Monetary Policy

Is the Hunt for a Terminal Repo Rate a Distraction?

Markets may be too eager to bottom-fish for a terminal repo rate. In today’s fluid context, flexibility could matter more than fixation.

Kalyan Ram

iStock.com

WRAP

Partly Monetary Policy, Largely Credit Policy

RBI holds repo rate at 5.5% but turns back to credit policy playbook, spurring lending while leaving December wide open for rate cuts.

BasisPoint Groupthink

Monetary Policy

RBI Reopens the Door to Accommodation

By keeping the repo unchanged yet signalling policy space, RBI corrects June’s misstep and restores credibility to its accommodative posture.

Kalyan Ram

Monetary Policy

Banks Poised to Challenge NBFCs As RBI Unshackles Restrictions

RBI relaxes capital market lending, acquisition financing norms and higher share lending limits for banks after decades of restrictions

Krishnadevan V

Monetary Policy

RBI Breaks Old Orthodoxy with Regulatory Measures

By dismantling outdated restrictions and aligning banks with global norms, the RBI signals a bold break from decades of financial orthodoxy.

Sachin Malhotra

Monetary Policy

RBI’s Insulated Optimism Jars with Ground Reality

The central bank’s upbeat narrative of resilience overlooks stagnant earnings, weak credit demand, and intensifying global risks.

Dhananjay Sinha

Grieving for Glaciers: Warnings Written in Ice, Water, and Memory

Ancient ice is retreating fast. As rivers shrink and seas rise, glaciers warn of a climate reckoning we can no longer ignore.

Michael Debabrata Patra

Columnists

Michael Debabrata Patra

Michael Patra is an economist and former RBI Deputy Governor.

TK Arun

Arun is a seasoned writer on economic and policy matters.

Abheek Barua

Abheek is an Independent Economist and the Former Chief Economist at HDFC Bank.

Ajay Srivastava

Ajay Srivastava is the founder of the Global Trade Research Initiative.

Vijay Chauhan

Vijay, trade expert & ex-IRS officer, works with Deloitte India and Ashoka University’s ICPP.

Dhananjay Sinha

Dhananjay, a D-School alum, is CEO and Co-Head of Equities at Systematix Group.

Kirti Tarang Pande

Kriti is a psychologist specialising in mental health, org behaviour, and brand strategy

Srinath Sridharan

Srinath is an author, corporate advisor, and independent director on corporate boards.

Sharmila Chavaly

Ex-civil servant Chavaly held key Railways, Finance roles; specialises in infra & PPPs

Nilanjan Banik

Nilanjan Banik, Professor at Mahindra University, specialises in trade and development economics.

Sachin Malhotra

Sachin was till recently an MD with Standard Chartered Bank.

Rajesh Mahapatra

Rajesh Mahapatra is the former Editor of The Press Trust of India

Krishnadevan V

Krishnadevan is Consulting Editor at BasisPoint Insight.

Dev Chandrasekhar

Chandra advises companies on big-picture narratives on strategy and markets.

Kalyan Ram

Kalyan Ram co-founded Cogencis. He now leads BasisPoint Insight.

R. Gurumurthy

Gurumurthy is an ex-central banker who handled markets, and later, financial stability for RBI.

The Bureau

RBI Reopens Rate Door, December Cut Alive

US Shutdown Uncertainty Fuels Safe-Haven Demand, Drive Dollar Weakness

Benign Inflation, External Risks Keep Rate-Cut Debate Open, But for December

Most Indian Pharma Exports May Escape US Tariff, But Uncertainty Clouds Branded Generics

Moody’s Affirms India at Baa3, Flags Fiscal Constraints and Tariff Uncertainty

India’s Second Half Borrowing Plan Balances Market Needs, But Yield Relief Hinges on RBI

Eight Years, Many Judgements Later Bhushan Power Stays with JSW

Venkat Chalasani on AMFI, Ethics, and Financial Literacy

Jallikattu: Tamil Nadu’s Ancient Bull-Taming Tradition

Global Leaders Turn Modi’s 75th Birthday Into Diplomatic Spectacle

At 75, Modi’s birthday became a stage for diplomacy and spectacle, with tributes reflecting both his stature and India’s shifting place in the world.

BasisPoint Groupthink

Powell’s Quiet Win Against Trump’s Noise

Powell rallied colleagues for a cautious cut, resisting Trump’s pressure. His quiet resilience showed the Fed can still steer its own course.

BasisPoint Groupthink

Monetary Policy

Time for RBI to Recount, Reset

Beyond the rate call, the October review must recount what has been done, what was achieved, and set the compass for policy in the year ahead.

BasisPoint Groupthink

AU Small Finance Bank: Precursor to More Licence Upgrades from RBI

AU Small Finance Bank’s upgrade to a universal bank licence revives hopes among peers and tests RBI’s vision for differentiated banks.

Mint Owl

Why RBI Must Define CRR as a Legitimate LoLR Tool

RBI must define CRR as a true Lender-of-Last-Resort tool to provide banks with assured liquidity support during crises.

Karan Mehrishi

The World is No More Flat: Rethinking Globalisation

Globalisation has not ended but entered a phase of rewiring, shaped by nationalism, geopolitical rivalry, climate shocks, and fragile supply chains. What must firms do to adapt?

Srinath Sridharan

Geopolitics

Ceasefire Dreams, Strategic Reality: Peace In Gaza Is Still A Pipedream

India’s foreign policy hallmark in West Asia has been balance — principled on Palestinian rights, pragmatic with Israel, and cooperative with the US and Gulf. That maturity must continue.

Lt Gen Syed Ata Hasnain (Retd)

India Hard-Sells Oil PSUs as Government Grows Restless With Investor Apathy

Government stages unprecedented oil PSU roadshow to counter investor bias. Ministry and IOC management pitch systematic engagement strategy.

Krishnadevan V

Kharif Crop Prospects Satisfactory Overall, Risks from Excess Rainfall Remain

It is important to note that the total seasonal rainfall is not as critical as its temporal and spatial distribution, which are crucial for agriculture.

G. Chandrashekhar

Basel Guardrails must Balance Stability, Innovation for NBFCs

India’s NBFCs need Basel guardrails that ensure resilience without choking innovation. Proportionality and clarity hold the key.

Babuji K

Briefing

Currencies Under Siege as Fiscal Dominance Takes Hold

When fiscal dominance weakens central banks, the first casualty is often currency stability. The rupee’s path today echoes the struggles of the yen and yuan.

V Thiagarajan

Ladakh’s Aspirations and the Path Ahead

Ladakh needs patience, aspirational understanding, and empathetic ‘hearts and minds’ outreach to chart the right path toward resolution.

Lt Gen Syed Ata Hasnain (Retd)

Psychology of Unrest - Quantifying Financial Risks of Identity-Driven Clashes

The world dismisses it as chaos, but India can create the world’s first social volatility index. Psychology provides the algorithm for predictive financial models that can finally price social unrest.

Kirti Tarang Pande

Mastering the Regional Disparities Key to Bihar Elections

Bihar heads into elections with stark regional divides shaping the contest. Each of its nine zones has distinct demographics, challenges, and political leanings Decoding these disparities is key to understanding past results and the road ahead.

Amitabh Tiwari

Not Just Make in India, Chips Need to be Made by India

Without owning semiconductor IP, India risks dependence. Building and backing its own chips is the real test.

TK Arun

Why JLR's £2 Billion Loss Could Change Corporate Insurance Forever

How Tata Motors’ JLR's cyber insurance fumble turned a manageable crisis into an existential catastrophe

Krishnadevan V

Labubu Syndrome: Anatomy of a Plush Pandemic

A pointy-eared gremlin-rabbit now rules wallets and timelines. Labubu is today’s tulip, yesterday’s Beanie Baby, and last year’s NFT—cute, scarce, and overpriced.

R. Gurumurthy

RBI Should Stay on Hold in October to Preserve Stability

N. Srinivasa Rao

Trump's Beggar-the-Poor Remittance Tax

Hippolyte Fofack

JSW-BPSL, X vs Govt, Air India Crash Probe, and More

BasisPoint Insight

No More Taarif for Trump

Manoj Rane

Week in Numbers – Tracking India’s Economic Pulse

The sharp jump in core sector output in August has raised hopes of stronger industrial growth during the month, following a string of anaemic readings.

Datametricx

Jaguar’s Cyber Crisis: A £2 Billion Warning for Indian Boardrooms

Jaguar Land Rover’s uninsured cyberattack shows how one breach can devastate profits, supply chains, and investor trust.

Srinath Sridharan

Plaza Accord at 40: A Time Capsule of Macroeconomic Diplomacy

Forty years after the Plaza Accord tamed an overvalued dollar, can Washington still bend currencies to its will in a multipolar, fast-moving financial world?

R. Gurumurthy

Geopolitics

India’s Message to the World in the SCO that Everyone Missed

At the SCO summit, India balanced ties with Myanmar’s junta and China’s growing sway, while signalling its role as a trusted regional partner.

Rami Niranjan Desai

India’s Remittance Lifeline Faces New Strains

US tax and visa shocks threaten India’s $135 billion remittance lifeline, exposing risks in its most stable external buffer.

Babuji K

How Post-COVID Tailwinds Triggered H-1B Pushback; Is Macro Reset the Answer?

The post-pandemic export surge drew US fire on visas. With services under pressure, India’s answer cannot be piecemeal—it must be a macro-level reset.

Dhananjay Sinha

The $100,000 Question: How Trump's H-1B Fee Hike will Change the Future of Hiring

Is the $100,000 H-1B fee hike a turning point for Indian IT, or just another breadcrumb in a trail marked by layoffs, automation and offshoring?

Nilanjan Banik

Between Washington and Beijing, Can India Script Its TikTok Future?

India’s TikTok question is not about short videos but digital sovereignty, strategy, and whether Delhi can carve out a distinct “third way.”

Srinath Sridharan

Saudi Insecurity, Pakistan’s Rebound: Reviewing Persian Gulf Security

If Riyadh’s fears over external threats and about US reliability are widely shared, Gulf monarchies outside of Saudi may begin to seek similar arrangements.

Lt Gen Syed Ata Hasnain (Retd)

Smartphones to Pharma, India’s Key Exports to US Take a Hit

Some tariff-free products are collapsing despite facing zero duties, while several highly-taxed sectors are showing surprising resilience

Ajay Srivastava

Opinion

Air India 171: Why a Flawed Probe Risks Burying the Real Story

Three months after 260 lives were lost, India’s crash probe raises more doubts than answers. Truth and data must surface before trust collapses.

Sanjay Mansabdar

Customer Service: The Missing Core of Survival in Indian Banking

India wants global banking giants by 2047, but without fixing everyday service failures, trust may erode faster than balance sheets grow.

Anupam Sonal

Retail Inflation Could Briefly Touch Zero in October

GST cuts and a favourable base effect may push India’s retail inflation near zero in October, posing a fresh test for the RBI’s rate calculus.

Datametricx

RBI Must be More Consistent, Transparent in How it Communicates

Predictability and transparency in communication are as important for a central bank as its policy actions. RBI must revisit its practices to ensure consistency.

Mint Owl

Unemployment Tracker

India’s Easing Joblessness Masks a Deeper Gender Divide in Employment

Unemployment eased in August, but the gains bypassed women and the young. Beneath the PLFS headline figures lies a troubling labour market fault line.

Akshi Chawla

“America First” Accounting Standards?

Howard Davies

Urban Company Monetises India's Growing Impatience

Krishnadevan V

BRICS - Building Brick by Brick

Babuji K

Why Air Pollution Fuels Crime and the Policy Lessons for India

Amitrajeet A. Batabyal*

PSU Bank Mergers Without Deal-Making Skills Will Have Little Global Impact

India's state-owned banks excel at lending but lose billion-dollar deals to global rivals. Why PSU banks need deal-making DNA for Viksit Bharat 2047.

Krishnadevan V

A New Middle Eastern Canvas for All Indian Diplomacy

Diplomacy in the Middle East has always been a delicate dance. Today, it resembles a freshly-painted canvas: vibrant, but with strokes that can blur if handled clumsily.

Lt Gen Syed Ata Hasnain (Retd)

Little Impact on IT, But Trump’s H-1B Visa Fee Could Reverse Indian Brain Drain

The new $100,000 H-1B visa fee may cause short-term headaches for Indian IT firms, but it could strongly deter students from pursuing US admissions without a clear job path.

TK Arun

Trump’s Queen of Hearts Tariffs

Trump’s tariffs may sting, but India channels Ali’s art—floating lightly and stinging sharply when the timing is right.

Michael Debabrata Patra

Basis Life

Sarci-Sense: The Tormenting Insignificance of One

We are told to trust the mean, median, and mode in life, as if life takes comfort in graphs. But spreadsheets don’t cry at night; people do

Srinath Sridharan

Basis Life

Why India’s Marriage Market Punishes Working Women

Entrenched gender norms ensure that Indian women still pay a price in the marriage market for choosing careers, especially in non-traditional jobs.

Amitrajeet A. Batabyal*

Basis Life

Beyond the Doors: Where Hope and Humanity Endure

In waiting rooms, time slows and hope lingers. Beyond verdicts and diagnoses, they hold shared resilience, quiet courage, and the belief that tomorrow may be better.

Kalyani Srinath

Videos

Nepal in Crisis | Saibal Dasgupta and Dr. Pramod Jaiswal

Saibal Dasgupta

A. Balasubramanian on Building Birla AMC, Markets, and the Road Ahead

Manoj Rane

Sanjeev Sanyal on Trump, India’s Growth Path, and Process Reforms

Krishnadevan V

From 2008 Derivatives Bust To 9/11 Bond Shock – RBI’s Crisis Lessons | Part 2

Manoj Rane

Next Gen Bank Reforms Should be Asset Growth-Centric

India is the fourth largest economy, yet only two banks rank among the global top 100. Next-gen reforms must drive PSBs towards asset-led scale.

K. Srinivasa Rao

Crushed Volatility: How SEBI’s Clampdown Risks Killing the Options Game

SEBI’s clampdown on arbitrageurs has exposed retail traders’ habits, crushed implied volatility, and raised a sobering question.

Sanjay Mansabdar

One Voice, Many Questions, And a Test for Leadership

The resignation of an independent director of KRBL, a listed entity, highlights how a single voice can trigger scrutiny that tests the structures and responsibilities of leadership.

Srinath Sridharan

Bihar 2025

Travel Diaries: Of North-South and Other Divides

Traditional fear factors continue to influence core voter decisions, maintaining rigid voting patterns that have characterised Bihar politics for decades.

Amitabh Tiwari

India’s Outbound Investment Surge Signals Confidence, Not Flight

India Inc’s surge in overseas investment is less about an alternative to domestic investments than a strategic embrace of global markets, technology, and supply chains.

Sharmila Kantha

Growth Without Jobs, Wealth Without Equity: India Needs a Bold Course Correction

India’s economy is expanding, yet jobs are scarce and inequality deepens. Without a bold reset, growth risks leaving too many behind.

Arvind Mayaram

Atmanirbhar Bharat: Between Slogan and Substance

Atmanirbhar Bharat has shown flashes of true resilience, yet risks sliding into protectionist déjà vu. India must decide if self-reliance means global ambition or insular retreat.

Duvvuri Subbarao

India’s Bank Mergers: The Folly of Mistaking Size for Strength

Consolidation of India’s public banks offers scale without substance. Without governance reform and adjustments to their business models, they risk global irrelevance despite their domestic strength.

R. Gurumurthy