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Publications

Op-ed June 18, 2026

Opinion | Stress on the external front must not obscure domestic chal­lenges

By Dr. Niranjan Rajadhyaksha

India’s household economy tells a different story than headline growth. Stagnant real incomes are reshaping how families save, borrow, spend, and work—revealing domestic challenges that deserve as much attention as external risks.

Op-ed June 3, 2026

Opinion | Chinese FDI is wel­come but stay vigil­ant on innov­a­tion spill­backs

By Dr. Niranjan Rajadhyaksha

India needs foreign capital, but new evidence suggests Chinese FDI may also facilitate technology transfer back to parent firms. As investment rules ease, policymakers face the challenge of balancing growth with strategic caution.

Blog June 2, 2026

State of Digital Public Infrastructure

A primer on Digital Public Infrastructure

Op-ed May 19, 2026

Opinion | Gold buying for investment purposes also makes it easier to reduce imports of actual bullion

By Dr. Niranjan Rajadhyaksha

India’s rising gold imports are increasingly driven by investment demand rather than traditional consumption. Niranjan Rajadhyaksha explores what this means for the rupee, foreign exchange reserves, and economic policy.

Op-ed May 8, 2026

Industrial policy now has broad World Bank approval but the case for universal adoption remains unclear

By Dr. Niranjan Rajadhyaksha

The World Bank has endorsed the idea of industrial policy with some conditions, reversing its stance of the early 1990s. What its new paper doesn’t address, though, is what happens if every country goes for it.

Op-ed April 22, 2026

Opinion | India’s widening current account deficit amid global uncertainty: At what point do alarm bells ring?

By Dr. Niranjan Rajadhyaksha

India’s current account deficit may touch slightly above $84 billion this year, raising concerns amid global uncertainty. But does it signal trouble yet—or just a phase of manageable external imbalance?

Op-ed April 14, 2026

Demystifying interoperability in Digital Public Infrastructure

By Dr. Hemant Adarkar

Interoperability can be understood as the digital equivalent of people speaking a common language while retaining their unique accents

Op-ed April 7, 2026

Opinion | Why a crude oil crisis could play out differently for India’s economy this time

By Dr. Niranjan Rajadhyaksha

Why today’s oil shock may not hit India like the 1970s: stronger fundamentals offer resilience, but supply disruptions still pose tough policy trade-offs between controlling inflation and sustaining growth.

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