Journalism of Courage
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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...
Authors you can follow
More From Ishan Bakshi - Page 2
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, 2024
From the Opinion Editor: About bun, cream and GSTSubscriber Only
September 15, 2024 17:21 IST
Of 115 countries surveyed by the World Bank, only five countries have four or more rates. GST Council must move urgently on the issue of rate rationalisation
Sun, Sep 15, 2024
Why inequality between South and West India, and North and East could grow – and the dangers that carriesSubscriber Only
September 12, 2024 07:34 IST
From manufacturing to services and consumption, wealth and growth are skewed towards southern and western India. This is deepening inequalities, widening faultlines.
Thu, Sep 12, 2024
The irrational bull run: When stock market is driven by FOMOSubscriber Only
August 05, 2024 17:28 IST
The story of markets is one of an unending upward march. And this bull run may still continue. But the question is: How long will it last?
Tue, Aug 06, 2024
Budget 2024: From divestment to kickstarting private investment, the many silencesSubscriber Only
July 24, 2024 02:29 IST
Union Budget speech for 2024-25 is silent on why private sector investments haven’t quite commenced despite the corporate tax breaks in 2019.
Wed, Jul 24, 2024
Will a changed political landscape affect the budget?Subscriber Only
July 20, 2024 07:23 IST
Will it tinker at the margins or break new ground? This is the time to do so.
Sat, Jul 20, 2024
India as third-largest economy: It’s quality of jobs that will determine quality of lifeSubscriber Only
June 27, 2024 07:56 IST
Quality of employment over next few years will determine if India goes the East Asia or Latin America way
Thu, Jun 27, 2024
Food or the Fed – what will drive the RBI’s monetary policy?Subscriber Only
May 29, 2024 08:15 IST
An independent monetary policy means that domestic interest rates are not influenced by international rates, they are determined independently.
Wed, May 29, 2024
Indian stock markets’ bull run: A sprint or marathon?Subscriber Only
April 30, 2024 08:16 IST
At a time when there is uncertainty over China’s growth prospects, the Indian economy stands out. It remains a preferred investment destination.
Tue, Apr 30, 2024
From the Opinions Editor: Markets touch new high, but the shadow of war loomsSubscriber Only
April 14, 2024 17:23 IST
Strong growth momentum and expectations of healthy corporate results are driving the rally. Iran-Israel conflict, actions of central banks and results of general election could be triggers in the near term
Mon, Apr 15, 2024
From the Opinions Editor: Release of electoral bonds data is a watershed momentSubscriber Only
March 17, 2024 19:27 IST
But now, funding must not slide back to the pre-2018 route. Next government must ensure that steps are taken to widen transparency and deepen accountability
Sun, Mar 17, 2024
What GDP headline didn’t say: Indian economy isn’t that robustSubscriber Only
March 11, 2024 07:10 IST
If high growth is generating gainful employment opportunities for the millions entering the labour force, then why must the government provide free food to 800 million people?
Mon, Mar 11, 2024
How to bridge the North-South divideSubscriber Only
February 26, 2024 07:30 IST
To address financial concerns of southern states, finance commission could give weightage to performance on demographic indicators, tax efforts and fiscal position
Mon, Feb 26, 2024
On the economy, how UPA and NDA governments have been remarkably similarSubscriber Only
January 29, 2024 07:55 IST
Irrespective of the ideological leanings of the next government, the forward march of the Indian economy is more likely to rhyme with its past
Mon, Jan 29, 2024
Despite growth, why Indian workers need to worrySubscriber Only
December 26, 2023 07:55 IST
It should be a matter of concern that this seemingly healthy economic momentum has, so far, not translated into a commensurate increase in more productive employment opportunities for the millions entering the labour force every year.
Tue, Dec 26, 2023
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