Ila Patnaik writing for the mass media

My writings in the Indian Express and the Financial Express.

2014

• Hold on to interest rates, Financial Express 1 April 2014
• Open up the capital account, Financial Express 15 March 2014
• No escape from freedom, Indian Express 3 March 2014
• With an eye on inflation, Indian Express 14 February 2014
• Not by babanomics, Indian Express 22 January 2014
• Same old banking, Indian Express 14 January 2014
• Regulator, not planner, Financial Express 11 January 2014
• Constricted by law, Indian Express 2 January 2014

2013

• Looking like a recovery, Financial Express 20 December 2013
• Cereal offenders, Indian Express 17 December 2013
• What 2014 won't change, Indian Express 26 November 2013
• Inflation-targeting is critical, Financial Express 25 November 2013
• Trial by taper, Indian Express 13 November 2013
• Respite as opportunity, Indian Express 24 October 2013
• Rajan vs RBI, Financial Express 22 October 2013
• Forming new bonds, Indian Express 16 October 2013
• A focus for the RBI, Indian Express 24 September 2013
• Reverse liquidity tightening, Financial Express 19 September 2013
• Some RBI dos and don'ts, Indian Express 18 September 2013
• The road ahead for Rajan, Financial Express 5 September 2013
• Fighting the taper, Indian Express 3 September 2013
• Reform chance for new Indian governor, OMFIF 30 August 2013
• The needless battle, Indian Express 19 August 2013
• India Inc hedges its bets, Financial Express 16 August 2013
• Raghuram Rajan takes helm at difficult time, OMFIF 7 August 2013
• Whose monetary policy?, Indian Express 5 August 2013
• Does India need sovereign bonds?, Financial Express 24 july 2013
• The taming of the rupee, Financial Express 12 july 2013
• Losing currency, Indian Express 10 July 2013
• How to cap the CAD, Financial Express 28 june 2013
• Don't try to control the rupee, Financial Express 21 june 2013
• Modi's food security test, Indian Express 14 June 2013
• Can't bank on it, Indian Express 04 June 2013
• Stick to the line of control, Financial Express 27 May 2013
• How do you prevent rupee trades?, Financial Express 10 May 2013
• Some chit chat, Indian Express 08 May 2013
• Growth pick-up still a mirage, Financial Express 30 April 2013
• China's rebalancing act, Indian Express 30 April 2013
• Selling it right, Indian Express 11 April 2013
• Turf war in the offing, Financial Express 26 March 2013
• Caps unlock, Indian Express 20 March 2013
• Budget has two faces, Indian Express 5 March 2013
• In the shadow of the deficit, Indian Express 26 February 2013
• Can't figure it away, Indian Express 12 February 2013
• Right hand, left hand, Indian Express 5 February 2013
• Reform, then remove SST, Financial Express 28 January 2013
• Bank for the buck, Indian Express 24 January 2013
• A finer balance, Indian Express 10 January 2013

2012

• Why reforms aren't lifting growth, Financial Express 28 December 2012
• It's Delhi's move, Indian Express 27 December 2012
• Watch out for capital flow via trade, Financial Express 20 December 2012
• Open and shut, Indian Express 13 December 2012
• Identify this, Indian Express 3 December 2012
• Growing pains, Indian Express 16 November 2012
• Governance 2.0, Indian Express 7 November 2012
• Policy easing won't lift investment, Financial Express 24 October 2012
• One head is better than many, Indian Express 16 October 2012
• What is regulation for?, Indian Express 4 October 2012
• Towards better financial regulation, Financial Express 2 October 2012
• In the mood for reform, Indian Express 17 September 2012
• Sovereign warning, Indian Express 7 September 2012
• RBI is fighting the right battle, Financial Express 1 September 2012
• The emerging slowdown, Indian Express 31 August 2012
• Chidambaram's challenge, Financial Express 23 August 2012
• North un-Block, 8 August 2012
• Smoke and numbers, 31 July 2012
• Towards climate change, 19 July 2012
• Losing the balance, 6 July 201 2
• A new focus for policy, Financial Express 23 June 2012
• Cut can hurt, 21 June 2012
• No Shortcuts for RBI, Financial Express 15 June 2012
• Step out of the way, 13 June 2012
• Don't look, leap, 25 May 2012
• RBI can't save the rupee, Financial Express 17 May 2012
• Rollback to forward, 8 may 20 12
• This isn't 1991, 30 April 2012
• What was RBI thinking?, Financial Express 24 April 2012
• Risky business, 11 April 2012
• The Gold Tax, 27 March 2012. kw- gold import duty, loan-to-value ratio, gold loans.
• How not to disinvest, 15 March 2012. kw- ongc disinvesment.
• Unburdening RBI, Financial Express 9 March 2012. kw- DMO bill.
• Right facts, wrong conclusions, Financial Express 23 February 2012. kw- rbi intervention, rupee appreciation.
• Costly mistake, 20 February 2012. kw- private corporate investment.
• Systems beyond silos, Financial Express 11 February 2012. kw- systemic risk regulation in India.
• The RBI's self-serving bid, 31 January 2012. kw- unified regulator.
• UID as user's ID, 28 January 2012. kw- UID for delivery of public services.
• Not just their roll call, 20 January 2012. kw- PISA results.

2011

• Reserve Bank, refocus, 28 December 2011. kw- inflation.
• Stop controlling, 19 December 2011. kw- controls on derivatives.
• Zones of scepticism, 8 December 2011. kw- banks and the state.
• Floating on the rupee, 23 November 2011. kw- rupee depreciation.
• Lessons from afar, 18 November 2011. kw- governance in Italy.
• Questions in reserve, 8 November 2011. kw- international demand for reserves.
• Save the cash, 25 October 2011. kw- foreign exchange reserves, raw material sources.
• Three balancing acts, 17 October 2011. kw- global recovery.
• Better not step in, 3 October 2011. kw- currency intervention.
• Don't defend the rupee, RBI , Financial Express, 24 September 2011. kw- currency depreciation, intervention.
• Watch like a hawk, 21 September 2011. kw- inflationary expectations.
• Floating concerns, 12 September 2011. kw- exports, exchange rate of the rupee.
• A 10 percent safeguard, 1 September 2011. kw- guidelines for private banks.
• As the debt piles up..., Financial Express, 13 August 2011. kw- US debt.
• Number casting, 11 August 2011. kw- US downgrade.
• Liberalisation 2.0, 2 August 2011. kw- 20 years of reform.
• Government pushing welfare measures more than reforms, Financial Express 24 July 2011. kw- welfare state.
• Wages of a quick fix, 21 July 2011. kw- NREGA wages.
• Turn in the India story, 11 July 2011. kw- institutional change.
• Fuelling a transition, 29 June 2011. kw- fuel prices.
• The percentage game, 20 June 2011. kw- credit policy.
• The colour of evasion, 8 June 2011. kw- black money, GST.
• Who is investing now?, 30 May 2011. kw- investment slowdown.
• Deflated credibility, 19 May 2011. kw- target inflation, credibility.
• The message is the aim, 6 May 2011. kw- monetary policy.
• Not by rate hikes alone, 27 April 2011. kw- target inflation.
• A bad time to lose control, 16 April 2011. kw- effectiveness of capital controls.
• Liberate by growth, 5 April 2011. kw- child sex ratio.
• We've come a long way, 26 March 2011. kw- emerging markets.
• Moving with the cycle, 14 March 2011. kw- macroeconomic policy.
• A new opening act, 2 March 2011. kw- budget 2011, capital account convertibility, corporate debt, retail foreign investors.
• Why growth matters, 19 February 2011. kw- budget 2011, fiscal deficit.
• Cannot trust that IIP data, , Financial Express, 19 February 2011. kw- IIP, capital goods.
• Indexing inflation, 11 February 2011. kw- CPI, WPI, inflation measures.
• Greasing our shock absorbers, 3 February 2011. kw- capital inflows, currency market liquidity, financial reforms.
• Making sense of capital flows, , Financial Express, 29 January 2011. kw- short term loans, portfolio flows.
• The onion's layers, 13 January 2011. kw- agricultural reform, fiscal consolidation, monetary contraction.
• So much they don't know, 3 January 2011. kw- rbi research agenda.

2010

• Causes and no effects, 25 December 2010. kw- inflationary expectations.
• Going around in circles, , Financial Express, 20 December 2010. kw- tight liquidity.
• The European scare, 9 December 2010. kw- soverign debt in Europe.
• Consumed by America, 29 November 2010. kw- Monetary expansion in US, US employment, dollar depreciation.
• Sailing past QE2, 11 November 2010. kw- Monetary expansion in US, QE2, currency appreciation.
• Pegged to the present, 29 October 2010. kw- Chinese exchange rate regime.
• Where has all the investment gone?, Financial Express, 23 October 2010. kw- projects announced, production of capital goods, profit growth.
• Current account caution, 8 October 2010. kw- current account deficit.
• Anchoring expectations, Financial Express, 18 September 2010. kw- infaltionary expectations, consensus forecast.
• Wages of inflation, 17 September 2010. kw- inflationary expectations, wage-price spiral, inflation targeting.
• The two-decade gap, 6 September 2010. kw- U.K Sinha report, capital controls, QFI framework.
• Food for thought, Financial Express, 28 August 2010. kw- core inflation, seasonally adjusted inflation.
• Shampoo and social equality, Financial Express, 15 August 2010. kw- dalit, economic reforms.
• All the way to the bank, 14 August 2010. kw- RBI discussion paper on entry of new banks.
• Let's talk about inflation, 9 August 2010. kw- inflation targeting.
• Transmission lines, 26 July 2010. kw- inflation targeting.
• Behind the curve?, Financial Express, 24 July 2010. kw- inflation, IIP growth.
• The Mauritius code, 12 July 2010. kw- residence based taxation, DTAA.
• Capital controls and unhedged currency exposure, India Policy Forum, NCAER ,29 June 2010. kw- currency mismatches, exchange rate policy.
• Gaining currency, 24 June 2010. kw- Chinese yuan regime.
• Future's rupees, 5 June 2010. kw- Rupee volatility.
• BSST in class, 24 May 2010. kw- BRIC vs BSST.
• Really the heat isn't on, Financial Express, 22 May 2010. kw- inflation, IIP growth.
• Soon there will be one, 3 May 2010. kw- ULIPs, SEBI, IRDA, super regulator.
• It's either inflation or exchange rate, Financial Express, 24 April 2010. kw- monetary policy, exchange rate pass-through, rupee appreciation.
• Appreciate the positive, 12 April 2010. kw- monetary policy, inflation, interest rate hike, rupee appreciation.
• The living debt, 1 April 2010. kw- fiscal consolidation, frbm, Thirteenth Finance Commission.
• Rates of little return, 18 March 2010. kw- inflation, interest rates, monetary conditions, exchange rate passthrough.
• The four fold promise, 27 February 2010. kw- budget 2010, Financial Stability and Develpment Council (FSDC), Financial Sector Legislative Reforms Commission (FSLRC), private bank licenses.
• Expenditure refrom, Financial Express, 21 February 2010. kw- expenditure reform, budget 2010.
• Devil is in the roadmap, 19 February 2010. kw- decade of 2010, budget 2010, reform blueprint.
• Reading the recovery, 3 February 2010. kw- growth, fiscal policy, budget 2010.
• Too early to signal an exit, 19 January 2010. kw- growth, fiscal policy, monetary policy, exit stimulus.
• Bihar's Big-thinking Babu, 16 January 2010. kw- N K Singh, parliament, Bihar.
• Lapping up liquidity, 4 January 2010. kw- crr hike, monetary policy, interest rates.

2009

• To hell and back, Financial Express, 27 December 2009. kw- recession, global financial crisis, India in 2009.
• There are no easy answers, 18 December 2009. kw- monetary policy, interest rates.
• Shifting gears, Financial Express, 7 December 2009. kw- car sales, imports.
• Tobin tax is only for textbooks, Financial Express, 21 November 2009. kw- capital flows, tobin tax.
• Seasoning the stock, 18 November 2009. kw- privatisation, psus.
• Pick apart this myth, 4 November 2009. kw- bank nationalisation, financial inclusion.
• Mrs G and the licence permit raj, Financial Express, 2 November 2009. kw- psu banks, labour laws.
• Green roots of recovery, 15 October 2009. kw- export promotion, rupee appreciation.
• This is no time for rate hike, Financial Express, 9 October. kw- monetary policy easing, growth, exchange rate, inflation.
• The good news analysed better, Financial Express, 5 October. kw- business cycle conditions, seasonally adjusted data.
• Valuing the dollar, 1 October 2009. kw- weakening dollar, rupee appreciation.
• Hand in Hand (with Ajay Shah and Shruthi Jayaram), Financial Express, 21 September. kw- business cycles in India, decoupling.
• No one like us, 31 August 2009. kw- global financial crisis, lessons.
• On different scales, 17 August 2009. kw- monetary policy, food price inflation.
• Find the side effects, 10 August 2009. kw- health policy, sanitation, NREGA.
• The good news on exports you didn't know, Financial Express, 6 August. kw- seasonally adjusted exports.
• RBI has got to do it, Financial Express, 3 August. kw- demand contraction, investment, exports, government spending.
• Wait, watch the uncertainty, 27 July 2009. kw- demand contraction, investment, monetary policy.
• Investment trends at the state level, 7 July 2009. kw- CAPEX, state level investment.
• The free fertiliser solution, Financial Express, 26 June 2009. kw- monsoon, free fertiliser, irrigation.
• Keep the rupee rolling, Financial Express, 22 June 2009. kw- Capital inflows, exchange rate policy.
• The GST of it, Financial Express, 13 June 2009. kw- Goods and Services Tax.
• Set the campus free, 2 June 2009. kw- higher education, university ranking.
• Mind that debt, 25 May 2009. kw- expenditure, fiscal deficit, debt GDP ratio.
• What you must not do, ministers, Financial Express, 23 May 2009. kw- government schemes, delivery of public goods, SSA.
• The flexibility bonus, Financial Express, 11 May 2009. kw- exports in yuan, China, India, yuan, rupee exchange rates.
• Dated data, poor policy, Financial Express, 21 April 2009. kw- inflation, year-on-year, month-on-month, monetary policy.
• Retail therapy, 20 April 2009. kw- sudden stop, outflow of capital.
• India in the Great Recession, Financial Express, 15 April 2009. kw- slowdown, investment ratio, private corporate investment, economic reform.
• Now there are twenty, 4 April 2009. kw- G20, international financial supervision, protectionism, IMF reforms.
• Recipe for investment shortfall,Financial Express, 16 March 2009. kw- consumption ratio, investment ratio, public investment, private corporate investment, household investment.
• Twenty parts to a rescue, 14 March 2009. kw- G20, international financial supervision, protectionism, IMF reforms.
• Sunlight on the ledger, 20 February 2009. kw- fiscal deficit, debt management office(DMO).
• When up is down, Financial Express, 9 February 2009. kw- inflation, year-on-year, month-on-month, deflation.
• Give them credit, 9 February 2009. kw- FSAP, Financial sector assessment programme.
• Governor's choice, 23 January 2009. kw- credit policy, interest rates.
• State of the blackboard, 13 January 2009. kw- right to education.
• Capital ideas, 5 January 2009. kw- NRI funds, private equity, corporate bonds.

2008

• Global economy: unknown to known, Financial Express, 22 December 2008. kw- Uncertainty, liquidity.
• The fiscal and the meta-fiscal, 8 December. kw- fiscal stimulus and fiscal space.
• Foreign institutional investors, Financial Express, 24 November 2008. kw- stock market crash, fii net sales.
• Keep the money moving, 17 November. kw- fiscal expansion, NREGS, infrastructure.
• Clear as liquid, 4 November. kw- RBI package, credibility, transparency,
• The world is what it is, 21 October. kw- global crisis, next step, solvency crisis, liquidity crisis.
• Let the rupee be, 13 October. kw- global crisis, liquidity crunch, rupee depreciation.
• An agenda for difficult times, 30 September. kw- reduce capital controls, liquidity crunch.
• Hope it will float, 8 September. kw- rupee float, exports, imports, currency futures.
• It's turbulent, Dr Subbrao, Financial Express, 2 September 2008. kw- RBI governor, financial sector reform.
• The Thursday syndrome, 21 August 2008. kw- seasonally adjusted inflation rate, monetary policy.
• Pricing the rupee, 28 July 2008. kw- monetary policy, currency pegging.
• In the balance, Financial Express, 8 July 2008. kw- balance of payments, capital inflows .
• Central bank misrules, 3 July 2008. kw- macroeconomic mismangament, monetary policy.
• Shoot inflation, spare growth, Financial Express, 21 June 2008. kw- industrial slowdown, monetary policy.
• What price people, 13 June 2008. kw- inflation, MSS bonds.
• In the number soup, 2 June 2008. kw- inflation report.
• Engineering inflation, 31 May 2008. kw- exchange rate pass-through, inflation.
• Transmission impossible, Financial Express, 16 May 2008. kw- Raghram Rajan Committee, inflation-targeting.
• China does not show the way, 15 May 2008. kw- democracy, sterilised intervention, inflation.
• The nineties nightmare, 6 May 2008. kw- rising interest rates, CRR, credit growth, industrial slowdown.
• RBI's 79 page misreading, Financial Express, 30 April 2008. kw- credit poicy, sterilised intervention.
• Let the rupee climb, 21 April 2008. kw- inflation, foreign exchange intervention.
• Unmade in America, Financial Express, 21 April 2008. kw- credit policy, inconsistent monetary policy framework.
• Redraft the policy framework, Financial Express, 8 April 2008. kw- Raghuram Rajan report on financial sector reforms.
• A capital idea, 8 April 2008. kw- capital controls, Q3 2007-08 Balance of Payments.
• How RBI imported high prices, 4 April 2008. kw- inflation, rupee depreciation, RBI intervention.
• And Bihar still does not get it, 28 March 2008. kw- capex investment, per capita investment in states.
• Engineering of the rupee, 12 March 2008. kw- rupee depreciation, RBI intervention.
• Time to either cut or run, Financial Express, 6 March 2008. kw- GDP growth, IIP growth, interest rates.
• The Plan expenditure fixation, Financial Express, 29 February 2008. kw- revenue expenditure, capital expenditure, plan expenditure, non-plan expenditure.
• No free lunches here, 28 February 2008. kw- fiscal deficits, interest payments.
• Understatement is not a virtue, 26 February 2008. kw- fiscal transparency, true fiscal deficit, oil bonds, food bonds, fertilizer bonds.
• Home is where the dollar goes, 14 February 2008. kw- remittances, interest differentials, net capital flows.
• Bankers without borders, 9 February 2008. kw- monetary policy framework, capital flows.
• How to be ordinary, 29 January 2008. kw- countercylical policy, credit policy.
• Fewer degrees of freedom, Financial Express, 29 January 2008. kw- credit policy, slowdown, capital inflows, capital surge, interest differentials.
• And we all fall down, 22 January 2008. kw- Fed rate cuts, stock market.
• Cut rates now, 17 January 2008. kw- IIP, slowdown, capital inflows, capital surge, interest differentials.
• Do capital controls work?, 7 January 2008. kw- Balance of payments, capital inflows, capital surge, other capital flows.

2007

• The case for cutting rates, Financial Express, 28 December 2007. kw - Repo and reverse repo rate cut, capital controls, rupee appreciation.
• RBI must do a Fed, 14 December 2007. kw - Fed rate cut, capital controls, rupee appreciation.
• Global rebalancing, Financial Express, 30 November 2007. kw - US slowdown, Chinese macroeconomic policies.
• Oiling the economy, 26 November 2007. kw - crude oil prices, oil at hundred, rupee appreciation.
• Aam aadmi in the hot seat, 16 November 2007. kw - CPI, WPI, inflation, money supply, rupee appreciation.
• Surge and the rupee, 6 November 2007. kw - rupee appreciation, RBI intervention, one way bet.
• The fuss about credit policy, 30 October 2007. kw - credit policy, sterilized intervention.
• Nothing durable about it, Financial Express, 25 October 2007. kw - CPI consumer durables, basket.
• Dangers of a one-way bet, 23 October 2007. kw - banning participatory notes, fii inflows, rbi intervention.
• Go with the flow, 18 October 2007. kw - banning participatory notes, capital account convertibility.
• Figure of nine, 11 October 2007. kw - US recession, Indian exports of goods and services.
• India's growth prospects, Financial Express, 27 September 2007. kw - medium term growth in India, investment, labour supply.
• The not so good news on inflation, 26 September 2007. kw - inflation, CPI, WPI, cost of living.
• Fed in or fade out, 21 September 2007. kw - stock market, US Fed rate cut.
• Haryana hurricane, 19 September 2007. kw - CAPEX data, states, investment, projects under implementation.
• What has the rupee got to do with it?, 7 September 2007. kw - exports, REER.
• Taxing times, good times, 22 August 2007. kw - tax revenue, corporate taxes.
• The fear index, 22 August 2007. kw - housing, US subprime market.
• Comparing monetary policies, Financial Express, 23 August 2007. kw - India, China, currency, interest rates.
• Subprime mindset, 18 August 2007. kw - housing, US subprime market.
• Dollar doldrums, 6 August 2007. kw - currency policy, monetary policy, sterlised intervention.
• Grand ideas and gritty detail, Financial Express, 5 August 2007. kw - N K Singh, Politics of Change: A Ringside View
• How is your risk appetite today?, 2 August 2007. kw - US subprime market.
• Policy without framework, 27 July 2007. kw - repo rate, reverse repo rate, LAF.
• India's untenable currency policy, Financial Express, 26 July 2007. kw - rupee, pegged exchage rate.
• Let us waste 0.5 percent of GDP, 18 July 2007. kw - export sops, rupee appreciation.
• The Mistry report mystery, Financial Express, 29 June 2007. kw - Mumbai, International Financial Centre, MIFC.
• Some house truths, 8 June 2007. kw - housing market, real estate bubble.
• Get real about the impossible trinity, Financial Express, 24 May 2007. kw - ECB.
• Poor Distribution System, 24 May 2007. kw - public distribution system.
• The taming of the rupee, 10 May 2007. kw - currency policy.
• Making monetary policy more effective, Financial Express, 25 April 2007. kw - credit policy.
• Monetary mix-up, 2 April 2007. kw - monetary policy, sterlised intervention.
• Quiet trouble in West Bengal, Financial Express, 28 March 2007. kw - West Bengal state budget.
• Only 3.5 percent matters, 28 March 2007. kw - banking regulation
• A fresh mandate for RBI, 20 March 2007. kw - monetary policy, interest rates, REER, export growth.
• Percentage game, 12 March 2007. kw - Taylor rule, interest rates, inflation.
• Growth story in volatile times, 9 March 2007. kw - India growth, US business cycles, housing market.
• PC delivers politically correct, 1 March 2007. kw - Budget 2007, fiscal deficit, inflation, GST.
• Fiscal tightening must do its part, 21 February 2007. kw - Petrol, diesel, inflation, fiscal deficit, government expenditure.
• Taking an interest in credit, 2 February 2007. kw - Monetary policy, interest rates, inflation.
• Look what's on the menu at Neemrana, 27 January 2007. kw - Applied economic research in India, NCAER NBER Neemrana conference.
• Good intentions need a solid backbone, Financial Express, 24 January 2007. kw - budget, expenditure.
• Special Zone called India, 20 January 2007. kw - Special economic zones.
• Inflation at 2-year high, 20 January 2007. kw - inflation, interest rates.
• Futures in the market, 6 January 2007. kw - commodity futures.
• Inflationary pressure may up interest rates, 2 January 2007. kw - inflation, real interest rates.
• GDP growth in 2007, 1 January 2007. kw - GDP growth.

2006

• Infrastructure: theirs and ours, 22 December 2006. kw - rural infrastructure report, NCAER.
• Combination lock to recombination unlock, Financial Express, 26 December 2006. kw - banking, China, India.
• Really, consumer is queen, 16 December 2006. kw - consumption, China, India.
• Trickle down economics is good for health, 24 November 2006. kw - GDP growth, infant mortality, public health services.
• Hindi Chini FTA, 22 November 2006. kw - India China FTA.
• The man who helped millions escape poverty, Financial Express, 21 November 2006. kw - Milton Friedman.
• Micro Scope, 11 November 2006. kw - Microfinance, India, SHGs.
• Four per cent tips, 11 November 2006. kw - Inflation, Central banking.
• Trust and television, Financial Express, 7 November 2006. kw - trust, television, social capital.
• New path or alleyway, 26 October 2006. kw - NHAI, Model Concession Agreement.
• Don't loosen the purse strings, Financial Express, 10 October 2006. kw - GDP growth, FRBM.
• To sustain GDP growth, 30 September 2006. kw - GDP growth.
• Just where is the world economy headed, 24 October 2006. kw - US GDP growth, housing, business cycles.
• China should worry about its high savings, Financial Express, 26 September 2006. kw - Savings rate.
• India China hype?, 23 September 2006. kw - IMF-World Bank Annual meetings, RBI, capital account covertibility, CAC-2.
• The inevitability of capital account convertibility, 19 September 2006. kw - IMF-World Bank Annual meetings, India, China, currency flexibility, RBI, capital account covertibility, CAC-2.
• FDI lessons from China, 18 September 2006. kw - IMF-World Bank Annual meetings, FDI in China, SEZ.
• The future of the World Bank in India, 17 September 2006. kw - IMF-World Bank Annual meetings, World Bank, failed states.
• World Bank report slams India on governance, 16 September 2006. kw - IMF-World Bank Annual meetings, Governance Indicators.
• The India China story, 15 September 2006. kw - IMF-World Bank Annual meetings, India, China, growth.
• Explained: Regional Trade Agreements, 15 September 2006. kw - regional trade agreements.
• Paisa wise, Rupee foolish, 4 September 2006. kw - RBI, capital account covertibility, CAC-2.
• Chidambaram vs Ahluwalia,Financial Express, 29 August 2006. kw - FRBM, social sector spending.
• How to solve the RBI problem, 22 August 2006. kw - RBI, monetary policy, banking regulator.
• Eleventh approach to the same plan?, 15 August 2006. kw - eleventh plan, public health, education vouchers.
• Taming the cycle, Financial Express, 15 August 2006. kw - GDP volatility, countercylical policy, RBI, monetary policy.
• How the plot thickens, 2 August 2006. kw - land acqusition, eminent domain, SEZ.
• The importance of being fiscally responsible, Financial Express, 1 August 2006. kw - FRBM, current account deficits, default.
• The high risks in high deficits, 27 July 2006. kw - FRBM, inflation, current account deficit.
• First payoff to structural pension reform, 22 July 2006. kw - Sixth Pay Commission, New Pension System.
• Economic growth best antidote to poverty, Financial Express, 18 July 2006. kw - South Asia, poverty, growth.
• As Buddha tries to put house in order, VS courts fiscal irresponsibility, 10 July 2006. kw - State budgets, Kerala, West Bengal.
• India's ailing public health services, Financial Express, 4 July 2006. kw - Eleventh plan approach paper.
• End of Distress, 1 July 2006. kw - farmer suicides, agricultural policy.
• To fund welfare, 24 June 2006. kw - disinvestment.
• Bad Economics Zones, 21 June 2006. kw - FRBM, SEZs.
• Looking for a better consumer price index, Financial Express, 20 June 2006. kw - WPI, CPI, inflation measures.
• Taxes by the litre, 13 June 2006. kw - petroleum taxes.
• The destabilizing foreign hand, Financial Express, 6 June 2006. kw - FIIs, stock markets.
• Two years of the UPA: The good, the bad and the ugly, May 2006. kw - Economic policy of UPA.
• What Arjun should focus on, 16 May 2006. kw - Education, SSA.
• The fall of stock markets: A global story, Financial Express, 23 May 2006. kw - stock markets, inflation, interest rates.
• Licence Raj in Education, 21 May 2006. kw - education, permits, licences.
• Why Amma worries, Buddha doesn't, 10 May 2006. kw - State elections, growth rates.
• Growth, poverty and employment in states, Financial Express, 9 May 2006. kw - poverty, employment, convergence, states.
• Employment exchanges, 3 May 2006. kw - employment exchanges.
• Cleaning up the IPO market, 2 May 2006. kw - SEBI, IPO.
• Monsoon forecast, 26 April 2006. kw - Monsoon, business cycles, GDP.
• Managing expectations, Financial Express, 25 April 2006. kw - monetary policy, expectations.
• Needed, a deep and liquid bond market, Financial Express, 11 April 2006. kw - debt market, bonds.
• Impact of SBI strike, 7 April 2006. kw - SBI, deposits, cheques, ATMs.
• RBI: Red Brigade of India, 30 March 2006. kw - capital account convertibility, RBI.
• The euphoria over savings rate, Financial Express, 28 March 2006. kw - savings, investment, current account, public savings.
• Gained in Translation on capital account convertibility, 23 March 2006. kw - capital account convertibility.
• How provident is this fund?, 10 March 2006. kw - excluded provident funds, EPFO.
• Budget 2006, March 1, 2006. kw - Budget 2006.
• State of the fiscal Union, 27 February 2006. kw - budget speech.
• More funds for secondary level, but can the government spent it well?, 16 February 2006. kw - secondary education.
• A future of their own, 3 February, 2006. kw - tiger conservation, tribal bill.
• Why FM won't remove India Inc's FBT headache, 12 January, 2006. kw - fringe benefit tax, income tax.
• Whose policy is it anyway?, 28 January, 2006. kw - RBI, interest rate, hike.
• Fate worse than jail for Telgi, 19 January, 2006. kw - stamp paper, scam.
• Listen, Mr Chidambaram, 12 January, 2006. kw - tax exemption, budget.

2005

• DTH: Direct from government?, 28 December, 2005. kw - cable TV.
• Subsidy on icecream, anyone?, 9 December, 2005. kw - EPF, interest rate.
• Who killed Manjunath?, 28 November, 2005.
• Bihar reloaded. Hope Floats in a Basket Case, 23 November, 2005. kw - Laloo, Nitish Kumar.
• Dangers - Bharat Nirman, 20 November, 2005. kw - infrastructure, highways.
• Gained in Translation. Ben Bernanke, 4 November, 2005. kw - Fed Chairman, Alan Greenspan.
• India, single national market, 26 October, 2005. kw - Kelkar, VAT, GST.
• The English language and India's working population, 14 October, 2005. kw - globalisation.
• A driving licence in 50 minutes and all legal, 11 October, 2005.
• What is wrong with exisiting pension schemes and how the NPS offers a better deal?, 8 October, 2005. kw - civil servants, EPFO, EPS.
• ABC of stock market manipulation, 1 October, 2005. kw - stock price, speculation.
• An immature market economy, 23 September, 2005. kw - stock market.
• Car import racket, 17 September, 2005. kw - car, customs, duties.
• Which Loss Making PSUs should be sold and how, 15 September, 2005. kw - PSUs, Privatisation.
• Outcome budget, 3 September, 2005. kw - outcome budget, spending.
• A cost benefit analysis of saving the tiger, 25 August, 2005. kw - project tiger.
• EGA: The best anti-poverty programme or the biggest scam?, 19 August, 2005. kw - Employment Guarantee Act.
• Restrictions on capital inflows, 17 August, 2005. kw - foreign capital, inflows.
• The revaluation of the Chinese yuan and the implications for India, 1 August 2005. kw - China, currency.
• A power less exotic, 27 July, 2005. kw - Nuclear energy
• Dispelling the Spookes about Nukes, 25 July, 2005. kw - Nuclear energy
• Responding to global warming, 8 July, 2005. kw - Kyoto Protocol , global warming.
• Turn the clock back, 7 July, 2005. kw - IDA, FERA, MRTP.
• Will interest rates go up?, Financial Express, 4 July, 2005. kw - monetary policy, interest rates.
• Sensex up,but not the sentiment, 11 June, 2005. kw - stock prices,P/E ratio
• Close down redundant ministries, Financial Express, 6 June, 2005. kw - ministry, commerce, steel.
• The mystery of capital, 30 May, 2005. kw - SEBI, UBS.
• On the common man's credit, 6 May, 2005. kw - Saving Deposit.
• Evidence on trade union and EPF membership, 5 May, 2005. kw - trade union members, EPF rate.
• States join queue for new pension, but Bill hangs, 2 May, 2005. kw - New Pension Scheme.
• Don't be shy about FII, 28 April, 2005. kw - FII.
• It takes too long to start business in India, longer than in the region, 27 April, 2005. kw - World Bank Study.
• First savings survey shows majority have no retirement nest egg, 27 April, 2005. kw - Pensions.
• How the Left pensioned off the aam admi, 25 April, 2005. kw - Pensions bill.
• Get young Indians to pay for old Europeans, 11 April, 2005. kw - OECD countries, income tax.
• Please, will you step into my parlour?, Financial Express, 11 April, 2005. kw - OECD countries.
• Fear of floating, 21 March, 2005. kw - Exchange Rate.
• For successful pension regulation, Financial Express, 14 March, 2005. kw - Pension.
• Some Cheer In These Taxing Times, 1 March, 2005. kw - Budget, tax.
• Finding the money for a social conscience, 28 February, 2005. kw - Budget 2005.
• Long-term strategy for Budget 2005 , Financial Express, 28 February, 2005. kw - Budget 2005.
• Let the iron rooster take wing, 26 February, 2005. kw - Railway Budget.
• Look beyond General stereotypes, 23 February, 2005. kw - Budget, Pakistan.
• No gimmicks, please, 20 February, 2005. kw - Budget, Taxes.
• Here's to Budget 2005, 12 February, 2005. kw - Budget, Tax reforms.
• Market takes a stand on Sebi chair, (with Gautam Cikarmane), 29 january, 2005. kw - SEBI.
• Learning from Mayurbhanj, 21 January, 2005. kw - EGA.
• Oh VAT a lovely tax, 19 January, 2005. kw - VAT, Budget.
• VAT's the good word for Budget 2005 , Financial Express, 17 January, 2005. kw - VAT.
• From India on move, a reverse signal, 13 January, 2005. kw - RBI, FII.
• From supercyclone, Orissa has seven tips for Black Sunday relief, 7 January, 2005. kw - Tsunami, relief.
• Here, food for work does mean food & work, 2 January, 2005. kw - Employment Guarantee Act

2004

• Reserving all judgement, 20 December, 2004. kw - Private Sector, RBI.
• Have accountability in forex management , Financial Express, 20 December, 2004. kw - Forex reserve, RBI.
• Day of declining dollar, 18 December, 2004. kw - Currency, RBI.
• Dollars dollars everywhere but not very much to buy, (Part-II) 1 December, 2004. kw - Foreign Exchange Reserves.
• Reserving currency to go shopping abroad, (Part-I) 29 November, 2004. kw - Foreign Exchange Reserves.
• When oil and oil don't mix, 22 November, 2004. kw - PSU, Banks, Merger.
• Public Sector capitalism, 10 November, 2004. kw - PSU, Ministries.
• Oil the economy's problems, 6 November, 2004. kw - Crude Oil.
• Monetary policy: Make the process open, Financial Express, 25 October, 2004. kw - Credit policy, Repo rate.
• RBI's pride, India's dilemma, 25 October, 2004. kw - Forex Reserves, RBI.
• Confessions of a recent Linux convert, 18 October, 2004. kw - Linux, Operating System.
• Govt can reap Rs 79,000-cr harvest, Left won't mind, 6 October, 2004. kw - Disinvestment.
• Bad examples of India abroad, 5 October, 2004. kw - Export.
• Kelkar's one-stop solution for fiscal woes, (with Rahul Pathak), 3 October, 2004. kw - Goods & Services Tax.
• Kelkar has a parting shot: Reforms should begin at home, in Finance Ministry, (with Rahul Pathak), 1 October, 2004. kw - Kelkar, Taxes.
• It is pointless to fake exports, Financial Express, 30 September, 2004. kw - Exports, Exchange Rate.
• Strike one for privatisation, 22 September, 2004. kw - Privatisation, PSU Banks.
• Beware of lazy banker, 20 September, 2004. kw - Interset Rate, Bonds, Risk.
• Five minutes to understanding CRR, 19 September, 2004. kw - Cash Reserve Ratio.
• As Indians age fast, get ready for more pensioners, more tax burden, 19 September 2004. kw - EPFO.
• A run for your bank, 16 September, 2004. kw - PSU Banks, NPA.
• The bank's a private matter, 15 September, 2004. kw - PSU Banks, Privatisation.
• No one's talking of this hole in Govt's pension poceket: Rs. 17,500 crore, 9 September,2004. kw - Provident Fund.
• Extend The civil servants' pension scheme to the poor, Financial Express, 8 September, 2004. kw - Pension, EPFO.
• There's a hole in the bucket, 8 September 2004. kw - Provident Fund.
• The animal spirits of the new entrepreneur, 30 August 2004. kw - Public Sector, Private Sector.
• Your guide to share and bonds, 24 August 2004. kw - Shares & Bonds.
• Stock market: basics, 21 August 2004. kw - Stock Market.
• Lost in interest, (with Navika Kumar), 18 August 2004. kw -Provident Fund, Civil Servants Pension.
• Cess in a cesspool, 13 August 2004. kw - Education Expenditure, Education Vouchers, Enrolment, Drop Out Rates, CMP.
• But consumers aren't complaining, 13 August 2004. kw - Inflation, CPI, WPI.
• Drought proofing India, 9 August 2004. kw - Business Cycles in India, Monsoon Cycles.
• Inflation, 7 August 2004. kw - Inflation.
• Depreciation rates and India Inc's taxes, 6 August 2004. kw - Kelkar Task Force.
• Troubled by trade, 1 August 2004. kw - Book Review, Globalisation, Jagdish Bhagwati.
• High stakes for service tax, 29 July 2004. kw - GDP, VAT.
• Brave new world for exporters, 28 July 2004. kw - Custom Rate, VAT.
• Tax buoyancy: Devils in the details, 27 July 2004. kw - Tax Buoyancy, GDP.
• Tax revolution way to zero deficit, Govt told, 24 July 2004. kw - VAT, Tax.
• 7 steps to preventing EPF abuse, 20 July 2004. kw -Provident Fund, Interest Rate, Tax Rebate.
• Turn over this tax, 19 July 2004. kw - Stock Markets, Turnover Tax.
• Chidambaram's budget lacks vision for refrorms, Financial Express, 9 July 2004. kw - Financial Budget 2004-05, GDP.
• He s banking on 24% hike in tax revenue, question: will that happen?, 9 July 2004. kw - Optimistic Revenue Projections. kw - Financial Budget 2004-05.
• Tuning in to FM, his budget, 8 July, 2004. kw - Budget.
• The ABC of EPFO, 8 July, 2004. kw - EPFO.
• Railway budget, 7 July 2004. kw - Railway Budget, 2004-05.
• Food Policy, 2 July 2004. kw - Cereals, Non-cereals.
• What Next On Interest Rates, Financial Express, 25 June 2004. kw - Interset Rate, GDP.
• VAT, 24 June, 2004. kw - VAT.

2004, Business Standard

• Cutting deficits, 16 June 2004. kw - fiscal deficit, budget, taxes,Keynesian policies.
• Riding the cycle, 2 June 2004. kw - business cycles in India, monsoon cycles, exports, investment.
• Is the stock market a barometer of the economy,The Times of India, 23 May 2004. kw - stock markets, economic performance.
• Its the market, stupid, 19 May 2004. kw - election, left, stock markets, investment, Black Monday.
• The USD quagmire, 5 May 2004. kw - Forex reverves of China and Japan, US economy.
• A change in course?, 7 April 2004. kw - currency regime, exchange rate volatility, central banks that lie.
• Looking beyond Mr. Joshi, 17 Mar 2004. kw - higher education.
• Dining with the devil, 3 Mar 2004. kw - currency policy, sterilised intervention, reverse speculative attack.
• Feeding an elephant, 18 Feb 2004. kw - currency policy, sterilised intervention, quasi-fical costs, monetary stabilization fund.
• Outsourcing is an old story with new critics, The Asian Wall Street Journal, 13-15 Feb 2004. kw - outsourcing, protectionism.
• Fiscal implications of the DA merger, The Economic Times, 9 Feb 2004. kw - DA merger, fiscal impact.
• Fiscal Consolidation, 5 Feb 2004. kw - fiscal deficit, anti-cyclical fiscal policy.
• What next with GDP growth?, 21 Jan 2004. kw - sustainability of GDP growth, investment.
• RBI tries to hang on, 7 Jan 2004. kw - currency policy, sterilised intervention, reverse speculative attack.

2003

• Feel bad factor 17 Dec 2003. kw - Fiscal deficit, public goods.
• Getting governance right 1 Dec 2003. kw - Governance, public goods.
• Back to the 1970s 19 Nov 2003. kw - ECB guidelines, capital inflows, inspector raj.
• 8 percent tariff for 8 percent growth 5 Nov 2003. kw - custom duties, reserves, capital inflows.
• Trade deficit: Boon or bane? 15 Oct 2003. kw - current account deficit, development strategy, capital export.
• Outlook for credit policy, 1 Oct 2003. kw - credit policy, interest rates.
• Quasi-fiscal costs, 17 Sept 2003. kw - sterilized intervention, currency regime, monetary policy.
• Dr Jalan's dilemmas, 2 Sept 2003. kw - currency regime, open capital account, impossible trinity.
• Should ECB norms be relaxed, Economic Times, 20 August 2003. kw - capital inflows, interest rates, currency regime.
• Lazy bankers, 13 August 2003. kw - yield curve, interest rate risk, credit monitoring.
• What next at RBI, 30 July 2003. kw - Y. V. Reddy, currency regime, capital inflows.
• Creative Destruction, 16 July 2003. kw - PCO/STD booths, labour market flexibility.
• A change in course?, 1 July 2003. kw - currency regime, sterilized intervention, floating exchange rate.
• Book review: Seeking Social Justice through Globalization by Gavin Kitching, International Studies, Volume 40, No.3, July-September 2003, kw- globalization of financial markets, gains from trade.
• No rate cut, 18 June 2003. kw - exchange rate regime, interest rate differentials.
• What next on interest rates?, 4 June 2003. kw - currency volatility, interest rate volatility.
• Enter the dragon?, 14 May 2003. kw - India's trade with China and Hong Kong.
• The visible hand, 30 April 2003. kw - review of Saving capitalism from the capitalists, by Raghuram Rajan and Luigi Zingales.
• Making Indian banks safer, 16 April 2003. kw - banks, interest rate derivatives, interest rate risk, interest rate futures launch.
• Higher oil prices?, 2 April 2003. kw - iraq war, India's vulnerability to higher oil prices.
• Contractionary Fiscal policy, 19 March 2003. kw - budget, fiscal policy.
• The silver lining?, 5 March 2003. kw - pension proposals in the budget .
• Which ministries should get the axe?, 29 January 2003. kw - public expenditure, public goods, fiscal constraints.
• How safe are Indian banks?, 15 January 2003. kw - banks, interest rate risk.
• Who will pay for local services?, 1 January 2003. kw - local government, public spending, taxes.
• Interest rate risk in Indian banks, January 2003, moneycontrol.com, kw - interest rate risk, banks.
• Signs of revival: Evidence from imports, January 2003, moneycontrol.com, kw - growth in imports.

2002

• Political economy of interest rates, 18 December 2002. kw - saving, tax exemptions, market distortions.
• Reserves as insurance: Money Back or Life?, 4 December 2002. kw - foreign exchange reserves, reserves management, investment.
• Bill Gates: Friend or Foe?, 20 November 2002. kw - Microsoft, free software, monopoly.
• Is the rupee undervalued , 7 November 2002. kw - currency, real exchange rate, productivity.
• Run up to the credit policy , 17 October 2002. kw - credit policy, interest rates, crr, saving rate.
• Why they think we are junk , 2 October 2002. kw - India credit rating, rupee debt, fiscal adjustment.
• Fiscal impact of bail-outs , 4 September 2002. kw - bail-out, financial institutions, UTI, NPA .
• Drought Management , 7 August 2002. kw - rainfall, drought, gdp growth projections .
• Can the Indian economy grow at 8 per cent?, 21 July 2002 The Times of India. kw - growth, investment.
• The road ahead for the new FM , 3 July 2002. kw - corruption, excise duties, expenditure.
• Special Group vs Task Force , 5 June 2002. kw - employment, labour laws .
• Book review: Economics of Chance, , 18 May 2002. Outlook. kw - Book review of Glimpses of Indian Economic Policy - An insider by I. G. Patel.
• Has the bank rate bottomed out , 8 May 2002. kw - interest rates.
• An embarrassment of riches , 10 April 2002. kw - foreign exchange reserves, reserve adequacy.
• Is the Budget milking the salaried class dry , 17 March 2002. The Times of India. kw - Income tax, tax incentives, provident fund.
• Zoellick versus Bush , 13 March 2002. kw - steel industry, protection, US trade policy .
• Horses for courses , 20 February 2002. kw - tax exemptions, Shome committee, Reddy committee.
• Heads in the sand , 8 February 2002. kw - Real exchange rate, REER, currency, exchange rate management.
• Consumer key to growth, 02 February 2002 The Times of India. kw - Income tax,tax incentives, provident fund, consumer demand.
• When a leopard changes spots , 23 January 2002. kw - Report on Currency and Finance, inflation, growth.
• Book Review: A job half done , 14 January 2002. kw - Book review of Development and Finance by M. Narasimham .
• Book Review: Asian Crisis Revisited , 12-18 January 2002. Economic and Political Weekly kw - Book review of The East Asian Currency Crisis by Mihir Rakshit.
• How to read tea leaves , 9 January 2002. kw - business cycles, leading indicators.

2001

• What causes prosperity and collapse?, 27 December 2001. kw - Review of Indian Economic Review's Special Issue on Business Cycles.
• An investment revival? , 13 December 2001. kw - investment expenditure .
• Reform job partly done ,26 December 2001. kw - Book review of Protection in Indian Manufacturing: An Empirical Study by Hasheem Nouroz.
• For appearances sake ,24 November 2001. kw - CRR, credit, reserve money.
• Languishing social sector, 7 November 2001. kw - health, education, income .
• Me safe you sorry , 24 October 2001. kw - RBI, liquidity, monetary policy.
• Come into my parlour, 27 September 2001. kw - China's entry into WTO.
• The dark side of the moon, 2001. kw - unemployment, capital-labour ratio.
• Yashwant Sinha's totem-pole, 26 July 2001. kw - GDP growth rate, monsoon.
• Few signs of recovery , 12 July 2001. kw - growth, deficit.
• Old habits die hard , 6 June 2001. kw - industrial growth, demand .
• To worry or not to worry , 23 May 2001. kw - GDP growth, data revisions.
• From GDP to PDY in 16 easy steps , 9 May 2001. kw - National income accounting.
• India's new business cycle , 25 April 2001. kw - business cycles, exchange rate policy .
• Heterogeneity of Ideas , 16 April 2001. kw - Book Review of Contemporary Macroeconomics by Amitava Bose et.al.
• The case against a rate cut , 11 April 2001. kw - bank rate, monetary policy.
• How about swadeshi savings , 12 March 2001. kw - domestic savings.
• Will the surcharge go , March 2001, India-today.com, kw - budget, income tax surcharge.
• Stroking sentiment , 26 January 2001, Times of India, kw - budget, business confidence.
• What is a positive environment? , 25 January 2001. kw - bank rate, investment .
• Of onions, oil and inflation , Sharekhan.com, 25 January 2001.
• Budget to step up aggregate demand , Sharekhan.com, 1 March 2001.
• Try debt, dear Henry, try debt , Sharekhan.com, March 2001.
• The hand of god , Sharekhan.com, March 2001.kw-revising IIP data.
• Railways in the red , Sharekhan.com, 2001.
• Behaving responsibly , Sharekhan.com, 2001.
• The credit policy: Deja vu , Sharekhan.com, April 2001.
• Is the worst over? , Sharekhan.com, 2001.
• My share of the cake , Sharekhan.com, 2001.
• PPF rate cut , Sharekhan.com, 2001.

2000

• What's worrying you Mr. Governor, 26 December 2000. kw - foreign exchange reserves, reserve adequacy.
• Who is afraid of Chinese imports?, 26 November 2000. kw - manufactured imports, China.
• Where has all the credit gone, 31 October 2000. kw - bank credit, oil prices, imports.
• Monetary Policy in uncertain times, 11 October 2000. kw - inflation, forecast, money.
• Coming of age for social capital, 8 September 2000. kw - social capital.
• Does the RBI know what it wants?, 14 August 2000. kw - monetary policy.
• Bon Apertif, 28 June 2000. kw - Book review of Issues in Financial sector reforms by S.S.Tarapore.
• RBI has struck the right note, 6 June 2000. kw - monetary policy.
• Legalising Cricket betting will encourage match fixing, 3 May 2000. kw - betting.
• Surprising Naivete on Tax Havens, 11 April 2000. kw - double taxation treaties.
• Good News for Importers, 30 March 2000. kw - exchange rate, imports.
• Sawal Sau crore ka , Sharekhan.com, 13 December 2000.
• Between a rock and a hard place , Sharekhan.com, 20 December 2000.
• Paying for Mum and Dad , Sharekhan.com, 27 December 2000.

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