Where is India’s economy headed? ANI Podcast with Smita Prakash
In this podcast recorded on 5 June 2026, we discuss why the sense of foreboding on India’s economy – that something really bad is about to happen – is misplaced. We discuss:
Weaponised Dependency
May 19, 2026 | This appeared in the Economic Times print version on 20 May 2026 (link). The kindest take on the recently concluded US-China summit in Beijing was that the relationship has ‘improved’ from antagonism to direct engagement. That the meeting ended without acrimony was an achievement. The US has recalibrated its approach towards … Read more
Pricing our way out
This appeared in the Times of India on 14 May 2026 (link). Well into the third month of the Iran war, earlier assumptions of a short-lived conflict have now been well and truly negated. Over the past week, even as physical shortages of oil seem to have eased, the price of oil for March 2027 … Read more
Some Serious Strait Talking
The US-Israel war against Iran is rolling into unrestricted warfare — until oil and gas inventories last This appeared in the Economic Times on 23 March 2026 (link). The war in West Asia is now like a chess endgame in which one side is trying to survive by running down the clock, and the other … Read more
Oil Traders Expect A Short War
This appeared in the Times of India on 4 March 2026 (link). Nearly everyone expected this to be a short war. Not just those who started it, but also commodity markets. Oil prices jumped around 10% when the conflict started, much less than the reaction when Russia attacked Ukraine. This is understandable: Iran exports only … Read more
Hard miles on fiscal consolidation crossed; can an overly conservative financing plan undo the gains?
This appeared in the Times of India on 2 February 2026 (link) Sometimes, boring and predictable is good, if not great. The FY2027 union budget ticks that box.Greater certainty of fiscal and regulatory policies for businesses and investors enables them to take business risk – an essential condition to reduce India’s long-term cost of capital. … Read more
Podcast: Global turbulence, India’s growth engine & the case for fiscal discipline (The Print)
In this video, Bidisha and I discuss India’s economic outlook, focusing on the upcoming Union Budget 2026: global economic turbulence, India’s growth drivers, and critical policy priorities. Main points We discuss the significant risk posed by disruptions to global capital flows, drawing parallels to the period between 1989 and 1993. Major global players like the … Read more
Time for consistency and calculated policy risks in Budget
This appeared in the New Indian Express on 1 February 2026 (link). Published online: 31 Jan 2026, 11:14 pm The 2026-27 budget is being presented at a time of rare macroeconomic stability in India—strong growth with low inflation. This is a result of the government prioritising economic stability over short-term growth imperatives: a conservative and … Read more
Podcast: Fiscal consolidation has brought down the cost of capital (NISM)
How has fiscal consolidation helped bring down the cost of capital in India? What are its implications for macroeconomic stability, investment cycles, and capital markets? In NISM’s Masterclass Episode 26, Sashi Krishnan, Director, NISM, and I discuss fiscal discipline, government borrowing, interest rates, and their transmission into the real economy.
Podcast: The Semiconductor Mission: India’s Next Industrial Revolution (SparX)
It’s a freewheeling chat. A lightly edited Gemini summary of the video: We discuss India’s journey and ambitions in the semiconductor industry, the India Semiconductor Mission (ISM), its objectives, and the challenges faced in building a semiconductor ecosystem.ISM started in December 2021 with a $10 billion budget to create a robust semiconductor ecosystem in India. … Read more