Ashima Goyal

Ashima Goyal

Dr. Ashima Goyal is Emeritus Professor of Economics in the Indira Gandhi Institute for Development Research. She was a member of the RBI Monetary Policy Committee.

The Small-Scale Opportunity for Indian Business

Technology is lowering optimal production scales, giving Indian firms new opportunities in manufacturing, green energy, and innovation.

Ashima Goyal

September 4, 2026 at 6:20 AM IST

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Review of the MPC Decision: The Fine Print on Outperformance

Monetary Policy

Behind the policy pause, easing inflation, stronger external buffers and broader investment point to a more resilient economy.

Ashima Goyal

August 5, 2026 at 2:27 PM IST

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Market Depth Can Turn Rainfall Shocks into Smaller Price Spikes

Dense agricultural market networks can sharply reduce the impact of extreme rainfall on tomato, onion and potato inflation.

Ashima Goyal

Anas Khan

July 21, 2026 at 8:18 AM IST

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Using Monetary Policy’s Degrees of Freedom

Monetary Policy

Calls for rate hikes to support the rupee overlook the flexibility built into India’s inflation-targeting framework and the RBI’s wider toolkit.

Ashima Goyal

June 3, 2026 at 3:12 AM IST

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Why the Budget Should Support Development Goals

Budget 2026

Beyond headline numbers, this Budget must align fiscal discipline with productivity, inclusion and institutional reform to sustain growth and realise Viksit Bharat.

Ashima Goyal

January 23, 2026 at 6:04 AM IST

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MPC Signals Maturity as Policy Counters Shocks with Confidence

Monetary Policy

India’s MPC breaks from old precautionary playbooks, using countercyclical policy and clearer signalling to steady growth, inflation and financial stability.

Ashima Goyal

December 8, 2025 at 3:30 AM IST

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Inflation Targeting Needs Flexibility, Not Unanimity

Monetary Policy

When monetary consensus turns to groupthink, inflation targeting risks losing its flexibility—and its purpose.

Ashima Goyal

November 13, 2025 at 2:35 AM IST

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Review of MPC Decision: What Does it Mean to be Forward-Looking?

Monetary Policy

Is it forward-looking to let policy be decided by base effects, rather than encouraging the anchoring of inflation expectations at the target?

Ashima Goyal

October 1, 2025 at 5:26 PM IST

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The Bureau

Is the RBI Behind the Curve?
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In Search of the Lesser Florican
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Maneet Pal Singh