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...
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More From Ishan Bakshi - Page 5
Current crisis has exposed limitations of central banking frameworkSubscriber Only
August 19, 2020 03:23 IST
The central bank must develop a clear strategy on what to do. At the one end, it is legally bound to an inflation target. Yet, at this juncture, there is a strong argument to look past the current spurt in inflation, and test the limits of both conventional and unconventional monetary policy.
Wed, Aug 19, 2020
Covid exposes limits of centralised approach, Finance Commission must reset the balanceSubscriber Only
June 15, 2020 01:27 IST
As a neutral arbiter of Centre-state relations, the Finance Commission should seek to maintain the delicate balance in deciding on contesting claims.
Mon, Jun 15, 2020
Competition policy should be driven by safeguarding competition, not competitorsSubscriber Only
March 06, 2020 00:31 IST
Any intervention to “correct” pricing essentially involves placing a higher weightage on the assumed losses of competitors/producers than on the consumer’s apparent gains. This is not a straightforward exercise.
Fri, Mar 06, 2020
Union Budget Explained: Boosting consumption by leaving people with higher disposable incomes is the key strategy
February 01, 2020 10:03 IST
Union Budget important points Explained, highlights: Here's an explanation and analysis of the Budget presented by Finance Minister Nirmala Sitharaman in Parliament today.
Sat, Feb 01, 2020
GST may not have been revenue-neutralSubscriber Only
January 15, 2020 04:07 IST
Growth of GST collections has slowed since Q4FY19, in line with the fall in corporate tax collections, indicating the impact of sluggish economic growth.
Wed, Jan 15, 2020
Rules of EngagementSubscriber Only
December 15, 2019 01:54 IST
An eloquent account of how public policy needs urgent re-imagination
Mon, Dec 16, 2019
Insolvency and Bankruptcy Code should be the preferred option for resolution of bad loans, not the last resortSubscriber Only
November 20, 2019 04:05 IST
The introduction of the IBC marked a structural change in the resolution architecture in India. The shift to a time-bound resolution process was a tool to help tackle the bad loan problem.
Wed, Nov 20, 2019
Rising Influence
September 21, 2019 00:45 IST
The journey of economists from university campuses to the White House
Sat, Sep 21, 2019
RBI’s presses print more notes than in pre-demonetisation periodSubscriber Only
August 30, 2019 04:46 IST
In other words, despite the Modi government’s emphasis on digital payments and a less-cash economy, the official printing presses are churning out more currency notes than before, both in volume and value terms.
Fri, Aug 30, 2019
Explained: The new debate on defence fundingSubscriber Only
August 01, 2019 04:11 IST
The Centre has asked the 15th Finance Commission to examine whether a separate mechanism for funding of defence and internal security should be set up. What are the implications for the finances of the states?
Thu, Aug 01, 2019
Explained: Behind the decline in fiscal deficitSubscriber Only
July 08, 2019 03:40 IST
FM surprised all by announcing a marginal decline from 3.4% to 3.3%. How will it be achieved? Will it affect the flow of funds between Centre and states? Will it come at the cost of capital expenditure by PSUs?
Mon, Jul 08, 2019
Union Budget 2019: Govt to meet part of its borrowings from abroad — a departureSubscriber Only
July 06, 2019 05:00 IST
Union Budget 2019: The bond markets has reason to cheer given the huge borrowing programme of the government. The relief was reflected in the10 year bond yields which fell below 6.6 per cent and closed finally at 6.69 per cent.
Sat, Jul 06, 2019
Explained: Unpacking the BudgetSubscriber Only
July 06, 2019 01:30 IST
How has the first-time finance minister, Nirmala Sitharaman, scored on her debut? Has the first Budget of PM Narendra Modi’s second term laid the foundation for achieving the goal of making India a $5-trillion economy by 2025? Will the Budget address the pressing concerns of the Indian economy? The Indian Express cuts through the clutter.
Sat, Jul 06, 2019
Economic Survey 2019 big ideas: Rationalise minimum wages architectureSubscriber Only
July 04, 2019 14:45 IST
The Survey's recommendations, in line with the revised code, entail fixing minimum wages based on either the level of skill — different wages for the unskilled, semi-skilled, skilled and highly skilled — or the geographical region, or both.
Thu, Jul 04, 2019
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