GST council should seize the initiative

(pub. 03/11/2016 Business Standard)

While rolling out GST, it must ensure that the taxation policy is transparent, predictable and inclusive. 

- Vijay Kelkar  

Fiscal reforms in a federal framework

(pub. 02/11/2016 Business Standard)

NITI Aayog should strive to be a vibrant think tank albeit with substantial financial muscle, says the writer in the first of a two-part series. 

- Vijay Kelkar

GST: A contest of competing truths

(pub. 02/11/2016 Mint)

A goods and services tax which is growth-oriented will improve the efficiency of the tax and the simplicity of its implementation.

- Vijay Kelkar and V. Bhaskar

GST Implementation: Avoid birth defects

(pub. 01/11/2016 Financial Express)

Having achieved some unification in tax rates at the state level, increasing the number of slabs is retrograde. 

- M. Govinda Rao

From despots to institutions

(pub. 30/10/2016 Business Standard)

Reliable performance over the long term requires shifting focus from individuals to institutions. 

- Ajay Shah

Regime change at the Reserve Bank of India

(pub. 21/10/2016 Live Mint)

Global empirical evidence indicates that anchoring inflation expectations is critical for managing current inflation. 

- Sudipto Mundle

Visioning India 2032

(pub. 21/10/2016 Business Standard)

How big will be governments of India be in 2032 and what will they be doing? 

- Rathin Roy

Eight principles for better regulators

(pub. 17/10/2016 Business Standard)

Creating regulators was supposed to combat central planning, but India has often failed in this regard. 

- Ajay Shah

Unprepared for bad days

(pub. 17/10/2016 Indian Express)

India lacks the institutional mechanisms to deal with the death of firms and the failures of banks. 

- Ila Patnaik

GST: Brazing for the reform

(pub. 04/10/2016 Financial Express)

The arrangement to separate service taxpayers is conceptually flawed as once GST is levied, it is inappropriate to think in terms of goods and services separately. 

- M. Govinda Rao

Who will bear the loss?

(pub. 03/10/2016 Business Standard)

A mature market economy is one in which failures are swiftly resolved and there is clarity about how losses will be allocated. 

- Ajay Shah

The Inflation-fiscal defict linkage

(pub. 02/10/2016 Business Standard)

Having adopted flexible inflation targeting, macroeconomic consistency can be achieved through the adoption of flexible fiscal targets.

- N. R. Bhanumurthy

Finance for the poor: Policy, not programmes

(pub. 19/09/2016 Business Standard)

Enacting and enforcing the draft Indian Financial Code holds the key to financial inclusion.

- Ajay Shah

Universal basic income: an idea whose time has come?

(pub. 16/09/2016 Livemint)

While the academic debate gathers momentum in high income countries, a discourse on UBI has also surfaced in a relatively poor country like India.

- Sudipto Mundle

No Hyderabad blues

(pub. 15/09/2016 The Hindu)

The Centre’s assistance package for Andhra Pradesh is certainly more than what the special category status could have brought in.

- M. Govinda Rao

A note for Dr. Patel

(pub. 09/09/2016 The Indian Express)

New RBI governor must build on Rajan’s legacy of commitment to inflation targeting - and communicate it too.

- Ila Patnaik

Should targets be range-bound?

(pub. 06/09/2016 Financial Express)

Unfortunately global experience shows that governments want to spend the maximum they can and there is a danger that they will always work on the ceiling of the range.

- M. Govinda Rao

Financial reforms: Mid-term report card

(pub. 05/09/2016 Business Standard)

Halfway through the Modi govt’s tenure, India has six achievements in financial reform to boast of; a dozen more are needed.

- Ajay Shah

Need for simple macro-framework

(pub. 02/09/2016 Business Standard)

Macroeconomic analytics for policymaking cannot be an end in itself .

- Rathin Roy

Who is afraid of Algorithmic trading?

(pub. 22/08/2016 Business Standard)

Instead of fearing technological change, it is necessary to develop capabilities for enforcement against market abuse.

- Ajay Shah

GST Bill a Historic Landmark, But Formidable Challenges Lie Ahead

(pub. 19/08/2016 Live Mint)

The most difficult challenge is to complete the legal processes, in particular those relating to the tasks of the GST Council.

- Sudipto Mundle

Tracing GST's Evolution as an Idea

(pub. 18/08/2016 Business Standard)

Now that the goods and services tax (GST) Constitution amendment Bill has been passed by the Rajya Sabha, different political parties are ascribing its success to their own ingenuity.

- M. Govinda Rao

India needs a consolidated approach

(pub. 12/08/2016 Financial Express)

Looking at the finances of the central government alone gives an erroneous picture.

- Ajay Chhibber

How to build tax administration

(pub. 08/08/2016 Business Standard)

The CBDT must be seen as a mini-state and held at an arm's length from the finance ministry.

- Ajay Shah and Shubho Roy

Misleading stylised facts

(pub. 05/08/2016 Business Standard)

The consequences of relying on incorrect stylised facts are more damaging than incorrect analysis or wrong empirical evidence.

- Rathin Roy

Now, iron out the wrinkles

(pub. 04/08/2016 The Hindu)

For the GST regime to be successful, it is important to not only reduce the costs of compliance within the system but also make more effective the costs associated with evasion.

- R. Kavita Rao

Remembering Raja Chelliah - The father of tax reform

(pub. 02/08/2016 Financial Express)

The broad thrust of his reforms was to move away from the levy of extortionary rates.

- M. Govinda Rao

Public health, not healthcare

(pub. 30/07/2016 Indian Express)

Dengue should be prevented and not merely tackled when the epidemic sets in.

- Ila Patnaik

Overhaul regulation of professions

(pub. 25/07/2016 Business Standard)

In the stock markets, rule-making, enforcement and adjudication improved after independent professionals were put in charge.

- Ajay Shah

Sebi needs a new regulatory structure

(pub. 23/07/2016 Business Standard)

The stock market regulator's adjudication and executive functions should be independent of each other.

- Pratik Datta

M'Lord, Protect us from Lawyers

(pub. 16/07/2016 Economic Times)

Growing instances of professional misconduct by advocates seem to have finally tipped the scales. 

- Pratik Datta

Reflections on a short passage through China

(pub. 15/07/2016 Live Mint)

Rising domestic consumption, a pillar of new growth strategy, is subject to greater risks.

- Sudipto Mundle

Worst-case scenario for the banking crisis

(pub. 11/07/2016 Business Standard)

A long crisis with a lack of sound short-term, long-term actions can result in sluggish growth in India, similar to that in Japan.

- Ajay Shah

A vicious circle

(pub. 07/07/2016 Business Standard)

It is important to understand how pay awards affect behavioural incentives. 

- Rathin Roy

In search of the elusive stability

(pub. 05/07/2016 The Financial Express)

The govt. must contain fiscal deficit to create borrowing space for the private sector.

- M. Govinda Rao

RBI should not regulate asset reconstruction companies

(pub. 03/07/2016 Business Standard)

Banking and stressed asset management are two separate businesses.

- Pratik Datta & Rajeswari Sengupta

The UK mustn’t fall for negative interest rates

(pub. 01/07/2016 The Financial Express)

This has not been able to take economies out of deflationary pressure.

- Abhishek Anand and Lekha Chakraborty 

Great institutions, not great men

(pub. 26/06/2016 Business Standard)

India must make sure that capabilities lie in institutions and not in one person.

- Ajay Shah

How to combat food price rise before its too late

(pub. 22/06/2016 The Financial Express)

Persistence of high food inflation can harden the monetary policy stance and make fiscal choices difficult.

- Lekha Chakraborty and Pinaki Chakraborty

All about Brexit repercussions

(pub. 21/06/2016 The Financial Express)

It would entail fiscal austerity measures with cuts on good public spending and a call on deficits.

- Lekha Chakraborty and Samiksha Agarwal

The challenge of unemployment

(pub. 17/06/2016 Live Mint)

Can the government crack the unemployment problem, or will the problem crack the government?

- Sudipto Mundle

Forced unbundling for greater competition

(pub. 13/06/2016 Business Standard)

A process of separating two industries is easier to enforce than fighting an integrated utility trying to hamper access to a new entrant.

- Ajay Shah

15 questions and a plea 

(pub. 10/06/2016 Business Standard)

Today’s two-trillion economy, set to double in size in seven years’ time, requires rules-based policy making, rather than discretion.

- Rathin Roy

Has the economy bottomed out?

(pub. 07/06/2016 The Financial Express)

The extent and speed of recovery depends on the pace at which reforms are calibrated.

- M. Govinda Rao

Prioritise banking reforms

(pub. 30/05/2016 Business Standard)

The size of the banking crisis is roughly 10% of GDP and taxpayers should be unhappy about footing the bill.

- Ajay Shah

The fall guy

(pub. 28/05/2016 The Indian Express)

Successful inflation targeting calls for more reform. Targeting Governor Raghuram Rajan is all too easy.

- Ila Patnaik

The mirage of cooperative federalism

(pub. 26/05/2016 The Financial Express)

Despite the Fourteenth Finance Commission providing a different framework, “cooperative federalism” has remained more a slogan than a reality.

- M. Govinda Rao

The pros and cons of subsidies through direct benefit transfer

(pub. 17/05/2016 Live Mint)

The main takeaway is that PAHAL is potentially a much better alternative compared to PDS.

- Sudipto Mundle

Tax policy for a globalised India

(pub. 16/05/2016 Business Standard)

Public finance principles to consider when thinking about Mauritius, Panama, and FIIs.

- Ajay Shah

Emerging trends in state finances

(pub. 03/05/2016 The Financial Express)

Restructuring of centrally-sponsored schemes needs to be carefully examined.

- M. Govinda Rao

Sustainability hurdles and opportunities

(pub. 03/05/2016 Business Standard)

India's urbanisation and agriculture challenges require improvements in production efficiency to utilise scarce resources better.

- Rathin Roy

India's start-ups are lazy businesses

(pub. 02/05/2016 Business Standard)

The spectacle of young men and women imbued with a get-rich-quick ethos and dreams of laziness is disturbing.

- Ajay Shah

Time to inflate economy's 'spare tyre'

(pub. 19/04/2016 Business Standard)

There are no maturity-driven restrictions on the bonds that Indian residents may invest in. The same principle must be applied to foreign portfolio investors in rupee-denominated debt.

- Bhargavi Zaveri & Radhika Pandey

Commodity futures - waiting for the gains

(pub. 18/04/2016 Business Standard)

Seven changes the government must make to develop India's financial system.

- Ajay Shah

Strategy to revive investments for higher GDP growth

(pub. 16/04/2016 Financial Chronicle)

Shorter term limited option is to expand public investment in infrastructure.

- N.R. Bhanumurthy

Trust in states’ fiscal responsibility vindicated

(pub. 15/04/2016 Livemint)

Contrary to fears of fiscal profligacy expressed by some following the FFC award, the states have maintained fiscal prudence.

- Sudipto Mundle

The problem of secretive tax havens

(pub. 11/04/2016 The Hindu)

Instead of waiting for yet another leak, proactive steps need to be taken now.

- D. P. Sengupta

Sort out the tax maze

(pub. 09/04/2016 The Indian Express)

India needs to rationalise capital controls, simplify its tax regime to mitigate illegitimate cross-border flows.

- Ila Patnaik

Union Budget: Pulling the rug under states’ feet?

(pub. 05/04/2016 The Financial Express)

Now that instant reactions and discussions about the Union Budget are over, the time is opportune to take a more considered view.

- M. Govinda Rao

Why India gets foreign borrowing wrong?

(pub. 04/04/2016 Business Standard)

Firms that should borrow abroad do not do so enough, and those that should not borrow abroad do.

- Ajay Shah

Delivering effective fiscal responsibility

(pub. 01/04/2016 Business Standard)

There are six actions that government needs to take to put an effective FRF in place.

- Rathin Roy

Is India Sliding Into A Banking Crisis?

(pub. 23/03/2016 BusinessWorld)

India must remember that the 1997 Asian financial crisis was exacerbated by tight monetary policy, forced on by IMF conditionality.

- Ajay Chhibber

In need of action

(pub. 21/03/2016 Business Standard)

Although a banking crisis raises the need for major reform, the RBI has not yet woken up to this.

- Ajay Shah

A transformative budget?

(pub. 18/03/2016 The Live Mint)

The govt saying that it will stick to the 3.5% fiscal deficit target is just a sound bite without credible substance.

- Sudipto Mundle

The textbooks don't apply

(pub. 07/03/2016 Business Standard)

India's economy is not like Western ones, and thus needs restrained fiscal policy even during a recession.

- Ajay Shah

Of Tagore, Tiruvalluvar and pet lovers

(pub. 04/03/2016 Business Standard)

In India, Budget speeches are also platforms for identifying issues that require fiscal attention.

- Rathin Roy

Caught in a Chakravyuha?

(pub. 03/03/2016 The Financial Express)

To assume the budget gives more space to the financial system for lending to support rate-cuts may not be realistic.

- M. Govinda Rao

Wait for the good days got longer

(pub. 03/03/2016 The Hindu)

A government in the middle of its term could have taken bold decisions. The Budget leaves room for neither private borrowing nor public investment.

- M. Govinda Rao

La-la Land Budget

(pub. 02/03/2016 The Indian Express)

Official GDP data is embedded in its vision and strategy. But the numbers seem wrong.

- Ila Patnaik

Predictable but unrealistic

(pub. 01/03/2016 The Live Mint)

The low allocation for agriculture, rural sector and social sectors, though predictable, is disappointing.

- Sudipto Mundle

Maintaining a fine balance

(pub. 01/03/2016 The Telegraph)

GDP growth across the major developed countries are slowing down.  The global financial markets continue to be volatile leading to outflow of foreign capital from the EMEs.

- N.R. Bhanumurthy

Nothing Exceptional at all

(pub. 01/03/2016 Business Standard)

The Budget has failed to build an atmosphere of tangible optimism.

- Ajay Shah

Reform, fiscal commitment and more

(pub. 01/03/2016 Business Standard)

This government has stayed the course on unglamorous reforms and tax proposals.

- Rathin Roy

Missing pieces in the Bankruptcy Code

(pub. 26/02/2016 Business Standard)

The move to keep the entire financial services sector out of the Code is misplaced and must be revisited.

- Bhargavi Zaveri & Shivangi Tyagi

FM’s fiscal deficit dilemma

(pub. 25/02/2016 The Indian Express)

Sticking to the fiscal deficit target is riskier than relaxing it a little in order to prop-up growth.

- N.R. Bhanumurthy

Can higher fiscal deficit revive investment demand?

(pub. 24/02/2016 Live Mint)

Ahead of Budget 2016-17, lack of investment demand is a major macroeconomic concern.

- Pinaki Chakraborty

A fine balance on the Budget

(pub. 23/02/2016 The Hindu)

Given the pressing need for financial prudence and the equally pressing need for increasing public investment, the Finance Minister needs to raise additional resources and rationalise and target subsidies.

- M. Govinda Rao

A call to arms for reforms

(pub. 21/02/2016 Business Standard)

The non-oil, non-finance sector of the economy is under severe stress.

- Ajay Shah

What the market understands

(pub. 08/02/2016 Business Standard)

While the Indian stock market processes information about individual firms well, it struggles with macro-level forecasting.

- Ajay Shah

Let the rupee slide

(pub. 03/02/2016 The Indian Express)

The economy is best served by lowering interest rates and blocking protectionism.

- Ila Patnaik

Budget FY17: Walking the tightrope

(pub. 02/02/2016 The Financial Express)

The govt. must find a way to get back on the path to fiscal consolidation while increasing public investment.

- M. Govinda Rao

High growth and the price of food

(pub. 29/01/2016 Live Mint)

India’s current high growth is not necessarily a flawed estimate, but is organically linked to food price inflation.

- Sudipto Mundle

Channels of Influence

(pub. 25/01/2016 Business Standard)

How India should respond to the China slump.

- Ajay Shah

Fiscal responsibility key to cooperative federalism

(pub. 22/01/2016 The Financial Express)

In the upcoming Budget, the govt should stick to the announced fiscal consolidation path, as deviating from it will make it harder for the Centre to instil greater discipline on states and PSUs.

- Ajay Chhibber

Be tight-fisted

(pub. 18/01/2016 The Indian Express)

The 'tight fiscal, easy monetary' policy mix can better address problems that plague private investment.

- Ila Patnaik

Mother of all currency defences

(pub. 11/01/2016 Business Standard)

The defence of the renminbi reveals the flaws of the much-admired 'China model'.

- Ajay Shah

Inflation and policy coherence

(pub. 08/01/2016 Business Standard)

On the fiscal front, the one thing this government must NOT do, whatever the excuses or inducements, is to relax its fiscal deficit target for 2015-16.

- Rathin Roy

A bold disinvestment strategy needed

(pub. 07/01/2016 The Financial Express)

A 10-year plan to divest at least 50% PSU assets is required. The business of the government is public infrastructure, not public companies.

- Ajay Chhibber

The crisis of credibility

(pub. 05/01/2016 The Financial Express)

The demand for relaxation of the fiscal deficit target raised in the Mid-Year Review is worrisome.

- M. Govinda Rao

Preventing a zombie economy

(pub. 28/12/2015 Business Standard)

Stopping India's economic landscape from being littered with zombie firms is essential for recovery.

- Ajay Shah

To 2016, uncertainly

(pub. 26/12/2015 The Indian Express)

The passing year leaves a legacy of stalled reforms, growing economic worries.

- Ajay Chhibber

Creating a competent insolvency professionals’ pool

(pub. 21/12/2015 The Financial Express)

The draft Insolvency and Bankruptcy Code must go further in equipping Insolvency Professional Agencies to complement the other reforms envisaged.

- Anirudh Burman and Suharsh Sinha

Balance regulatory transparency with protection of bank information

(pub. 20/12/2015 Business Standard)

Without updated laws, it is unsurprising that the Supreme Court would order the RBI to release even information that could harm banks' operations.

- Pratik Dutta

A tale of two models

(pub. 18/12/2015 Live Mint)

One of the interesting consequences of Nitish Kumar’s return to power in Bihar is the emergence of two competing models of development.

- Sudipto Mundle

More of the same

(pub. 15/12/2015 The Financial Express)

The CMs panel on centrally-sponsored schemes has missed an opportunity to rationalise them.

- M. Govinda Rao

Prelude to GST

(pub. 09/12/2015 The Indian Express)

Report of a key panel lays out the middle ground for resolving political differences.

- M. Govinda Rao

Hike and effect

(pub. 05/12/2015 The Indian Express)

Pay commission recommendations aren’t inflationary. But the fiscal deficit targets may prove unrealistic.

- N.R. Bhanumurthy

Pressing the GST pedal: Where do we go from here?

(pub. 01/12/2015 The Financial Express)

Industry must play a more proactive role in the architecture, engineering and management of GST.

- M. Govinda Rao

Will Bihar results drive cooperative federalism?

(pub. 20/11/2015 Live Mint)

The current political scene is such that the centre will have to work in tandem with the states for major economic policy initiatives.

- Sudipto Mundle

UDAY lacks brightness

(pub. 17/11/2015 The Financial Express)

Improvement in the finances of discoms is possible only if they reduce costs and increase revenues.

- M. Govinda Rao

The possibility of bipartisanship

(pub. 13/11/2015 The Business Standard)

I write this column on Diwali, a very special day of optimism, light and togetherness.

- Rathin Roy

Need to go beyond OECD path

(pub. 03/11/2015 The Financial Express)

Many developing countries have pressed for addressing concerns specific to them.

- M. Govinda Rao

A Regime of Fear

(pub. 03/11/2015 The Indian Express)

To reform tax policy, government must think about it clearly.

- Ajay Shah

For a future decentralisation

(pub. 02/11/2015 The Hindu)

Despite its uneven history in India, decentralisation is vital to strengthen participatory democracy, facilitate responsive governance and enable public service delivery.

- M. Govinda Rao

Out of business

(pub. 23/10/2015 The Indian Express)

Centre must take up strategic disinvestment with vigour.

- Ajay Chhibber

Inequality and Growth

(pub. 23/10/2015 Live mint)

Economists don't write bestsellers.

- Sudipto Mundle

Lacking the power of reforms

(pub. 20/10/2015 The Financial Express)

The new bailout plan is unlikely to change the incentive structure and ensure healthy functioning of discoms.

- M. Govinda Rao

For a friendlier tax regime

(pub. 06/10/2015 The Financial Express)

The foremost job is to reform the system that creates incentives to harass the taxpayers.

- M. Govinda Rao

Unfinished business

(pub. 02/10/2015 Business Standard)

In any reasonable country, Dr. Raghuram Rajan's reputation would be that of a rate-cutting governor.

- Rathin Roy

Is India staring at deflation?

(pub. 24/09/2015 The Indian Express)

India is experiencing disinflation, not deflation. It is time to replace the wholesale price index with a producer price index to avoid further confusion.

- N.R. Bhanumurthy

The tortoise and the hare

(pub. 18/09/2015 Live Mint)

Regardless of which new normal we choose, the Chinese economy will remain much larger than the Indian

economy for several decades.

- Sudipto Mundle

Can a rate cut spur investment?

(pub. 15/09/2015 The Financial Express)

Banks are unlikely to transmit any cut, given structural rigidities in the sector.

- M. Govinda Rao

Finance ministry vs. federalism

(pub. 04/09/2015 Business Standard)

Poor predictability, credibility and effectiveness of fiscal performance have been key reasons for successive governments failing to deliver on their promises, in large part because the finance ministry business process remains unreformed to this day.

- Rathin Roy

More than just smart infrastructure

(pub. 01/09/2015 The Financial Express)

Don't limit the Smart Cities initiative to just enclave-type development

- M. Govinda Rao

GST, by other means

(pub. 28/08/2015 The Indian Express)

A full-fledged GST will take time in the present political environment. But the Union government can begin by transforming its own indirect taxes into a GST at the manufacturing stage.

- C. Rangarajan and M. Govinda Rao

 Don't cut corners on pension reforms

(pub. 27/08/2015 The Financial Express)

Strengthen the New Pension System to head off 'one rank one pension' - like political crises.

- Renuka Sane and Ajay Shah

The Reform Conundrum

(pub. 25/08/2015 The Financial Express) 

The government must reach out to Opposition parties to get the reform process moving.

- M. Govinda Rao

The Land Question

(pub. 21/08/2015 Live Mint)

BJP’s U-turn on the proposed land Act reflects a rebalancing of deeper political forces that are at work in India’s political economy.

- Sudipto Mundle

 In Paris, abandon the status quo

 (pub. 21/08/2015 Business Standard)

India’s status quo position with respect to climate change negotiations appears to have three important “red lines”.

- Rathin Roy

A Deeper Reform

(pub. 05/08/2015 The Indian Express)

The question of age is how to set up a regulatory apparatus that powers high growth. Draft Indian Financial Code offers an anwser.

- Ajay Shah

For whom and at what cost?

(pub. 04/08/2015 The Financial Express)

Quality institutions, state-of-the-art infrastructure and efficient allocation of resources will be crucial.


- M. Govinda Rao

Failing to Finance Development

(pub. 24/07/2015 Business Standard)

The recently concluded Addis Ababa financing for development "summit" was, as widely predicted, a damp squib.


- Rathin Roy

Getting NITI Aayog to work

(pub. 21/07/2015 The Financial Express)

It can play an effective role in inter-governmental coordination only if states see it as a non-partisan institution.


- M. Govinda Rao

The third Greek bailout: An assessment

The immediate crisis has been resolved, but has the pact with the European Council ensured Greek solvency over the medium to long term?
- Sudipto Mundle

Unbalanced sheets

(pub. 26/06/2015 The Indian Express)

We need a holistic bankruptcy code. RBI's Strategic Debt Restructuring Scheme is not the answer.


- Ajay Shah

Phasing out tax expenditures

(pub. 16/06/2015 The Financial Express)

A close scrutiny of tax sops for SEZs, infrastructure sector and fertiliser can boost tax-GDP ratio by at least 1%.


- M. Govinda Rao

Moving on Reforms

(pub. 02/06/2015 The Financial Express)

While some changes in the law may be important, it may be necessary to work around this in the short-term.


- M. Govinda Rao

Understanding one-rank one-pension

(pub. 02/06/2015 The Financial Express)

It is a dramatic escalation of the implicit pension-debt for the government.


- Ajay Shah

How BRICS bank can win

(pub. 02/06/2015 The Financial Express)

The Asian Infrastructure Bank (AIB) has got off to a wonderful start with the commentariat.


- Rathin Roy

Use GST bill breather to set it right 

(pub. 19/05/2015 The Financial Express)

It is important not to implement a bad tax in the eagerness to introduce GST.


- M. Govinda Rao

Missing Prince of Denmark in the Hamlet of Reforms

(pub. 15/05/2015 The Financial Express)

By any measure, even the hardcore supporters of the ruling party consider one year of the NDA rule as uneventful.


- M. Govinda Rao

Getting federal transfers right 

(pub. 08/05/2015 The Hindu)

With the flow of untied resources increasing to States, the focus must now be on non-Finance Commission transfers to enable States to effectively utilise the enhanced fiscal space.

- Pinaki Chakraborty

First step, but with birth defects

(pub. 05/05/2015 The Financial Express)

A close examination of the Constitution amendment bill shows that the structure envisaged is fraught with flaws.


- M. Govinda Rao

The politics of growth projections

(pub. 05/05/2015 The Financial Express)

Since my return to India two years ago, I have fielded many questions from rating agencies and fund managers about forecasts of India's economic growth by the International Monetary Fund (IMF), the World Bank and the Asian Development Bank (ADB).


- Rathin Roy