Ila Patnaik is a consulting editor for 'The Indian Express'. Currently she is RBI Chair Professor, National Institute of Public Finance and Policy (NIPFP) and non-resident senior associate at Carnegie Endowment for International Peace. In 2006, Ila Patnaik joined the NIPFP as Professor. Her research includes issues related to capital flows, business cycles, the financial sector and the study of Indian firms as India opens up its capital account. Before joining NIPFP, Ila Patnaik served as Senior Economist, National Council of Applied Economic Research (NCAER), New Delhi between 1996-2002, and as Senior Fellow, Indian Council for Research in International Economic Relations (ICRIER) between 2002-2004. Ila Patnaik was a visiting scholar at the IMF between January 2003, in October 2010 and in February 2013. In September 2013, Ila joined Carnegie Endowment for International Peace, a think tank in Washington DC as a non-resident fellow. She has several publications in refereed journals and volumes. Ila Patnaik earned a Ph.D. in Economics from the University of Surrey, Guildford, UK in 1996. She has served on a number of committees on financial policy and regulation including the Ministry of Finance, Working Group on Foreign Investment, 2009-10, the Ministry of Finance, Internal Working Group on Internal Debt Management, 2008 and the RBI Working Group on Economic Indicators, 2001-2002.
The IL&FS trouble exposes the weakness in financial regulatory architecture. Reforms are called for
In 2016, the RBI had been given a new mandate to meet its inflation target and maintain growth. Defending the currency at all costs isn’t part of the brief. This latest weakness will test its resolve.
Rate increase by RBI highlights conflict between its role as banking regulator and government’s debt manager
PNB, ICICI could have averted malpractices if banking system had a mechanism that sounded timely red alerts.
PNB scandal points to unreformed financial sector, failure of risk management and auditing systems
High volatility of stock markets is a response to global movements, domestic concerns over disruptions
Almost all steps in the strategy to revive investment are likely to be slow and painful. There are no shortcuts
Banks can play that game no more. But recapitalisation is not the reform that is needed to prevent a recurrence
Objectives of demonetisation could have been served better by doing a cost benefit analysis
FM springs no surprises. Nor responds adequately to slowdown in private investment.
Demonetisation showed India’s central bank is too opaque. Its decision-making must be open to scrutiny
In government’s push for a cashless economy, policy and regulation must focus on competition, innovation.
Ban on Rs 500, Rs 1000 notes deals with stocks of black money. But push to a cashless economy is premature.
India lacks the institutional mechanisms to deal with the death of firms and the failure of banks.
New RBI governor must build on Rajan’s legacy of commitment to inflation targeting — and communicate it too
As hoardings across Delhi indicate, we are waiting for a dengue outbreak.
Successful inflation targeting calls for more reform. Targeting Governor Raghuram Rajan is all too easy .
India needs to rationalise capital controls, simplify its tax regime to mitigate illegitimate cross-border flows.
Official GDP data is embedded in its vision and strategy. But the numbers seem wrong.
The economy is best served by lowering interest rates and blocking protectionism.
The ‘tight fiscal, easy monetary’ policy mix can better address problems that plague private investment.
APMC acts impair the freedoms of farmers and consumers.
Food inflation owes largely to agricultural markets being regulated by outdated laws.
There are no more stroke-of-the-pen economic reforms,no shortcuts.
We need to prepare for the end of QE. Keeping inflation low is our best bet.