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India’s foreign reserves and global risk

India’s foreign exchange reserves, relative to GDP, have been on the rise. This article examines the motives behind the hoarding of reserves by central banks, and if adequate reserves are held for p...

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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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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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A vision and action plan for financial sector development and reforms in India

In this article, Agarwal and Prasad present a summary of their new Brookings India report, which takes stock of financial sector development in India, identifies areas of improvement, outlines long-t...

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Bubble in bitcoin or elsewhere?

The price of Bitcoin has skyrocketed. Gurbachan Singh contends that there may or may not be a bubble in cryptocurrencies. If there is a bubble, then the prices will fall eventually, and the story will...

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Facilitating foreign investment in rupee-denominated debt

On 22 September 2017, the RBI notified that rupee-denominated offshore bonds – popularly known as ‘masala bonds’ – will no longer form part of the limit for investment in corporate bonds by fo...

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What did demonetisation do to domestic agricultural markets?

When the note ban was announced a year ago, many feared that it would hit agriculture and informal sectors the hardest given the widespread use of cash for transacting in these sectors. Based on analy...

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Recapitalisation of public sector banks, and financial repression

Government of India recently announced its decision to infuse Rs. 2.11 trillion of fresh capital into public sector banks, financed partly through recapitalisation bonds. In this article, Dr Gurbachan...

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Should India hold US$400 billion of foreign exchange reserves?

RBI’s foreign exchange reserves have now crossed the US$400 billion mark. In this article, Dr Gurbachan Singh discusses why India’s Central Bank should not hold such large reserves.

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Why are finances of Indian states deteriorating?

The combined stock of debt owed by Indian states is about 21% of GDP, and is proliferating. In this article, Ananya Kotia discusses why the stock of the states’ debt is unsustainable today despite ...

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Caste and credit: Not such a woeful tale?

Caste is an enduring predictor of economic status in India and caste-based discrimination continues to pervade several spheres of life. What about rural lending? This column suggests that most caste-w...

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Stock market participation in the aftermath of an accounting scandal

An emerging literature shows that exposure of fraud in the corporate sector leads to a fall in trust on part of households and decline in their stock market participation. Analysing data on daily inv...

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Financial inclusion: Concepts, issues, and policies for India

The International Growth Centre recently brought out a synthesis paper (Singh 2017) that lays out the basic concepts surrounding financial inclusion, and reviews a wide range of IGC and other studies ...

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Post demonetisation: Is digital finance in India's future?

Analysing RBI data from June 2017 – six months after demonetisation was announced on 9 November 2016 – Mukherjee and Wadhwa show that reliance on cash has reverted to pre-demonetisation levels, an...

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Towards financial prescription

The Securities and Exchange Board of India has proposed that the distributors of mutual funds should only be allowed to sell financial products and not act as financial advisers for customers. Drawing...

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Recent Contributors

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Nipuna Varman

National Institute of Public Finance and Policy

Joshua

Joshua Aizenman

University of Southern California

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Gazi Salah Uddin

Linköping University, Sweden

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Jamel Saadaoui

University Paris 8

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Irfan Qureshi

Asian Development Bank

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Donghyun Park

Asian Development Bank

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Debasis Rooj

FLAME University

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Reshmi Sengupta

FLAME University

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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...

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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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