National Growth and Macroeconomic Centre

For making better macro policies it is vital to track policy developments in the country; monitor global developments of relevance to India; and, understand the pulse of the economy.


  • State Brief: Gujarat   Op-ed: How Can Gujarat Defy the Middle-Income Trap?

  • India’s Debt Dilemma

    India was an outlier on fiscal outcomes pre-pandemic, before drifting further in the high debt direction during COVID. High levels of debt limit the resources available for other priorities such as health, education and climate change abatement. At the same time, there is no immediate crisis of debt sustainability: institutional factors limit rollover risk, and...   Read More

  • Priorities for the G20 Finance Track

    Emerging markets and developing economies are currently facing major challenges from global shocks including: a slowdown in global growth; food and energy price increases; decline in risk appetite of international investors; unsustainable debts in low-income countries; and ongoing climate risks. National policies have not sufficed to meet these challenges. Efforts at the national level must...   Read More

  • Monthly Review of Economy

    In the Review, we summarise the economic and policy developments in India; monitor global developments of relevance to India; and showcase the pulse of the economy through an analysis of high-frequency indicators and the heat map. See the previous issues:

  • Privatization of Public Sector Banks in India: Why, How and How Far

    Banks play a critical role in economic growth. In India, the banking sector, dominated by public sector banks (PSBs), has underserved the economy and their stakeholders. The under-performance of PSBs has persisted despite several policy initiatives during the past decade. Meanwhile, private banks have further improved their performance and have gained significant market share. In...   Read More

  • A Central Bank Digital Currency for India?

    We review arguments for CBDC issuance in India. These include facilitating payments, enhancing financial inclusion, enabling the central bank and government to retain control of the payments system, facilitating cross-border payments, reducing dependence on the dollar-dominated global payments system, providing an encompassing platform for digital financial innovation.  We then compare progress in India with other...   Read More

  • Slowdown of the Indian Economy during 2019-20:  An Enigma or an Anomaly

    In this paper, we analyze the deep and anomalous economic slowdown in 2019-20, when the Indian economy grew at a rate of 4 percent, the lowest in a decade. We argue that the slowdown was largely confined to one year, 2019-20. The growth rate in the prior years averaged at 7 percent a year, and...   Read More

  • The Taper This Time

    On November 3, 2021, the Federal Open Market Committee announced that it would reduce the scale of its asset purchases by $15 billion a month starting immediately. Do emerging markets, such as India, need to prepare for a replay of the taper tantrum of 2013? We show that emerging markets, including India, have strengthened their...   Read More

  • Analysis of India’s Logistics Costs

    Before making any policy intervention, it is important to estimate the overall logistics costs, including the various associated components/elements in order to understand and identify the problem areas and arrive at meaningful solutions. This NCAER report symbolises a major step in the direction of quantification of logistics costs. Such an exercise, in fact, needs to...   Read More

  • Research and Estimation of Macroeconomic Logistics costs

    High Logistics Costs in India compared to countries with similar environment & state of development are matter of concern for manufacturing growth and comprehensive development of the country. Several reasons are often cited for high logistics costs namely, unfavourable policy regime, lack of multimodal transport system (heavy reliance on road transport), fragmented Storage infrastructure, presence...   Read More


  • 288Souryabrata Mohapatra

    Poonam Gupta is the Director General of National Council of Applied Economic Research (NCAER), India’s largest economic policy think tank; a member of the Economic Advisory Council to the Prime Minister; and a member of the Advisory Council to the 16th Finance Commission. She joined NCAER in 2021 after working at senior positions for nearly two decades at...   Read More

  • 1364Souryabrata Mohapatra

    Arvind Panagariya is Professor of Economics and the Jagdish Bhagwati Professor of Indian Political Economy in the School of International and Public Affairs at Columbia University. From January 2015 to August 2017, he served as the first Vice Chairman of the NITI Aayog, Government of India in the rank of a Cabinet Minister. He simultaneously...   Read More

  • 8811Souryabrata Mohapatra

    Barry Eichengreen is George C. Pardee and Helen N. Pardee Chair and Distinguished Professor of Economics and Professor of Political Science at the University of California, Berkeley, where he has taught since 1987. He is a Research Associate of the National Bureau of Economic Research (Cambridge, Massachusetts) and Research Fellow of the Centre for Economic...   Read More

  • 17885Souryabrata Mohapatra

    Ayesha Ahmed is working at NCAER as a Research Analyst. While her interests are eclectic, she is most interested in working on issues related to macro-economics, international trade, public finance, inflation, and monetary policy. She has a Bachelor’s degree in Economics from Miranda House and a Master’s Degree in Economics from the Delhi School of...   Read More

  • 18764Souryabrata Mohapatra

    Priyadarshini has a Master’s degree in International Economics from the University of Nottingham, UK, and a Master’s degree in Economics from BITS Pilani (Hyderabad Campus). Her current research interests lie in international economics and finance, international trade, and political economy. She has previously worked as an intern, an analyst, and as Assistant Vice President at...   Read More

  • 18591Souryabrata Mohapatra

    Akansha Atal is working as a Research Associate. While her interests are diverse, she is most interested in working on primary and secondary research. She has a Bachelor’s degree in Economics from Lady Shri Ram College for Women, University of Delhi and a Master’s Degree in Economics from School of International Studies, Jawaharlal Nehru University.

  • 20616Souryabrata Mohapatra

    Jayanta Talukder is an Associate Fellow in the National Growth and Macroeconomic Centre at NCAER. He has recently completed his Ph.D. from University at Albany, Suny, New York. He has Master’s and Bachelor’s degrees in Economics from Jadavpur University and the University of Calcutta, respectively. He has also worked at various research and teaching institutions,...   Read More

  • 21566Souryabrata Mohapatra

    Arjita Chandna is an Associate Fellow at NCAER.  She completed her Ph.D. in Economics from the Jawaharlal Nehru University (JNU). She did her M.Phil. from JNU, Master’s in Economics from B.R. Ambedkar University, and Bachelor’s in Economics (Hons.) from Delhi University. She has also taught at various institutions such as JNU, Azim Premji University, and...   Read More

  • 20130Souryabrata Mohapatra

    Navya Srivastava is working as a  Research Associate. She has a Master’s degree in International Economics with Development Economics from the Geneva Graduate Institute, Switzerland. Prior to joining NCAER, she worked as an Intern at the World Trade Organisation, Switzerland and Ernst & Young, India.

  • 20866Souryabrata Mohapatra

    Shubhashree Jha is a Research Associate in the National Growth and Macroeconomic Centre at NCAER. She has a PG Diploma in Economics from Ashoka University. She also received her Bachelors’ degree in Economics and Finance from Ashoka University. She has earlier worked as a Visiting Research Scholar at the National Bank of Slovakia; as a Teaching...   Read More

  • 21541Souryabrata Mohapatra

    Sneha Jyoti Kundu is working as a Research Associate in the National Growth and Macroeconomic Centre. She has a Master’s degree in Economics from the University of Leeds, United Kingdom. And, she did her Bachelor’s degree in Economics from the University of Calcutta.

  • 22422Souryabrata Mohapatra

    Rochelle Prakash is a Research Associate at the National Growth and Macroeconomic Centre. She holds a Master’s degree in Economics from Madras Christian College and a Bachelor’s degree from the University of Delhi. Ms. Prakash has assisted the Government of Tamil Nadu on the VADA CHENNAI VALARCCHI THITTAM Socio-Economic-Psychological Wellness Survey Project. She has published...   Read More