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Posts by Rajeswari Sengupta

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

Budget 2022-23: Hits and misses

Outlining the hits and misses of the Budget 2022-23, Rajeswari Sengupta contends that the capital expenditure push by the government seems to be a step in the right direction, while the rationale behi...

  • Perspectives

Thinking about financial sector reforms in India

A key element of the economy that needs to function well in order to facilitate India’s strong and sustained recovery from the pandemic is the financial system. In this post, Sengupta and Vardhan d...

  • Perspectives

Understanding the dynamics of the rupee-dollar exchange rate

Since 1993, the Indian rupee (INR) has officially been following a market-determined exchange rate – price is determined by demand for and supply of foreign exchange – with intervention by the Res...

  • Perspectives