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Contributor : Profile

Name Surname

Rajeswari Sengupta

Indira Gandhi Institute of Development Research
rajeswari@igidr.ac.in

Dr Rajeswari Sengupta is an Associate Professor of Economics at the Indira Gandhi Institute of Development Research in Mumbai. Her research focuses on policy-relevant, macro-financial issues of emerging market economies in general and India in particular, in the fields of international finance, open economy macroeconomics, monetary economics, banking and financial markets, firm financing and national accounts measurement.

In the past she has held a faculty position at the Institute for Financial Management and Research (IFMR Business School) in Chennai, and short-term research positions at the International Monetary Fund and the World Bank in Washington DC, as well as the San Francisco Federal Reserve Bank. She was a visitor at the City University of Hong Kong in 2013 and at the Osnabruck University in Germany in 2024. She was also a recipient of the ICRIER Young Scholar Grant in 2013 for attending the NBER Summer Institute in Boston. 

Dr Sengupta was a member of the research secretariat for the Bankruptcy Law Reforms Committee that proposed India's Insolvency and Bankruptcy Code, 2016. She is currently a member of the FICCI Economists’ Forum and the Society for Economics Research in India (SERI). She is also an Editor in Chief at the Journal of South Asian Development. 

She has published her research papers in reputed international journals including The Journal of Money, Credit and Banking, Economic Policy, The Journal of International Money and Finance, The World Economy, Emerging Markets Review, International Review of Economics and Finance, Journal of Asian Economics, Pacific Economic Review, and Open Economies Review. She also writes regularly on Indian economic issues in leading English as well as Bengali newspapers.

She completed her M.A. and Ph.D. in Economics from the University of California, Santa Cruz (UCSC). She holds two previous degrees in Economics: a Bachelor's degree from Presidency College, Calcutta and a Masters from Delhi School of Economics. Details of her work can be found here.

Posts by Rajeswari Sengupta

Union Budget 2025-26: Many small measures but lacks big ideas

The Finance Minister recently presented the Union Budget for 2025-26. In this post, Rajeswari Sengupta notes that the most significant aspect of this Budget is the fiscal stimulus aimed at middle-clas...

  • Perspectives

RBI’s extraterritorial influence on the rupee market

The emergence of the offshore non-deliverable forward market in the rupee has made it more challenging for the RBI to maintain exchange rate stability. In this post, Datta and Sengupta explain the dri...

  • Perspectives

भारत में निजी ऋण बाज़ार का उद्भव

भारत में पिछले कुछ वर्षों में अपेक्षाकृत उच्च डिफ़ॉल्ट जोखिम वाली छोटी और मध्यम आकार की फर्मों को वित्तपोषण करने वाले निजी ऋण बाज़ार में वृद्धि देखी गई है। इस लेख में दत्ता और सेनगुप्ता उभरते वाणिज्यि...

  • दृष्टिकोण

The silent reshaping of India’s credit landscape

India’s credit landscape has been undergoing major changes in recent years. In this post, Sengupta and Vardhan discuss five key trends – consumerisation of bank credit, decline in bank deposits, g...

  • Perspectives

Emergence of a private credit market in India

The last few years have seen the growth of a private credit market in India, which offers financing to small and mid-sized firms with a relatively high default risk. In this piece, Datta and Sengupta ...

  • Perspectives

क्या मुद्रास्फीति लक्ष्यीकरण के प्रति आरबीआई की प्रतिबद्धता विश्वसनीय है?

आरबीआई द्वारा लचीले मुद्रास्फीति लक्ष्यीकरण (एफआईटी) को अपनाए जाने के आठ साल बाद गर्ग, लकड़ावाला और सेनगुप्ता इस फ्रेमवर्क की सफलता का मूल्यांकन करते हैं। वे कोविड-पूर्व अवधि में मुद्रास्फीति लक्ष्यीक...

  • लेख

Is the RBI’s commitment to inflation targeting credible?

Eight years after the adoption of Flexible Inflation Targeting (FIT) by the RBI, Garga, Lakdawala and Sengupta evaluate the success of this framework. They use two approaches to assess the credibility...

  • Articles

The post-pandemic credit landscape in India

The economic shock caused by the Covid-19 pandemic and longstanding structural issues like the NPA crisis with its associated risk aversion in the banking sector resulted in low bank credit growth in...

  • Articles

Budget 2023-24: Fiscally conservative but lacking economic strategy

The Indian economy’s recovery from the Covid-19 pandemic has not been all good news: employment creation has stagnated, and government capex allocation has not been successful in generating private ...

  • Perspectives

आरबीआई के कार्य (और वक्तव्य) कैसे वित्तीय बाजारों को प्रभावित करते हैं

विकसित देशों में उनके केंद्रीय बैंक द्वारा घोषित नीतिगत दरों में अप्रत्याशित परिवर्तन के चलते वित्तीय बाजारों को लगने वाले मौद्रिक झटके के प्रति पर्याप्त प्रतिक्रिया दर्शाने के लिए जाना जाता है। यह ले...

  • लेख

बजट 2022-23: सफलताएं एवं चूक

वर्ष 2022-23 के बजट की सफलताएं एवं चूक को रेखांकित करते हुए, राजेश्वरी सेनगुप्ता यह तर्क देती हैं कि सरकार द्वारा पूंजीगत व्यय को बढ़ावा देना एक सही दिशा में कदम प्रतीत होता है, जबकि संरक्षणवाद पर निर...

  • दृष्टिकोण

How do RBI’s actions (and words) affect financial markets?

Financial markets in developed countries are known to react substantially to monetary shocks, that is, surprise changes in policy rates announced by the central bank. Based on a narrative analysis of ...

  • Articles