Poonam Gupta

Poonam Gupta

Director General

Poonam Gupta is the Director General of NCAER, and a member of the Economic Advisory Council to the Prime Minister. She specialises in Macroeconomics, and issues related to the Emerging Market Economies. Before joining NCAER, Dr Gupta was the Lead Economist for Global Macro and Market Research at the International Finance Corporation and led the policy research work on India at the World Bank. Prior to that, she was the Reserve Bank of India Chair Professor at the National Institute of Public Finance and Policy; Professor at the Delhi School of Economics; and Researcher at the International Monetary Fund. Her research has been published and cited widely in scholarly journals and has also featured in leading international business dailies such as The Economist, Financial Times, and The Wall Street Journal.  

She is currently a member of various organisations, including the Development Evaluation Advisory Committee, NITI Aayog; Board of the Global Development Network; National Executive Committee, Federation of Indian Chambers of Commerce and Industry; and Governing Body, National Institute of Public Finance and Policy.

Dr Gupta holds a PhD in Economics from the University of Maryland, USA, and a Masters in Economics from the Delhi School of Economics.

PAPER | NCAER
Privatization of Public Sector Banks in India: Why, How and How Far
Poonam Gupta,  Arvind Panagariya
2022

PAPER | NCAER
A Central Bank Digital Currency for India?
Barry Eichengreen,  Poonam Gupta,  Tim Marple
2022

PAPER | NCAER
Slowdown of the Indian Economy during 2019-20: An Enigma or an Anomaly
Poonam Gupta,  Abhinav
2022

PAPER | NCAER
The Taper This Time
Poonam Gupta
2021

JOURNAL | Indian Public Policy Review
Emerging Market Sell-Offs: India and the World
Poonam Gupta | Dhruv Jain
2021

REPORT | World Bank
India Development Update
Poonam Gupta
2020

PAPER | India Policy Forum, NCAER
India’s Growth Outlook, Fiscal and Monetary Policy Framework Inflation Targeting in India: An Interim Assessment
Poonam Gupta
2020

PAPER | India Policy Forum, NCAER
India’s Growth Story
Poonam Gupta
2018

PAPER | World Bank
Capital flow measures: structural or cyclical policy tools?
Poonam Gupta
2018

PAPER | World Bank
Managing Sudden Stops of Capital Flows
Poonam Gupta | Barry Eichengreen
2016

BOOK CHAPTER | Springer
Monetary Policy in an Interdependent World-The Indian Experience in Monetary Policy in India: A Modern Macroeconomic Perspective
Poonam Gupta | Chetan Ghate | Ken Kletzer
2015

JOURNAL | Indian Growth and Development Review
Bank Ownership and the Effects of Financial Liberalization: Evidence from India
Poonam Gupta | Kalpana Kochhar | Sanjaya Panth
2015

JOURNAL | Emerging Markets Review
Tapering Talk: The Impact of Expectations of Reduced Federal Reserve Security Purchases on Emerging Markets
Poonam Gupta | Barry Eichengreen
2015

JOURNAL | Journal of International Money and Finance
What Makes a Currency Procyclical?
Poonam Gupta | Tito Cordella
2015

PAPER | India Policy Forum, NCAER
Quantitative Easing and Tapering of Monetary Policy in the US: Understanding the Effects on India
Poonam Gupta
2015

PAPER | World Bank
The Exchange Rate and Exports Growth: Are Services Different?
Poonam Gupta | Barry Eichengreen
2015

PAPER | World Bank
From Tapering to Tightening—the Impact of the US Lift-off on East Asian Countries
Poonam Gupta
2015

PAPER | World Bank
Tapering Talk: The Impact on African Economies
Poonam Gupta
2014

PAPER | World Bank
Generating Larger Tax Revenues in South Asia
Poonam Gupta
2014

JOURNAL | Journal of International Money and Finance
Effect of the Global Financial Crisis on Indian Banks: Survival of the Fittest?
Poonam Gupta | Barry Eichengreen
2013

JOURNAL | Indian Growth and Development Review
Exports of Services: Indian Experience in Perspective
Poonam Gupta | Barry Eichengreen
2013

REPORT Economic Survey
Labor Regulations: Impediment to Growth and Size of Indian Firms in Manufacturing
Poonam Gupta | Rana Hasan
2013

WORKING PAPER | NBER & Oxford Economic Papers
The Two Waves of Services Sector Growth
Poonam Gupta | Barry Eichengreen
2013

JOURNAL | Economics and Politics
Growth and Election Outcomes in a Developing Country
Poonam Gupta | Arvind Panagariya
2012

BOOK CHAPTER | Oxford University Press
Explaining the Growth of Manufacturing in India: Role of Labor Regulations and Infrastructure in Handbook on Indian Economy
Poonam Gupta | Utsav Kumar
2011

BOOK CHAPTER | Oxford University Press
Economic Reforms and Economic Outcomes in India: Trade, Poverty, Inequality, and Democracy
Poonam Gupta | Arvind Panagariya
2011

WORKING PAPER | NBER & India Policy Forum, NCAER
The Service Sector: India’s Road to Economic Growth?
Poonam Gupta | Barry Eichengreen
2011

PAPER | Government of India and ICRIER
Financial Sector Reforms under G20 and the Indian Banks
Poonam Gupta
2011

PAPER | World Bank
Services Exports: Are the Drivers Different for Developing Countries?
Poonam Gupta
2011 

REPORT | World Bank
India Development Update
Poonam Gupta
2010

BOOK | Oxford University Press
Emerging Giants: China and India in the World Economy
Poonam Gupta | Barry Eichengreen | Rajiv Kumar
2010

PAPER | Government of India and ICRIER
Reforms of the State Owned Enterprises in China and Lessons for India
Poonam Gupta
2010

PAPER | India Policy Forum, NCAER
Big Reforms but Small Payoffs: Explaining the Weak Record of Growth and Employment in Indian Manufacturing
Poonam Gupta | Rana Hasan | Utsav Kumar
2009

BOOK CHAPTER| Oxford University Press
What Constrains Indian Manufacturing? in Emerging Giants: China and India in the World Economy
Poonam Gupta | Barry Eichengreen | Rajiv Kumar
2009

JOURNAL | Journal of Finance
Foreign Banks in Poor Countries: Theory and Evidence
Poonam Gupta
2008

JOURNAL | Journal of International Economics
Behavior of Output during Currency Crises
Poonam Gupta | Deepak Mishra | Ratna Sahay
2007

BOOK CHAPTER| University of Chicago Press
Sudden Stops and IMF-Supported Programs in Financial Markets Volatility and Performance in Emerging Markets
Poonam Gupta | Barry Eichengreen | Ashoka Mody
2006

JOURNAL | Journal of Financial Stability
Foreign Banks in Emerging Market Crises: Evidence from Malaysia
Poonam Gupta | Enrica Detragiache
2006

JOURNAL | Journal of International Money and Finance
Inside the Crisis: An Empirical Analysis of Banking Systems in Distress
Poonam Gupta | Enrica Detragiache | Asli Demirguc-Kunt
2006 

JOURNAL | Journal of International Money and Finance
Aftermath of Banking Crises: Effects on Real and Monetary Variables
Poonam Gupta
2005

WORKING PAPER | IMF
Macroeconomic Determinants of Remittances: Evidence from India
Poonam Gupta
2005

PAPER | IMF
Understanding the Growth Momentum in Indian Services
Poonam Gupta | Patricia Reynolds
2005

WORKING PAPER | IMF
Finance in Lower Income Countries: An Empirical Exploration
Poonam Gupta | Enrica Detragiache | Thierry Tressel
2005

BOOK CHAPTER| Oxford University Press
Services Revolution in India in India’s and China’s Recent Experience with Reform and Growth
Poonam Gupta | James Gordon
2004

JOURNAL | Economic and Political Weekly
NRI Deposits in India: Trends and Determinants
Poonam Gupta | James Gordon
2004

WORKING PAPER | IMF
Portfolio Flows into India: Do Domestic Fundamentals Matter?
Poonam Gupta | James Gordon
2003

PAPER | IMF
Does Monetary Policy Stabilize the Exchange Rate Following a Currency Crisis?
Poonam Gupta | Ilan Goldfajn
2003

PAPER | IMF
States’ finances in India
Poonam Gupta | Patricia Reynolds
2001

OPINION|The Economic Times
IMF’s latest news may not be bad news for India if it plays its cards right
Poonam Gupta
July 28, 2022

OPINION |The Economic Times
Why the exchange rate ought to be treated as an automatic stabilizer
Poonam Gupta
July 14, 2022

OPINION|The Economic Times
The reforms needed for G20 to be relevant to all members, and not just advanced economies
Poonam Gupta & Kavya Singh
June 13, 2022

OPINION | The Economic Times
Rapid introduction of a central bank digital currency is fraught with risks, especially for end-users
Barry Eichengreen, Poonam Gupta & Tim Marple
May 5, 2022

OPINION | The Economic Times
How RBI’s status quo on key policy rates is appropriate for India
Poonam Gupta
February 14, 2022

OPINION | The Economic Times
Budget steers clear of drama in complex economic environment
Poonam Gupta
February 2, 2022

OPINION | The Economic Times
Where will India’s economic growth settle in the next 2-3 years?
Poonam Gupta
December 2021

OPINION | The Economic Times
As the US Fed tightens the asset purchases spigot once more, will India feel the heat?
Poonam Gupta and Barry Eichengreen
November 2021

OPINION | The Economic Times
Despite Could inflation in developed countries have a spillover effect on India?
Poonam Gupta
October 2021

OPINION | The Economic Times
Why Despite Being Impacted by Tapering, India Doesn’t Need to Overly Worry about the Fed Decision
Poonam Gupta
September 2021

OPINION | The Economic Times
Volatility and Structure Reforms: Opportunity Comes Knocking
Poonam Gupta
2018

OPINION | Let’s Talk Development
Capital Account Liberalization and Controls: Structural or Cyclical Policy Tools?
Poonam Gupta
2018

OPINION | End Poverty in South Asia
India’s Remarkably Robust and Resilient Growth Story
Poonam Gupta
2018

OPINION | The Economic Times
India’s Growth Story
Poonam Gupta
2018

OPINION | Let’s Talk Development
Should Emerging Markets Worry about U.S. Monetary Policy Announcements?
Poonam Gupta
2017

OPINION | Let’s Talk Development
Are Capital Flows Fickle? And Does the Answer Still Depend on Type?
Poonam Gupta
2017

OPINION | Vox Column
Managing Sudden Stops
Poonam Gupta
2016

OPINION | Let’s Talk Development
Handling Volatile Capital Flows—The Indian Experience
Poonam Gupta
2016

OPINION | Vox publication
The Brexit Surprise and Emerging Markets
Poonam Gupta | Barry Eichengreen
2016

OPINION | People Move
Remittances to India—Resilient to Domestic and External Shocks
Poonam Gupta
2015

OPINION | Let’s Talk Development
Currency Cyclicality: Emerging Markets Rhetoric and the Euro Crisis
Poonam Gupta
2014

OPINION | Let’s Talk Development
India: From BRICS to Fragile ‘n’ (and Back!)
Poonam Gupta
February 2014

OPINION | Voxeu
Tapering talk: The Impact of Expectations of Reduced Federal Reserve Security Purchases on Emerging Markets
Poonam Gupta | Barry Eichengreen
2013

OPINION | Let’s Talk Development
Tapering talk: The Impact of Expectations of Reduced Federal Reserve Security Purchases on Emerging Markets
Poonam Gupta
2013

OPINION | People Move
Remittances to the Rescue!
Poonam Gupta
September 2013

OPINION | The Financial Express
Economic Survey: New Wine in an Old Bottle?
Poonam Gupta
February 2013

OPINION | Voxeu
The Real Exchange Rate and Exports Growth-Are Services Different?
Poonam Gupta | Barry Eichengreen
2013

OPINION | The Financial Express
What Makes Criminals Tick in Politics
Poonam Gupta | Bhaskar Dutta
January 2013

OPINION | The Financial Express
The Global Financial Crisis and Indian Banks: Survival of the Fittest?
Poonam Gupta | Barry Eichengreen
2013

OPINION | The Financial Express
The Real Exchange Rate and Exports Growth-Are Services Different
Poonam Gupta | Barry Eichengreen
January 2013

OPINION | India Policy Portal
How Do Indian Voters Respond to Candidates with Criminal Charges: Evidence from the 2009 Lok Sabha Elections
Poonam Gupta | Bhaskar Dutta
2012

OPINION | The Economic Times
Crime Tainted MPs Have Little to do with High-Level Corruption
Poonam Gupta | Arvind Panagariya
September 2011

OPINION | The Financial Express
For Performers Incumbency Helps
Poonam Gupta | Arvind Panagariya
April 2011

OPINION | The Times of India
Rich, Educated, Criminal?
Poonam Gupta | Arvind Panagariya
2011

OPINION | The Economic Times
Count on Services for Jobs
Poonam Gupta | Barry Eichengreen
June 2010

OPINION | IMF Research Bulletin
Growth, Policies, Institutions, and Poverty
Poonam Gupta
2004

Education

  • Ph.D. Economics, University of Maryland, College Park, 1998
  • Specialization: Macroeconomics, International Finance, and International Trade
  • M.A. Economics, University of Maryland, College Park, 1995
  • M.A. Economics, Delhi School of Economics, 1991
  • B.A. Economics, Hindu College, Delhi University, 1989

Work Experience

  • 2021 – Present: Director General, NCAER
  • October 2021 – Present: Member, Economic Advisory Council to the Prime Minister
  • 2020 – 2021: Lead Economist, Global Macro and Market Research, International Finance Corporation (IFC), World Bank Group
  • 2017 – 2020: Lead Economist, India, World Bank
  • 2013 – 2017: Senior Economist, Office of the Senior Vice President & Chief Economist, World Bank
  • 2011 – 2013: Reserve Bank of India Chair Professor & National Institute of Public Finance and Policy (NIPFP)
  • 2009 – 2011: Professor, Indian Council for Research on International Economics Relations (ICRIER)
  • 2006 – 2008: Associate Professor, Department of Economics, Delhi School of Economics
  • 2003: Visiting Professor, Indian Statistical Institute (ISI)
  • 1998 – 2006: Economist, International Monetary Fund (IMF), European Department, Research Department, and Asia and Pacific Department
  • 1993 – 1998: Lecturer, Graduate Teaching Assistant, University of Maryland
  • 1991 – 1993: Lecturer, Hansraj College and Hindu College, Delhi University