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.


  • 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

  • Quarterly Business Expectations Survey

    NCAER has been tracking the business confidence of Indian firms through a quarterly Business Expectations Survey since 1991. The survey provides an assessment of the present conditions and short-term prospects for India’s business environment based on responses from more than 500 companies in six metropolitan cities in India. The survey includes information on firm characteristics,...   Read More


  • 288Navya Srivastava

    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...   Read More

  • 1364Navya Srivastava

    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

  • 8811Navya Srivastava

    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

  • 17885Navya Srivastava

    Ayesha Ahmed is working at NCAER as a Research Associate. 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

  • 17893Navya Srivastava

    Aditya Gupta has a Bachelors in Economics from the Delhi College of Arts and Commerce, and a Masters in Economics from the Delhi School of Economics, University of Delhi. His research interest pertains to macroeconomic indicators like the exchange rate, inflation, and balance of payments.

  • 18764Navya Srivastava

    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

  • 18591Navya Srivastava

    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.