Ila Patnaik is a consulting editor for 'The Indian Express'. Currently she is RBI Chair Professor, National Institute of Public Finance and Policy (NIPFP) and non-resident senior associate at Carnegie Endowment for International Peace. In 2006, Ila Patnaik joined the NIPFP as Professor. 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. Before joining NIPFP, Ila Patnaik served as Senior Economist, National Council of Applied Economic Research (NCAER), New Delhi between 1996-2002, and as Senior Fellow, Indian Council for Research in International Economic Relations (ICRIER) between 2002-2004. Ila Patnaik was a visiting scholar at the IMF between January 2003, in October 2010 and in February 2013. In September 2013, Ila joined Carnegie Endowment for International Peace, a think tank in Washington DC as a non-resident fellow. She has several publications in refereed journals and volumes. Ila Patnaik earned a Ph.D. in Economics from the University of Surrey, Guildford, UK in 1996. She has served on a number of committees on financial policy and regulation including the Ministry of Finance, Working Group on Foreign Investment, 2009-10, the Ministry of Finance, Internal Working Group on Internal Debt Management, 2008 and the RBI Working Group on Economic Indicators, 2001-2002.
Almost all steps in the strategy to revive investment are likely to be slow and painful. There are no shortcuts
Banks can play that game no more. But recapitalisation is not the reform that is needed to prevent a recurrence
Objectives of demonetisation could have been served better by doing a cost benefit analysis
FM springs no surprises. Nor responds adequately to slowdown in private investment.
Demonetisation showed India’s central bank is too opaque. Its decision-making must be open to scrutiny
In government’s push for a cashless economy, policy and regulation must focus on competition, innovation.
Ban on Rs 500, Rs 1000 notes deals with stocks of black money. But push to a cashless economy is premature.
India lacks the institutional mechanisms to deal with the death of firms and the failure of banks.
New RBI governor must build on Rajan’s legacy of commitment to inflation targeting — and communicate it too
As hoardings across Delhi indicate, we are waiting for a dengue outbreak.
Successful inflation targeting calls for more reform. Targeting Governor Raghuram Rajan is all too easy .
India needs to rationalise capital controls, simplify its tax regime to mitigate illegitimate cross-border flows.
Official GDP data is embedded in its vision and strategy. But the numbers seem wrong.
The economy is best served by lowering interest rates and blocking protectionism.
The ‘tight fiscal, easy monetary’ policy mix can better address problems that plague private investment.
APMC acts impair the freedoms of farmers and consumers.
Food inflation owes largely to agricultural markets being regulated by outdated laws.
There are no more stroke-of-the-pen economic reforms,no shortcuts.
We need to prepare for the end of QE. Keeping inflation low is our best bet.
Before the next wave of volatility,emerging markets must set their house in order.
India must lift restrictions on foreign investment in rupee denominated debt
It needs a well-defined objective and policy instrument.
It should slash interest rates,stop worrying about inflation or the rupee.
Volatility is inevitable. India should prepare its response to the winding up of QE
Rupee defence strategy has deepened the gathering gloom on the India growth story.
It should be left to an independent central bank with a clear brief and instruments
To shore up rupee,policy must boost domestic productivity,assure foreign investors
Is the BJP ready for a new economic philosophy? Can Modi give it?
The RBI board makes no attempt to review its regulatory failures
To protect investors,make the formal financial system more accessible and attractive
Its tilt to consumption-led growth is good news for India and the global economy
Consumer protection should be at the heart of the financial regulatory framework
The system of capital controls must be re-examined and rationalised
How a Congress-friendly budget also addresses the markets
Finance minister must strike a balance between poll pressures and imperatives of reform
A single financial regulator,rather than sectoral ones,is what India needs