Journalism of Courage
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Sajjid Z. Chinoy
The writer is chief India economist, J.P. Morgan.
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AI mania masks economic fissures and rising uncertaintySubscriber Only
November 08,2025 07:09:50 AM
The AI frenzy is propelling markets to ever-new highs. The pressures and problems of the present are being ignored for the (yet untested) promise of the future. Markets may be priced to perfection. But reality rarely follows suit.
Sat, Nov 08, 2025
Strategies for emerging markets at a time when protectionism is risingSubscriber Only
September 15,2025 07:35:57 AM
Developing countries risk being casualties of global reset. They can use shocks to recharge their economies
Mon, Sep 15, 2025
GDP numbers swing: Where does the key to sustaining growth lie?Subscriber Only
June 03,2025 06:50:06 AM
The trade deal with the UK sends a powerful signal of openness. Now, India must quickly try to conclude a US trade deal to reduce at least one source of external uncertainty.
Tue, Jun 03, 2025
Budget’s balancing act — and its costsSubscriber Only
February 02,2025 06:55:22 AM
Budget made encouraging starts on some fronts. But only sustained reforms will alleviate trade-off between macroeconomic stability and growth
Sun, Feb 02, 2025
Remembering Bibek Debroy: The eclectic economistSubscriber Only
November 05,2024 05:00:19 AM
He had a wide-ranging scholarship complemented with an elephantine institutional memory, the ability to marry the macros with the micros.
Tue, Nov 05, 2024
Sajjid Chinoy writes: Budget makes a beginning in fixing economy’s plumbing. Implementation is keySubscriber Only
July 24,2024 07:15:47 AM
With fiscal space exhausted, demand will have to come from structurally lifting consumption and exports growth. In turn, the fate of private consumption is inextricably linked to quality employment
Wed, Jul 24, 2024
For next government, how to meet the demand challengeSubscriber Only
June 03,2024 08:40:03 AM
After dealing with the banking system, infrastructure, housing and bankruptcy, the focus must turn to employment, consumption and exports.
Mon, Jun 03, 2024
After Interim Budget 2024, hand the baton over to the private sectorSubscriber Only
February 02,2024 07:07:07 AM
The large fiscal consolidation in an election year is bold, necessary and must be complimented. The baton must now be passed
Fri, Feb 02, 2024
Sajjid Z Chinoy writes: 15 years after 2008, developed countries still making mistakesSubscriber Only
August 08,2023 06:10:19 AM
Muscular industrial policy is the latest among a slew of policy errors since the global financial crisis
Tue, Aug 08, 2023
Sajjid Z Chinoy writes: Budget 2023 pulls off an artful balanceSubscriber Only
February 01,2023 20:15:04 PM
Are there risks to monitor? There always are. But for now, the budget brings much-needed predictability and continuity
Thu, Feb 02, 2023
With so many known unknowns in 2023, economic policymaking will need to be humble and nimbleSubscriber Only
December 19,2022 07:28:54 AM
Sajjid Chinoy writes: Economies will be beset by a plethora of “known unknowns” in 2023. In responding, policymakers will need to internalise the tightening of the past, while still grappling with the imbalances of the present, but acting and guiding for the future
Mon, Dec 19, 2022
Managing the crude price pressureSubscriber Only
March 04,2022 03:35:19 AM
Sajjid Z. Chinoy writes: Surging oil prices constitute discernible terms of trade shock and will necessitate deft macro management
Fri, Mar 04, 2022
The monetary, fiscal challenges of cryptocurrencySubscriber Only
November 19,2021 04:30:17 AM
Sajjid Z. Chinoy writes: These challenges will emerge when digital currencies gain traction. Policies must prepare for the transition
Sat, Nov 20, 2021
Remembering Sunil Jain, the editor on whom labels didn’t stickSubscriber Only
June 04,2021 03:00:14 AM
His desire to embrace what’s best for the country was reflected in his non-ideological approach to economics.
Fri, Jun 04, 2021
An aggressive vaccination drive holds the key to economic revivalSubscriber Only
April 14,2021 03:16:12 AM
While policymakers may not have the conventional fiscal and monetary policy space deployed in 2020, what they have now is the ability to use a ‘vaccine stimulus’ to combat repeated COVID waves.
Wed, Apr 14, 2021
Budget 2021 embarks on three paradigm shifts. Execution and fiscal-monetary coordination will be keySubscriber Only
February 08,2021 04:45:10 AM
Budget's success, and in turn the sustainability of India’s recovery, will now come down squarely to policy execution and coordination.
Mon, Feb 08, 2021
Given demand uncertainties, budget is opportune moment for a large physical and social infrastructure pushSubscriber Only
January 11,2021 03:51:49 AM
India’s faster-than-expected rebound is very encouraging. But given labour market pressures and prospects of a K-shaped recovery around the world, the economy will need to be carefully nurtured and stoked.
Mon, Jan 11, 2021
A recovery led by profits, at the expense of wages, has implications for demand, inequality and policySubscriber Only
December 05,2020 04:00:15 AM
So even as economies heal from COVID-19, the distribution of incomes across capital and labour risks becoming very skewed in favour of capital. Why does this matter? Equity issues apart, this portends ominously for future demand.
Sat, Dec 05, 2020
Arvind Panagariya’s book points out that export remain key to economic growthSubscriber Only
November 19,2020 03:05:51 AM
There are no silver bullets or quick fixes. Only a well-thought-out and sequenced reform plan. One that Reclaiming lays out meticulously and comprehensively.
Thu, Nov 19, 2020
Public sector assets must be monetised to fund physical, social infrastructureSubscriber Only
May 19,2020 02:18:32 AM
The corona crisis has highlighted the criticality of social infrastructure. India must monetise existing assets in the public sector to fund growth-enhancing investments in physical and social infrastructure.
Tue, May 19, 2020
Corona, crude, credit: Time to mind our own house amidst gathering global stormSubscriber Only
March 12,2020 01:18:11 AM
The global market mayhem reflects an unprecedented intersection of worldwide demand destruction, an adverse supply chain shock from China, and a positive oil shock.
Thu, Mar 12, 2020
Beyond economic band-aidSubscriber Only
August 31,2019 01:00:13 AM
Stimulative impact of RBI transfer is lower than presumed. Sustained reforms remain key
Sat, Aug 31, 2019
Budget is well-intentioned on the big themes. But execution will be keySubscriber Only
July 06,2019 00:07:06 AM
All told, the budget has performed an artful balancing act against a difficult macro backdrop. The big themes — financial, external, fiscal — are all well-intentioned. Now, the authorities must walk the talk with equal skill.
Sat, Jul 06, 2019
The budget’s dilemmaSubscriber Only
July 03,2019 01:53:58 AM
Fiscal tightening will accentuate growth slowdown, fiscal stimulus will hurt monetary transmission. There is a third way.
Wed, Jul 03, 2019
There is no space for an inadvertent confluence of fiscal, regulatory, monetary easingSubscriber Only
January 11,2019 00:10:41 AM
Policymakers have done well in the last few years to ensure macroeconomic stability. They must not now give in to the clamour for fiscal, monetary and regulatory easing.
Fri, Jan 11, 2019Journalism of Courage
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