Hold On To Interest Rates
The impact of tighter fiscal and monetary policy on inflation in India is now visible in recent price data. Inflation, measured both by the wholesale price index and by the consumer price index, has come down.
experts
Ila Patnaik
Nonresident Senior Associate, South Asia Program
about
Ila Patnaik is no longer with the Carnegie Endowment for International Peace.
Ila Patnaik is a nonresident senior associate in Carnegie’s South Asia Program. She is also a professor at the National Institute of Public Finance and Policy (NIPFP) in New Delhi. Her main area of interest is the study of India as an opening economy. Her research includes issues related to capital flows, business cycles, the financial sector, and the study of Indian firms as India opens up its capital account. She writes regular columns in the Indian Express and the Financial Express.
Before joining NIPFP in 2006, Patnaik served as economics editor of the Indian Express (2004–2006), as senior economist at the National Council of Applied Economic Research (NCAER), New Delhi (1996–2002), and as a senior fellow at the Indian Council for Research in International Economic Relations (ICRIER) (2002–2004). Patnaik was a visiting scholar at the IMF in 2003, 2010, and 2013.
Patnaik has served on a number of advisory committees on financial policy and regulation, including the Ministry of Finance Working Group on Foreign Investment (2009–2010), Ministry of Finance Internal Working Group on Internal Debt Management (2008), and Reserve Bank of India Working Group on Economic Indicators (2001–2002). She co-led the research team for the Ministry of Finance Financial Sector Legislative Reforms Commission (2011–2013).
affiliations
areas of expertise
education
PhD, Economics, University of Surrey, MA, Jawaharlal Nehru Universitylanguages
English, HindiAll work from Ila Patnaik
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21 Results
· January 29, 2014
India’s Post-Election Economic Outlook
March 4, 2014
In April, Indians will head to the polls to elect their next government. The incoming government will assume office saddled with thorny economic issues that range from large deficits and high inflation to sputtering economic growth.
No Escape From Freedom
In India, what merits attention is the sequence and timing of capital account liberalization, and the establishment of institutional capability for fiscal, financial, and monetary policy.
With an Eye on Inflation
It is clear to students of monetary economics that an inflation-targeting framework is the way forward for India, which is opening up its capital account and moving towards a flexible exchange rate regime.
Will India’s Economy Surge After the General Election?
It will take more than a new government to fix India’s struggling economy. The country needs broad reforms and institutional change to address fundamental flaws in its economic system.
· February 4, 2014
The RBI’s Self-Serving Bid?
The RBI has asked the finance minister to amend the Reserve Bank of India Act, to allow it to supervise non-bank subsidiaries of banks.
Reforming India’s Financial System
India’s financial system has long been inadequate. The new Indian Financial Code promises to change business as usual.
- Ila Patnaik,
- Ajay Shah
UID as Users ID
India should step up its use of biometric identification to streamline its welfare system.
Not by Babanomics
The BJP is reportedly evaluating various reform proposals to include in its manifesto. It is important to evaluate these on the basis of both economic theory and international experience.
Same Old Banking
India needs a new approach to financial innovation and it is time the Reserve Bank of India realized that more of its mandate-driven approach is not the solution.