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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 - Page 3
Ishan Bakshi writes: The Indian economy, across sectors, is dominated by duopoliesSubscriber Only
April 16, 2023 16:46 IST
Considering that across a range of goods and services, markets in India are now oligopolistic at best, duopolistic at worst, this growing concentration, national champions or not, warrants careful examination
Mon, Apr 17, 2023
Ishan Bakshi writes: State budgets may be too optimistic about their capital expenditureSubscriber Only
March 29, 2023 17:54 IST
As states account for a sizeable share of public sector investments, slower growth in their capex implies that the overall public sector impulse to investment activity will perhaps be weaker than hoped for
Thu, Mar 30, 2023
RBI has been tough on inflation, optimistic about growth. This raises questionsSubscriber Only
February 27, 2023 07:20 IST
RBI has been sounding tough on inflation while being optimistic about growth. This creates confusion and raises worrying questions over its assessment of the economy.
Mon, Feb 27, 2023
Private sector has not responded to government initiatives so far. Why will Budget 2023-24 be different?Subscriber Only
February 08, 2023 07:10 IST
Despite record profits accruing to the larger firms and the ramp-up in capital spending by the public sector, a broad-based recovery in private sector investments and consumption has not materialised
Wed, Feb 08, 2023
Budget 2023 Explained: In FM Nirmala Sitharaman’s Budget, focus on capex, fiscal consolidation, income tax relief
February 01, 2023 09:03 IST
Union Budget 2023-24 Explained Live Updates: Finance Minister Nirmala Sitharaman presented her fifth Budget speech in Parliament on Wednesday. Here are the highlights, key points and takeaways from the Budget.
Tue, Mar 28, 2023
‘Only micro, small and medium enterprises that can generate jobs will enable India to harness its demographic dividend’: Harish DamodaranSubscriber Only
January 20, 2023 11:27 IST
The Indian Express Rural Affairs Editor Harish Damodaran on his prize-winning book that details the rise of Hatsun Agro and its founder
Fri, Jan 20, 2023
Three key takeaways from RBI’s report on state govt BudgetsSubscriber Only
January 18, 2023 14:24 IST
The RBI report shows that states are recovering from the severe economic stress in 2020-21 caused by Covid. However, there are several areas of concern.
Thu, Jan 19, 2023
Budget 2023: Why some scepticism around government’s data is warrantedSubscriber Only
January 15, 2023 18:00 IST
In recent years, there have been forecasting errors on both sides. Such a chasm between expectations and reality spurs a certain amount of worry over the ability of the finance ministry to accurately gauge the state of the economy.
Mon, Jan 23, 2023
How weaker tax collections in November will impact Govt’s financesSubscriber Only
January 04, 2023 11:13 IST
So far, even as concerns over India's economic outlook were beginning to be voiced, government tax revenues continued to grow at a healthy pace. However, recent data does seem to suggest that tax collections are slowing down.
Thu, Jan 05, 2023
The best trades of 2022 – public sector and consumption stocks lead the waySubscriber Only
January 01, 2023 16:02 IST
The sector which has taken a beating has been IT. The Nifty IT index is down 26 per cent. All major IT firms -- from TCS to Infosys to Wipro – have witnessed heavy correction
Tue, Jan 03, 2023
The 4 things you can expect on the economic front in 2023Subscriber Only
December 28, 2022 10:42 IST
Global growth prospects have been steadily downgraded as the year progressed. So, what are the four things to look forward to next year?
Thu, Dec 29, 2022
Slowdown in investment activity and household consumption: worrying trends in IIP dataSubscriber Only
December 14, 2022 11:41 IST
Industrial output contracted in October, likely due to a slowing of exports and subdued domestic demand. Given tightening global financial conditions and the effects of RBI rate hikes on domestic consumption, the outlook does not appear bright.
Thu, Dec 15, 2022
The 3 things to watch out for as RBI’s Monetary Policy Committee meetsSubscriber Only
December 06, 2022 14:53 IST
As per the RBI’s last forecasts, it expects inflation to start trending lower in the second half of the year, reaching 5 per cent in the first quarter (April-June) of the next financial year (2023-24).
Tue, Dec 06, 2022
What Delhi’s power subsidy reveals about India’s revdi cultureSubscriber Only
December 01, 2022 07:25 IST
That state governments subsidise such large sections of the populace and that so many affluent households are unwilling to give up subsidies, indicates the appeal and acceptance of a culture of doles at both the demand and supply ends of the equation. It is neither a function of household income, of state's finances, nor targeting the deserving
Thu, Dec 01, 2022
4 things to watch out for in the GDP data todaySubscriber Only
November 30, 2022 08:20 IST
The Reserve Bank of India, in its last monetary policy committee meeting, had pegged the economy to grow at 6.3 per cent. Assessments by some private economists suggest the economy is likely to have grown a tad bit higher at 6.5 per cent.
Wed, Nov 30, 2022
While inflation may have peaked, the pain is far from over— and that has consequences for the wider economySubscriber Only
November 24, 2022 08:18 IST
The RBI expects inflation to edge downwards from 6.5 per cent in the third quarter to 5.8 per cent in the fourth quarter and then to 5 per cent in the first quarter of the next financial year
Thu, Nov 24, 2022
What to expect from Q2 GDP data next weekSubscriber Only
November 23, 2022 15:23 IST
Exports are slowing, and assessments of growth for the full year are generally down. It is possible that the pain being felt by the Indian economy will be more severe next year
Wed, Nov 23, 2022
Inflation is falling, what will happen to interest rates? Here’s what to know about the economy right nowSubscriber Only
November 17, 2022 09:47 IST
Government data released a few days ago showed that inflation had fallen to a three-month low of 6.77% in October. What do the various projections of inflation indicate? What will policy makers do now?
Thu, Nov 17, 2022
An attempt at tilting the balance of power: How the government is trying to control Big TechSubscriber Only
October 15, 2022 04:05 IST
The policy approach of the government appears to be a strategic choice, driven by the desire to exercise more control over every aspect of the digital ecosystem, a preference for domestic firms and a desire to promote national champions while limiting the influence and dominance of Big Tech
Sat, Oct 15, 2022
RBI’s attempt to manage currency could prove to be a costly mistakeSubscriber Only
September 16, 2022 04:02 IST
Ishan Bakshi writes: One would have thought that the intellectual consensus that emerged from the RBI’s ill-fated attempts to defend the currency in the past — that its primary objective should be to target inflation, and not manage the currency — would have guided its actions. But that doesn't seem to be the case
Fri, Sep 16, 2022
Indian economy’s mixed signalsSubscriber Only
August 29, 2022 04:40 IST
Granular picture of the economy reveals a continuing deficit in employment opportunities, subdued wage growth, limited mobility and rising inequality
Mon, Aug 29, 2022
Government bailouts are not the answer to India’s energy sector woesSubscriber Only
July 30, 2022 05:00 IST
Ishan Bakshi writes: India's twin deficits will only grow unless the root cause is addressed – state control
Sat, Jul 30, 2022
Ishan Bakshi writes: Market reality is catching up to the tech startup ecosystemSubscriber Only
June 28, 2022 04:05 IST
Ishan Bakshi writes: Whichever way you slice the data, there aren't that many consumers with significant discretionary spending capacity, and those with capacity aren’t increasing their spending.
Tue, Jun 28, 2022
Making sense of the GST bonanzaSubscriber Only
May 27, 2022 03:30 IST
Ishan Bakshi writes: Revenue collections have been rising. The challenge for Centre and states is to ensure that this continues
Fri, May 27, 2022
On inflation, RBI has been behind the curveSubscriber Only
April 27, 2022 03:50 IST
Ishan Bakshi writes: It has erred on forecasts. MPC members must make public their individual projections.
Wed, Apr 27, 2022Journalism of Courage
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