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The Print
3 days ago
- Business
- The Print
Economist, policy researcher-writer & ThePrint columnist Radhika Pandey passes away at 46
The 46-year-old was also a columnist for ThePrint, contributing a weekly article and video titled MacroSutra, in which she discussed topical financial and macroeconomic matters. An associate professor at the National Institute of Public Finance and Policy (NIPFP), Pandey was a macroeconomist with over 20 years of experience in public policy and teaching, previously having held the position of lecturer at the National Law University (NLU) Jodhpur. New Delhi: Economist, writer, policy researcher Radhika Pandey passed away on Saturday at the Institute of Liver and Biliary Sciences (ILBS) in New Delhi. She had recently undergone an emergency liver transplant surgery. 'There are so many policies of the Indian government where you can see Radhika's influence and research,' said Ila Patnaik, chief economist at the Aditya Birla Group and former professor at NIPFP. 'It is a tremendous loss for the community, and for me personally.' Patnaik and Pandey were long-time collaborators, working together at NIPFP and also in several policy research teams for central government ministries. Patnaik recalled how Pandey's working paper on inflation targeting measures greatly influenced the actual framework developed by the Reserve Bank of India (RBI). 'She was one of those rare academics who had experience in both law and finance, and her contribution in policy making was huge,' said Patnaik. 'She didn't focus on just publishing papers but on the real research that goes behind actual policy making.' Before joining NIPFP in 2008, Pandey was a professor at National Law University (NLU), Jodhpur where she taught finance, law, and regulation to post-graduate students. She did her MA and PhD from the Jai Narain Vyas University (formerly known as University of Jodhpur) in economics and B.A. in economics from Banaras Hindu University. 'More than anything, she was one of the most dedicated people I had seen. Right from 2008 when she joined, we have been working together and we never really stopped,' said Patnaik. Also Read: What RBI's 3 surprise moves in its June policy signal about its growth outlook 'Great communicator' Aside from being a regular columnist for ThePrint since 2021, Pandey was also the lead coordinator for the Task Force for Public Debt Management Agency, constituted by the Ministry of Finance in 2014. The list of her working papers and publications indicates Pandey's breadth of expertise–from bond markets to public finance to carbon border adjustment mechanism (CBAM) tax to even business cycles. She also worked with Patnaik in a research team led by Justice for the Financial Sectors Legislative Reforms Commission in 2011. Her interest extended beyond financial regulations in India, as she was also a part of the research team led by former civil servant U.K. Sinha for the 'Working Group on Foreign Investment.' 'She was very sought after by news publications too, because she was a great communicator. I would follow her articles and videos regularly, even when I was not actively in touch with her,' said Mandar Kagade, the founder-principal at Black Dot Public Policy Advisors. Pandey, he said, was one of the only people he went to for any query about financial policy, regulations, and macroeconomic doubt. Patnaik also said that Pandey's influence extended beyond the policy sphere, beyond the background work. Through her columns and videos for news organisations, she was not just doing research but also talking about it to the public, the economist said. 'Look at her MacroSutra, the number of people that appreciated her work was huge. She was always interacting with the public, explaining and talking about economic policies, making them accessible,' said Patnaik. 'Yes, she was an associate professor at NIPFP, but she was also so much more than that.' Pandey was admitted to the ILBS Hospital earlier this month, due to acute liver failure caused by jaundice. Her last Macrosutra video for ThePrint was shot while she was at the hospital, on Pandey's own insistence. 'I remember visiting her and asking her to take a break from work for a bit so she could recover,' recalled Patniak. 'But she said no. I'll shoot the video, I'll write the article. That was her dedication to her work. You don't find such people in today's world.' (Edited by Tony Rai) Also Read: UK FTA is good news for India amid global turbulence. Domestic reforms must follow market access
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Business Standard
3 days ago
- Business
- Business Standard
Remembering Dr Radhika Pandey: Sharp mind, generous spirit, quiet loss
By Sudipto Mundle Dr Radhika Pandey, one of India's very promising economists whom I had the privilege of knowing, passed away in the early hours of Saturday 28 June in the prime of her career. It was a sad end to a struggle that started about a month ago. When I called a few weeks ago, I was surprised to learn that she was in the hospital. She first got typhoid, which must have affected her liver because she was in hospital with jaundice. On checking a few days later, her husband told me the jaundice had gotten worse and high temperature was persisting. The next time I called I was stunned. He said the liver transplant was over and mother and son, the donor, were both in the ICU. Her son was subsequently sent home to recuperate but Radhika was put on a ventilator to help her breathe. Her oxygen dependence kept rising and by Saturday morning she was gone. Radhika graduated with Economics Honors from Benares Hindu University and got her Master's degree and Ph.D in Economics from JNV University, Jodhpur. She started her career at the National Law Institute in Jodhpur, combining economics with law, and joined the National Institute of Public Finance and Policy (NIPFP) in 2008, where she continued to serve as Associate Professor till the end. As her husband Sanjay mentioned, she was the friend who showed him economics while he showed her law. Her specialization was monetary policy and the financial sector. Some of her main research contributions were on household consumption behavior, analysis of business cycles, the inflation targeting framework and regulation of the financial sector. She was associated with numerous Task Forces, Working Groups and Committees dealing with these fields such as the Task Force on Public Debt Management Agency, Justice Sri Krishna Commission on Financial Sector Legislative Reforms and several others. She was my 'go to' person on questions relating to monetary and financial sector developments, on which she kept a sharp eye. She was also always very much on top of developments in the wider Indian and global economy. Radhika wrote a weekly column for The Print and also wrote articles for Business Standard, Bloomberg, Quint and other similar media platforms. Apart from her professional competence, Radhika also had strong leadership and interpersonal skills. At the NIPFP she was leading a large team providing technical support to the Department of Economic Affairs in the Union Finance Ministry. She was always as warm and pleasant with her staff as she was with her older colleagues. I noticed that she maintained a sound work-life balance, rare among successful professionals in India. Evenings and weekends were reserved for the family and caring for her ailing mother. Radhika is survived by her husband Sanjay and son Kanishk. To those of us who knew and worked with her, her passing is an irreparable loss. May her soul rest in peace!
New Indian Express
5 days ago
- Business
- New Indian Express
Dumping threat looms elsewhere as India nears U.S. deal
The export basket might change, too. Some of India's top 10 exports to the US—including electronic goods and gems & jewellery—may lose market share as competing countries are subject to lower tariffs on these products. On the other hand, we may gain in the footwear, apparel, electrical machinery and toy markets. For instance, according to the NIPFP paper, China, Vietnam, Indonesia, Italy and Cambodia account for 45.5 percent of the total in footwear exports to the US. Even if China is excluded, India can potentially corner a bigger share from Vietnam and Indonesia, which are subject to much higher tariffs of 46 percent and 32 percent, respectively. Similar opportunities exist in the furniture and sports equipment markets, too At the same time, a multi-product, multi-country dumping threat looms over India. We should be watchful as China, Vietnam, Taiwan and others facing higher tariffs look to flood us with cheaper goods. While India reduces the tariff deficit with the US, it needs to offer calibrated concessions on select US goods like aerospace components. We should secure sector-specific exemptions, negotiate duty waivers for auto components and electronics, and diversify export markets away from the US, pursuing opportunities in the EU, the UK and ASEAN. Above all, India should strengthen domestic manufacturing, boost Make in India initiatives in key areas such as semiconductors, renewable energy and electronics to reduce import reliance and attract investments.
News18
11-06-2025
- Business
- News18
States That Sell Cheap Liquor vs Expensive: Exploring Options As Alcohol Prices Rise In Maharashtra
Under the new policy, excise duty on Indian Made Foreign Liquor (IMFL) has been increased in Maharashtra. The Maharashtra government has introduced a new liquor policy featuring significant hikes in excise duties, aiming to generate an additional ₹14,000 crore in annual revenue. As part of the revised policy, the excise duty on Indian Made Foreign Liquor (IMFL) has increased from three times the manufacturing cost to 4.5 times, capped at ₹260 per bulk litre. Meanwhile, the duty on country liquor has gone up from ₹180 to ₹205 per proof litre. As a result of the revised excise duties, liquor prices across Maharashtra are set to rise significantly. A 180 ml bottle of country liquor will now cost at least ₹80, up from the earlier range of ₹60 to ₹70. Indian Made Foreign Liquor (IMFL) will be priced at ₹205, marking a sharp jump from the previous range of ₹115 to ₹130. Premium foreign liquor will also see a steep hike, with prices expected to reach ₹360, up from ₹210 earlier. The government has also launched a new category called Maharashtra Made Liquor (MML). This includes grain-based spirits made only by local manufacturers. The goal is to encourage regional production. States Where You Can Get Cheap Liquor According to the International Spirits and Wine Association of India, Goa continues to be the most affordable state for alcohol, largely due to its modest 49% liquor tax. Delhi follows with a 62% tax, while Haryana levies just 47%. However, despite Haryana's lower tax rate, liquor prices there are often higher than in Goa due to elevated maximum retail prices (MRPs). A similar situation plays out in Delhi, where, even with a higher tax rate, alcohol remains more affordable than in several other Indian states. Among other states, Karnataka currently has the highest liquor tax in the country at 83 per cent, which makes it the most expensive place to buy alcohol. Rajasthan follows with a 69 per cent tax. Telangana imposes a tax of 68 per cent and Uttar Pradesh 66 per cent. According to a study by the National Institute of Public Finance and Policy (NIPFP), Telangana leads all Indian states in alcohol spending, with an average annual per capita expenditure of ₹1,623 on alcoholic beverages. Andhra Pradesh ranks second, with individuals spending an average of ₹1,306 per year, followed closely by Punjab, where the per capita liquor spend stands at ₹1,245. This spending metric is derived by dividing a state's total alcohol expenditure by its population, offering a clear picture of average consumption habits. No Liquor In Bihar, Gujarat: How Successful Is The Ban Bihar and Gujarat are the two Indian states where the sale and consumption of alcohol are completely prohibited. Gujarat has upheld this ban since May 1, 1960, while Bihar implemented its liquor prohibition in 2016. The primary objective behind these bans was to curb the social harms linked to alcohol, such as domestic violence, family disputes, and financial strain on households. Policymakers believed that reducing access to alcohol would enhance community well-being, especially for women and low-income families. Supporters of the bans argue that they have helped lower alcohol-related health issues and encouraged families to redirect spending toward food, education, and healthcare. However, the bans have also presented significant challenges. A thriving black market has emerged, with bootlegging operations selling alcohol at inflated prices. This has given rise to illegal drinking spots and made enforcement more difficult. An even more serious consequence is the spread of spurious liquor, which has led to fatal hooch tragedies in both states, highlighting the public health risks associated with unregulated alcohol.
Mint
25-04-2025
- Business
- Mint
India faces $14-billion export losses over US tariffs, NIPFP warns
New Delhi: India could incur direct export losses of about $14 billion, or 0.38% of GDP, owing to reciprocal tariffs imposed by US President Donald Trump, according to a presentation by the National Institute of Public Finance and Policy (NIPFP) on Friday. NIPFP, an autonomous research institute under the ministry of finance, raised concerns about import surges and dumping across various sectors, fuelled by the US-China decoupling. The presentation by NIPFP economists Rudrani Bhattacharya, Radhika Pandey and Manish Gupta highlighted that while Indian exports were likely to be affected by tariffs, a trade deal could mitigate some of the effects, though at the cost of sacrificing India's trade surplus with the US. The presentation, titled 'Impact of Trump Shock on Indian Economy - An Assessment' cautioned that imports could surge as products were diverted from China, Vietnam and other countries, while rising recession and inflation risks in the US could dampen global growth, affecting India's growth prospects. While goods exports face a direct hit, the services sector—key to India's overall export growth—could suffer due to stagflation in the US. Broad sectors such as electronics, gems and jewellery, machinery, textiles, metals, and transport equipment face heightened risk because of elevated tariffs, according to the presentation. Gems and jewellery are especially vulnerable as competing countries benefit from lower tariffs, potentially eroding India's market share, it noted. NIPFP said labour-intensive industries such as footwear, garments, rubber articles, furniture and toys had the potential to capitalise on opportunities from countries with higher tariffs than India. "For example, for footwear, the major exporters to the US are China and Vietnam, but they are subject to higher tariffs. India could gain some market share but needs to scale up its manufacturing," it added. India's goods trade surplus with the US was $41.18 billion in FY25, 16.6% higher than the previous year's $35.32 billion. This growth was due to an 11.6% rise in exports to the US to $86.51 billion, while imports from the US grew 7.4% to $45.33 billion. Economists at NIPFP anticipate that the US-China decoupling could lead to dumping of key commodities such as resins, paper and rubber into India. "On account of Chinese retaliatory tariffs on the US, the dumping of agricultural products into India cannot be ruled out," they added in the presentation. The economists suggested strategies to address trade imbalances and enhance India's global trade position, such as reducing the trade surplus with the US by boosting imports of oil and other products, accelerating trade negotiations, securing sector-specific exemptions, and diversifying exports to the EU, UK, and ASEAN. They also recommend strengthening domestic manufacturing through initiatives such as Make in India, focusing on semiconductors, renewable energy and electronics, while offering targeted concessions on select US goods, expanding production-linked incentive schemes for vulnerable sectors, and improving export infrastructure and logistics. According to the presentation, India may either be able to grab trade diversification opportunities thrown up by differential tariffs, or the impact of US trade policies on global growth, including India, could be closer to the global financial crisis of 2008-09. New Delhi: India could incur direct export losses of about $14 billion, or 0.38% of GDP, due to reciprocal tariffs imposed by US President Donald Trump, raising concerns about import surges and dumping across various sectors, fueled by the US-China decoupling, according to a presentation by the National Institute of Public Finance and Policy (NIPFP) on Friday. The presentation by NIPFP economists Rudrani Bhattacharya, Radhika Pandey, and Manish Gupta highlighted that while Indian exports are likely to be impacted by tariffs, a trade deal could mitigate some of the effects, though coming at the cost of sacrificing India's trade surplus with the US. The presentation titled 'Impact of Trump Shock on Indian Economy - An Assessment' cautioned that imports could surge as products are diverted from China, Vietnam, and other countries, while rising recession and inflation risks in the US could dampen global growth, affecting India's growth prospects. Additionally, while goods exports face a direct hit, the services sector—key to India's overall export growth—could suffer due to US stagflation. Broad sectors such as electronics, gems and jewellery, machinery, textiles, metals, and transport equipment face heightened risk due to elevated tariffs, according to the presentation. Gems and jewellery, in particular, are vulnerable, as competing countries benefit from lower tariffs, potentially eroding India's market share, it noted. The presentation highlighted the potential for labour-intensive industries like footwear, garments, rubber articles, furniture, and toys to capitalize on opportunities from countries with higher tariffs than India. "For example, for footwear, the major exporters to the US are China and Vietnam but they are subject to higher tariffs. India could gain some market share but needs to scale up its manufacturing," it added. India's goods trade surplus with the United States for FY25 reached $41.18 billion, a 16.6% increase from the previous year's $35.32 billion. This growth was driven by an 11.6% rise in exports to the US, totaling $86.51 billion, while imports from the US grew 7.4% to $45.33 billion. Economists at NIPFP anticipate that, due to the US-China decoupling, key commodities such as resins, paper, and rubber could face dumping into India. "On account of Chinese retaliatory tariffs on the US, the dumping of agricultural products into India cannot be ruled out," they added in the presentation. The NIPFP economists suggested strategies to address trade imbalances and enhance India's global trade position, including reducing the trade surplus with the US by boosting imports of oil and other products, accelerating trade negotiations, securing sector-specific exemptions, and diversifying exports to the EU, UK, and ASEAN. They also recommend strengthening domestic manufacturing through initiatives like "Make in India," focusing on semiconductors, renewable energy, and electronics, while offering targeted concessions on select US goods, expanding PLI schemes for vulnerable sectors, and improving export infrastructure and logistics. According to the presentation, India could either be able to grab trade diversification opportunities due to differential tariff advantages, in the aftermath of the reciprocal tariffs, or the impact of disruptions due to US policies on global growth, including India, could be closer to the global financial crisis (2008-09). First Published: 25 Apr 2025, 06:32 PM IST
