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Money & Finance

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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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...

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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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The low productivity trap of collateralised lending for MSMEs

The share of bank credit extended to MSMEs increased dramatically during the pan-demic. In this post, Harsh Vardhan discusses the the government guarantee of bank loans as a possible driver of this gr...

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How NBFCs are reinventing MSME finance

Even though micro and small enterprises make up over 99% of MSMEs in India, they receive a relatively small proportion of bank credit. Chandra and Muthusamy look at how lending to MSMEs has evolved ov...

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Accumulation of household debt in India: Repercussions for economic recovery

The Covid-19 crisis and the subsequent recession has brought about a shift in financial savings; households have cut back on consumption and reduced their demand for credit, and banks tightened lendin...

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Not exactly bad news: Fed tightening cycle’s implications for emerging markets

The conventional perception, that US Federal Reserve rate hikes necessarily imply capital outflows from emerging markets, is an incomplete assessment. This article disaggregates Fed hikes’ effects o...

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Can access to finance spur entrepreneurship in Indian informal sector?

Credit constraints, a consequence of the widespread failure of credit markets in developing countries, are widely regarded as a key constraint to entrepreneurship. Using 2010-11 and 2015-16 National S...

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Consumption smoothing and household savings: Role of demographics and durables

Canonical predictions of life-cycle models indicate that households will smooth consumption over their lifetimes. Conversely, empirical data from high-income countries have shown that consumption cont...

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International financial architecture and emerging economies

Policy responses to Covid-19 have been a mix of fiscal and monetary policy – with the latter doing the heavy-lifting in both developed and developing countries. Against this backdrop, in this editio...

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International financial architecture and emerging economies

Policy responses to Covid-19 have been a mix of fiscal and monetary policy – with the latter doing the heavy-lifting in both developed and developing countries. Against this backdrop, in this editio...

  • Podcasts

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 ...

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Budget 2022-23: Capital gains tax, and asset-price stability

Although there is a need to ensure asset-price stability, the 2022-23 Budget has left the capital gains tax on equity investment unchanged. In this post, Gurbachan Singh examines the idea of a tax as ...

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Mind the tone: Text analysis of Monetary Policy Committee statements

Government of India appoints three external members on the six-member Monetary Policy Committee, and the statements of all MPC members are released after every committee meeting. Based on data from 30...

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Evaluating the risks in opening up the banking sector

The RBI (Reserve Bank of India) has accepted some of the key recommendations of the Internal Working Group (IWG) to Review Extant Ownership Guidelines and Corporate Structure for Indian Private Sector...

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Recent Contributors


Gurbachan Singh

Independent Economist


Barna Ganguli

Bihar Institute of Public Finance and Policy (BIPF

Bakshi Amit Kumar

Bakshi Amit Kumar Sinha

Bihar Institute of Public Finance and Policy (BIPF


Rajeswari Sengupta

Indira Gandhi Institute of Development Research


Pratik Datta

Shardul Amarchand Mangaldas & Co


Jitendra Aswani

Harvard University


Xiang Fang

University of Hong Kong


Bryan Hardy

Bank of International Settlements

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Most Popular Money & Finance Posts

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...

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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...

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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...

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