RBI’s costly experiments with the currency
During 2023-2024, the average annual volatility of the rupee-dollar exchange rate was 1.8% – the lowest in over two decades. In this post, Patnaik, Pandey and Sengupta explain why sudden and sharp l...
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Radhika Pandey
Ila Patnaik
Rajeswari Sengupta
21 February, 2025
- Perspectives
When is corporate debt a threat to macroeconomic stability?
Since the 2007-08 Global Financial Crisis, policymakers have focused on household debt as the primary risk factor for macroeconomic stability. Should they be similarly worried about corporate debt? Ba...
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Victoria Ivashina
Şebnem Kalemli-Özcan
Luc Laeven
Karsten Muller
18 October, 2024
- Articles
WazirX: Socialisation of losses and need for financial regulation
The cryptocurrency exchange WazirX recently faced a security breach resulting in huge losses for its users. In this post, Nipuna Varman evaluates the ‘loss socialisation’ recovery plan that was in...
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Nipuna Varman
10 October, 2024
- Perspectives
Inclusive finance for inclusive growth: A gender perspective
While research has established that financial inclusion programmes lead to economic upliftment of poor families owing to the participation of women, the evidence on the impact of such programmes on w...
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Vigneshwara Swamy
31 July, 2015
- Articles
Foreign borrowing by Indian firms: Implications for growth and macroeconomic stability
This project analyses the pattern of external borrowing by Indian firms, an exercise that has as yet not been carried out. It identifies possible drivers of such borrowing.
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Ila Patnaik
Ajay Shah
Nirvikar Singh
30 June, 2015
- IGC Research on India
Reining in gold imports
In an attempt to reduce gold imports, the Indian government has proposed three new schemes – gold monetisation, sovereign gold bonds, and domestic production of branded gold coins. In this article,...
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Gurbachan Singh
12 June, 2015
- Perspectives
Barriers to basic banking in India
The Indian government is promoting the Jan Dhan Yojana, Aadhaar and mobile banking – or the “JAM trinity” — as the pathway to financial inclusion. But are banks capable or even willing take o...
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Camille Boudot-Reddy
A.J. Mowl
29 May, 2015
- Articles
Impact of American FDI in India
The United States is one of India’s largest trade and investment partners. This column discusses the impact of American FDI in India in terms of direct effects such as job creation, exports and tec...
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Smita Miglani
Saon Ray
15 May, 2015
- Articles
Can bank account-based payments boost savings?
?The Finance Ministry plans to focus on mobilising savings in the next phase of PMJDY, the financial inclusion scheme. This column presents results from an experiment in Chhattisgarh, which tests whe...
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Vincent Somville
Lore Vandewalle
06 April, 2015
- Articles
The financial inclusion agenda and Aadhaar
The central government is pushing financial inclusion in a big way. In this article, MS Sriram discusses the role of identity in financial inclusion, and the importance of Aadhaar in this context. He...
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MS Sriram
18 March, 2015
- Perspectives
Foreign Fund Flows and Stock Returns: Evidence from India
This project studies the impact of foreign institutional investor (FII) flows on stock returns in India. It exploits stock-level daily trading data for FII purchases and FII sales to separate stocks i...
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Viral Acharya
V Ravi Anshuman
31 January, 2015
- IGC Research on India
Financing India's infrastructure growth
Interest rates in the developed economies are still at very low levels, while investors are looking for high and stable returns for their money. This article outlines an innovative proposal for finan...
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Samik Metia
12 January, 2015
- Perspectives
Challenges and priorities for financial sector reform in India
I4I Editor Nirvikar Singh (Professor, University of California, Santa Cruz) interviews K.P. Krishnan (Former Additional Secretary, Department of Economic Affairs, Ministry of Finance) on the central ...
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K.P. Krishnan
Nirvikar Singh
17 November, 2014
- Perspectives
Finance and growth in China and India: Have firms benefited from capital-market expansion?
Financial sectors in India and China are fast expanding. This column presents a new dataset on the capital-raising activity and performance of publicly listed firms in the two countries. It suggests ...
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Tatiana Didier
Sergio Schmukler
08 August, 2014
- Articles
How well does DBT work on the ground?
PM Modi has emphasised fast-tracking roll-out of the Adhaar-based Direct Benefits Transfer programme. In this note, Sweta Trayambak – who has worked with the district administration of Ramgarh in J...
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Sweta Trayambak
04 August, 2014
- Notes from the Field
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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
- Articles
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