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 21, 2019
Niranjan Rajadhyaksha's "2-4-6-8 framework can be the Holy Grail of Indian macros"
Swanand Kelkar of Morgan Stanley Investment Management quotes Research Director and Senior Fellow, Niranjan Rajadhyaksha's recent paper on India's macroeconomic environment.
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 18, 2019
Niranjan Rajadhyaksha on BloombergQuint's State of the Economy
India works within an implicit '2-4-6-8' macro economic framework. What is that framework and does it now need to be reviewed?
June 18, 2019
India’s budget needs to relook at its math
To keep up with the pressure of making headline fiscal deficit numbers look good, the government has increasingly resorted to off-budget financing for revenue as well as capital spending.
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.
June 04, 2019
Ten steps to maximise growth
The timing of the release of the GDP data sets up the focus for Modi 2.0—to minimise the sarkar and maximise growth.
June 03, 2019
The Indian Macro Policy Playbook: Time for a Fresh Look
There is a need to take a fresh look at India's macro policy playbook. This paper presents five sets of policy recommendations that can help raise potential growth without putting economic stability at risk.
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.