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Journalism of Courage

Dharmakirti Joshi

The writer is chief economist, CRISIL.

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Mahender Singh Manral

More From Dharmakirti Joshi

Before economy slows, cut the rate

September 29,2025 07:04:53 AM

Given subdued inflation, exogenous headwinds, there is a case for RBI, MPC to cut rates to offset drags in second half of fiscal year

Mon, Sep 29, 2025

The economy seems to be realigning with its long-term trend growth. The decadal average growth before the Covid-19 pandemic was 6.6 per cent.

GDP figures show India is back on the road to growthSubscriber Only

June 02,2025 06:47:17 AM

Despite tepid domestic private investment prospects and the government’s limited ability to fuel public investment due to fiscal considerations, India is benefiting from global supply-chain shifts

Mon, Jun 02, 2025

Donald Trump, Climate change, GDP growth, GDP growth rate, Economic Survey, annual Economic Survey, editorial, Indian express, opinion news, current affairs

Donald Trump, climate change: Global threats to India’s growth storySubscriber Only

February 01,2025 06:47:52 AM

Economic Survey factors challenges posed by geopolitics and climate change. Budget should lay ground for strategic policy move on infrastructure, energy

Sat, Feb 01, 2025

RBI interest rates, interest rates, bank interest rates, Reserve Bank of India, monetary policy committee, editorial, Indian express, opinion news, indian express editorial

Why RBI isn’t cutting interest ratesSubscriber Only

December 07,2024 03:00:20 AM

Inflation remains a concern for the Indian economy but fiscal policy mitigating supply risks can aid the RBI in balancing it with growth objectives

Sat, Dec 07, 2024

Why RBI should cut rates in DecemberSubscriber Only

October 10,2024 04:37:47 AM

A combination of moderate non-food inflation, cooling food inflation, and US Fed rate cuts will pave the way for India’s rate cuts to start in December

Thu, Oct 10, 2024

What the upcoming Budget needs to addressSubscriber Only

July 23,2024 07:25:31 AM

The Economic Survey lays out tasks for the Budget: reforms must continue while addressing climate change, unemployment and food inflation.

Tue, Jul 23, 2024

The stubborn food inflation problemSubscriber Only

July 11,2024 06:59:40 AM

Even though monetary policy has limited capacity to address these issues, it cannot ignore persistently high food prices if it wants to achieve its goal.

Thu, Jul 11, 2024

We now expect the MPC to begin cutting rates in October at the earliest and have lowered our expectation to two rate cuts this fiscal versus the three expected earlier.

MPC’s cautious approach is driven by inflationSubscriber Only

June 08,2024 07:41:13 AM

We now expect it to begin cutting rates in October at the earliest and have lowered our expectation to two rate cuts this fiscal versus the three expected earlier

Sat, Jun 08, 2024

In an uncertain world, India’s trade pushSubscriber Only

May 02,2024 08:05:34 AM

Pickup in global trade, free-trade agreements should spur India's exports. But, uneven global growth and geopolitical tensions need monitoring.

Fri, May 03, 2024

Reserve Bank of India (RBI) Governor Shaktikanta Das during a press conference after delivering the Monetary Policy Statement, at the RBI headquarters in Mumbai, Friday, April 5, 2024. (PTI Photo)

Why RBI has been wary of declaring an early victory over inflationSubscriber Only

April 05,2024 18:30:33 PM

Macro environment could turn conducive for central banks to begin cutting rates by the end of summer

Sat, Apr 06, 2024

DK Joshi writes: India’s growth surpriseSubscriber Only

March 02,2024 07:10:08 AM

Revival of private investments is critical to sustain high growth as government sticks to fiscal consolidation

Sat, Mar 02, 2024

Interim budget 2024: Historically, growth spurts in India have resembled sprints, not marathons. It needs to changeSubscriber Only

January 31,2024 16:30:55 PM

Sound macroeconomic fundamentals, fast-tracking skill development, effective energy transition and focus on reforms will be crucial for this

Thu, Feb 01, 2024

3 reasons why the RBI has held interest rates steadySubscriber Only

December 08,2023 17:53:51 PM

The continuing pause by RBI on rates is no surprise. We expect rate cuts only in the first quarter of the next year

Sat, Dec 09, 2023

Economic prospects will be shaped by interaction of local and global developments, which can take the shape of cyclical factors, shocks and structural changes. (Express photo by Praveen Khanna)

How the Indian economy has been navigating a changing worldSubscriber Only

November 08,2023 07:19:05 AM

While India’s economic cycles have got synchronised with those of advanced countries, its long-term trend rate of growth follows a divergent path

Wed, Nov 08, 2023

Monetary policy acts with a lag, first on growth and then on inflation. In the US, given the offset from a loose fiscal policy, the transmission to growth and inflation has been slow. (Express File Photo)

D K Joshi writes: RBI’s Monetary Policy and the art of letting it beSubscriber Only

October 07,2023 07:31:32 AM

Despite the spike in headline inflation, policymakers could derive some comfort from the relatively benign fuel and core inflation — the headline print was almost entirely food-led. But crude oil prices have emerged as another potential risk.

Sat, Oct 07, 2023

gDP growth peak, Dharmakirti Joshi writes

Dharmakirti Joshi writes | GDP growth peak: Time for private sector to play its partSubscriber Only

September 02,2023 07:45:49 AM

Economic momentum peaked in the first quarter. Growth is likely to slow down from here on now

Sat, Sep 02, 2023

Inflation, retail inflation, RBI, monetary policy committee, Reserve Bank of India, Indian express, Opinion, Editorial, Current Affairs

Inflation is down – but RBI remains vigilantSubscriber Only

June 09,2023 07:03:58 AM

Dharmakirti Joshi writes: Core inflation, obtained by excluding fuel and food from the overall CPI basket, has been the sticker part of inflation, not only in the last fiscal but also in the past. Slowing domestic demand and lower input prices will help tame it a bit

Fri, Jun 09, 2023

Decoding RBI’s pause on repo rate hikeSubscriber Only

April 06,2023 19:44:57 PM

Concerns over inflation and global pressures remain. It remains to be seen if RBI can manage to keep the repo rate unchanged for long

Fri, Apr 07, 2023

Economic Survey 2023: A broad-based recovery has lifted all major sectors above pre-pandemic levels. But that is about to be tested by slowing global growthSubscriber Only

January 31,2023 18:33:15 PM

Survey touches upon wide-ranging aspects that will shape outlook in coming fiscal year and medium term. How much of that will be a pre-election year Budget foreground? We are about to find out

Wed, Feb 01, 2023

How can India make a soft landing amid global economic crash?Subscriber Only

December 02,2022 06:21:57 AM

Dharmakirti Joshi writes: India’s growth cycle has become well-synchronised with those of advanced economies. So, a sharp slowdown in these countries will spill over to India.

Fri, Dec 02, 2022

Rising interest rates and slowing external demand will dampen growth over the foreseeable futureSubscriber Only

October 10,2022 04:15:15 AM

Given so many moving parts and geopolitical complexity, policymakers and market participants have an unenviable task of anticipating turnarounds, and the speed of recovery or downturn. The long-term trend rate of growth will be influenced by many factors including efficiency-enhancing reforms.

Mon, Oct 10, 2022

What the first quarter’s GDP numbers reveal: The new growth normalSubscriber Only

September 02,2022 04:08:16 AM

Dharmakirti Joshi writes: Maintaining momentum next year could be more challenging, with global growth slowing and lagged impact of monetary tightening in economy

Fri, Sep 02, 2022