How financial stress impacts consumer confidence
The financial turmoil of 2008 and the subsequent recession amplified the association between vulnerabilities in the financial markets and the real economy. Examining the behavioural responses of India...
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Anurag Banerjee
Debasis Rooj
Reshmi Sengupta
15 May, 2025
- Articles
New banks, credit, and misallocation
In the late 1990s, India opened its banking sector to new private banks – both domestic and foreign. This article shows that this resulted in greater flow of credit – but only for big firms. Highe...
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Pavel Chakraborty
Nirvana Mitra
28 April, 2025
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Seeking ‘greenium’
While sustainable investing is growing rapidly, it is unclear who is benefitting from this and how. Based on analysis of data on green bonds and loans, this article finds that the gainers are mainly f...
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Jitendra Aswani
Shivaram Rajgopal
17 April, 2025
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Green is good: Risk insights into Indian green stocks
While consistent financial flows towards climate resilience are crucial, there is a recent global trend of withdrawal of investment from ‘green assets’. Given the centrality of potential risk-adju...
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Gagari Chakrabarti
Chitrakalpa Sen
26 June, 2024
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Embracing the melody of dissent: A symphony in policymaking
In recent times, members of the Monetary Policy Committee of the Reserve Bank of India, have expressed views that are contrary to the MPC’s official stance. This article investigates the influence o...
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Unninarayanan Kurup
Rajendra N. Paramanik
Rounak Sil
24 June, 2024
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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...
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Rajeswari Sengupta
Harsh Vardhan
20 May, 2024
- Perspectives
Irrationality in financial decisions: A policy proposal
The high valuations of small- and mid-cap stocks in the Indian market seem indicative of irrational exuberance. In this context, Gurbachan Singh discusses the prevailing policy framework to deal with ...
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Gurbachan Singh
18 March, 2024
- Perspectives
16th Finance Commission: Towards vertical and horizontal balance
The recommendations of the recently constituted Sixteenth Finance Commission (FC16) will govern the sharing of revenues between the Union and states during 2026-2031. In this post, Ganguli and Sinha l...
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Barna Ganguli
Bakshi Amit Kumar Sinha
13 February, 2024
- 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 ...
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Pratik Datta
Rajeswari Sengupta
30 January, 2024
- Perspectives
A more focused RBI: Creating capacity to tackle ‘true’ market failure
Large, routine payments to the government by the public lead to liquidity crunch in the economy, necessitating interventions by the central bank. However, Gurbachan Singh argues that the RBI is better...
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Gurbachan Singh
10 January, 2024
- Perspectives
Debt markets’ response to mandatory corporate social responsibility
To examine the response of debt holders to the Mandatory Corporate Social Responsibility, this study by Jitendra Aswani looks at debt pricing for firms impacted by the Indian Companies Act 2013 and it...
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Jitendra Aswani
23 August, 2023
- Articles
Who holds sovereign debt and why it matters
Knowing who invests in sovereign debt and how they impact borrowing costs could help governments understand how costly it would be to raise new debt. This article constructs and analyses data on the c...
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Xiang Fang
Bryan Hardy
Karen K. Lewis
04 August, 2023
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The past and future of Indian finance
In the fourth article in the Ideas@IPF2023 series, Ruchir Agarwal describes the impact of two economic shocks – the financial crisis of 2018-20 and the Covid-19 pandemic – on the Indian financial ...
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Ruchir Agarwal
14 July, 2023
- Perspectives
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...
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Vaishali Garga
Aeimit Lakdawala
Rajeswari Sengupta
24 May, 2023
- Articles
UPI: A game changer towards achieving a cashless economy
Since the launch of the Unified Payment Interface (UPI), the volume of digital transactions in India has increased exponentially over the last few years. Shamim Ara highlights the trends in the expans...
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Shamim Ara
22 May, 2023
- Perspectives
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India’s insurance sector: Challenges and opportunities
While India’s insurance sector has been growing dynamically in recent years, its share in the global insurance market remains abysmally low. This article traces the journey of the Indian insurance s...
Kuntala Bandyopadhyay
Saon Ray
Vasundhara Thakur
31 August, 2020
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Financial inclusion in India: Progress and prospects
Financial inclusion is globally considered as a critical indicator of development and well-being of society. In this post, Srinivasa Rao traces the financial inclusion journey in India so far, and dis...
K. Srinivasa Rao
11 July, 2018
- 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...
Rajeswari Sengupta
Harsh Vardhan
15 November, 2021
- Perspectives