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Ishan Bakshi
Ishan Bakshi is a senior member of the Opinions team at The Indian Express. He writes extensively on macroeconomics and matters of public policy in India.
Professional Profile
Role: Associate Editor
Specialisation: He provides high-level analysis of fiscal and monetary policy, centre-state fiscal relations, employment and the informal sector, and global trade dynamics (particularly on relations between US, China and India). He also writes on areas such as electricity reforms, and tracks new age sectors such as AI and tech.
Editorial Focus: His columns often challenge the "business-as-usual" approach, advocating for deeper structural changes rather than temporary bailouts or protectionist measures.
Recent Notable Articles (2024 – 2025)
His recent work highlights critical shifts in the Indian and global economy:
1. Fiscal and monetary policy and federalism
"On interest rates, is RBI joining the right dots?" (Nov 2, 2025): A critique of the Central Bank's neutral stance, arguing it doesn't align with the need to stimulate economic activity.
"As states want more, the 16th Finance Commission will have to walk a tightrope" (May 5, 2025): An analysis of the pressures and pulls facing states in India, and the challenge before the Finance Commission
"Modi 3.0 wants to take India to new economic heights. Where is the roadmap?" (March 10, 2024): Examining the ideas that drove the Modi government's agenda in its first and second term, and the likely policy agenda for the government's third term.
2. Trade in the age of Donald Trump
"India needs a well thought out trade strategy, but first it needs a China strategy" (June 22, 2025): Arguing that China’s role in global production is a reality India must strategically navigate.
"India and remaking of the global supply chain" (April 27, 2025): Assessing India's ability to grab a larger share of the second round of global supply chain reconfigurations.
3. Challenges to the Indian economy
"Another bailout of discoms won't change the situation. Usher in competition" (Dec 7, 2025): A call for privatizing power distribution to weed out billing and labor...
More From Ishan Bakshi
From the Opinions Editor: Another bailout of discoms won’t change the situation. Usher in competitionSubscriber Only
December 07, 2025 14:29 IST
Bring more players in distribution. It will help weed out inefficiencies in the system – in billing, collection, labour costs
Tue, Dec 09, 2025
Best of Both Sides | Government has failed. Delhi’s air pollution needs private solutionsSubscriber Only
November 14, 2025 06:38 IST
With the state repeatedly failing in its duty to provide this public good — clean air — perhaps it's time to consider private alternatives. Can private individuals engage directly with farmers and work out a deal for not burning the stubble?
Fri, Nov 14, 2025
From the Opinions Editor: On interest rates, is RBI joining the right dots?Subscriber Only
November 02, 2025 15:59 IST
Central Bank’s inflation calculations seem to suggest there’s no space for interest rate cuts. But its neutral stance on monetary policy doesn’t fit with either the imperative of stimulating economic activity or the task of controlling prices.
Sun, Nov 02, 2025
From the Opinions Editor: The visible hand of the stateSubscriber Only
October 19, 2025 15:34 IST
From Washington to Beijing to New Delhi, governments are reshaping markets in pursuit of strategic self-reliance
Mon, Oct 20, 2025
From the Opinions Editor: The UPI is upstaging the ATM. What does that say of the Indian economy?Subscriber Only
September 21, 2025 16:59 IST
Indians are using digital mode for routine, and even non-routine transactions. Are we close to an inflection point where incrementally currency in circulation will trend lower?
Mon, Sep 22, 2025
From the Opinions Editor: India, China and the reform deficitSubscriber Only
August 24, 2025 18:39 IST
Different reasons impede pickup in their economies. But a reluctance to correct structural shortcomings is common to both.
Mon, Aug 25, 2025
To become a developed country by 2047, India needs new economic ideasSubscriber Only
July 31, 2025 06:33 IST
Considering that the IT sector has provided millions with pathways to upward mobility — the great Indian middle class grew on the back of this sector — new drivers of growth are needed
Thu, Jul 31, 2025
From the Opinions Editor: India needs a well thought out trade strategy, but first it needs a China strategySubscriber Only
June 22, 2025 16:43 IST
China’s centrality to the global production system is a reality that cannot be wished away
Sun, Jun 22, 2025
As states want more, the 16th Finance Commission will have to walk a tightrope on equity and efficiencySubscriber Only
May 05, 2025 07:24 IST
What will a rebalancing of tied and untied transfers do for the equitable and comparable delivery of public services across the country? Considering the level of inequality, will increasing untied funds lead to a convergence? The finance commission should look into these, and more, as it finalises its recommendations
Mon, May 05, 2025
From our Opinion Editor: India and remaking of the global supply chainSubscriber Only
April 27, 2025 18:34 IST
India was not a big beneficiary during the first round of reconfigurations. The question is: Can it grab a bigger share this time around?
Sun, Apr 27, 2025
From the Opinions Editor: No longer business-as-usual in world tradeSubscriber Only
April 20, 2025 20:26 IST
Even as other countries turn their back on globalisation, India must embrace freer trade. It must shun protectionism, not turn inwards.
Sun, Apr 20, 2025
Indian households have a debt problemSubscriber Only
April 07, 2025 07:43 IST
Not only are more households taking on debt, they are also taking on more debt than before. This speaks of structural defects in the economy
Mon, Apr 07, 2025
Modi 3.0 wants to take India to new economic heights. Where is the roadmap?Subscriber Only
March 07, 2025 12:35 IST
With structural transformation stalling, private investment cycle yet to take off and upward mobility restricted due to limited job creation and subdued wages, the government has its work cut out in tackling the economy’s continuing weakness
Mon, Mar 10, 2025
In Our Opinion: When economic data increases uncertaintySubscriber Only
March 02, 2025 16:04 IST
Revisions of GDP figures make it more challenging to estimate the underlying economic momentum.
Sun, Mar 02, 2025
India’s transition to a high-income country is riddled with unknownsSubscriber Only
February 22, 2025 07:00 IST
India's development challenge is at two levels: To ensure western and southern states aren't caught in the middle-income trap and that poorer states grow rapidly
Sat, Feb 22, 2025
In Our Opinion: The method to Trump’s trade warSubscriber Only
February 16, 2025 20:16 IST
US President’s tariff salvo may or may not bring desired results for America. But other countries must deal with fallout
Sun, Feb 16, 2025
RBI should let the rupee beSubscriber Only
February 09, 2025 17:01 IST
In an uncertain global environment, RBI should intervene only to smoothen out excess volatility. Monetary policy should respond to domestic conditions
Tue, Feb 11, 2025
In Our Opinion: 5 things to watch out for in the BudgetSubscriber Only
January 26, 2025 17:38 IST
The budget must clearly articulate a medium term strategy to address the structural impediments to growth.
Mon, Jan 27, 2025
A different economic questionSubscriber Only
January 20, 2025 08:04 IST
The fallout of limited job creation and muted wage growth can be seen in the greater recourse to debt
Mon, Jan 20, 2025
Lessons from the past: Why a wealth tax may not be a rich ideaSubscriber Only
December 22, 2024 07:00 IST
Among the various reasons why people choose to migrate are financial considerations and tax benefits. A wealth or an inheritance tax may aggravate this. Moreover, a large part of wealth in India, and as a consequence a person’s inheritance, is in the form of land, real estate and gold.
Sun, Dec 22, 2024
In 2025, the hurdles to India’s growthSubscriber Only
December 19, 2024 07:22 IST
Unless private investments and exports pick up, growth is likely to be lower, especially as the government’s capacity to increase capital spending will be further restricted
Thu, Dec 19, 2024
In Our Opinion: As growth falters, RBI’s policy choices narrowSubscriber Only
December 08, 2024 17:21 IST
By February, there will be greater clarity on growth-inflation dynamics, stance of fiscal policy, and Trump’s tariff policy. This could then create conditions for central bank to ease policy rates
Sun, Dec 08, 2024
For RBI, a choice: Vegetable prices, growth or currencySubscriber Only
November 19, 2024 05:00 IST
Perhaps after early December, the central bank leadership, which is trying to navigate a challenging economic and political environment, will change tack and be surer of the direction of interest rates and the currency
Tue, Nov 19, 2024
In Our Opinion: Is RBI more worried about inflation, less about growth?Subscriber Only
October 20, 2024 17:25 IST
If food prices move along expected lines, if there is comfort in movement towards the inflation target, then the RBI could cut rates
Sun, Oct 20, 2024
Should states that spend irresponsibly be penalised?Subscriber Only
October 05, 2024 01:40 IST
All states are given credit at the same rate, irrespective of fiscal status. Finance Commission needs to find an arrangement that pushes states to spend prudently
Sat, Oct 05, 2024Journalism of Courage
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