Building Resilience in a Fracturing World

From Hormuz to semiconductors, India is quietly redrawing its resilience playbook as global shocks expose the cost of dependence on fragile supply chains

Michael Debabrata Patra

August 25, 2026 at 3:26 AM IST

Indian Strategic Petroleum Reserves Limited

The Plumbing in the Monetary Policy Architecture

Masterclass with Michael Patra

Michael Patra explains the plumbing of monetary policy, tracing how RBI liquidity management transmits the MPC’s repo rate through banks and money markets.

Michael Debabrata Patra

August 17, 2026 at 3:23 AM IST

iStock.com

A Monetarist Renaissance?

After decades on the margins, monetarism may be returning to the Fed, putting money supply back at the centre of the inflation debate.

Michael Debabrata Patra

August 10, 2026 at 2:53 AM IST

US Fed

The Mirage of Market Exchange Rates

Market exchange rates can distort economic rankings. PPP offers a different lens, showing how much larger India’s economy appears when measured by what money can buy.

Michael Debabrata Patra

August 5, 2026 at 9:35 AM IST

iStock.com

Lessons From India’s Inflation Targeting Decade

Masterclass with Michael Patra

After a decade tested by a pandemic and war, Michael Patra distils four lessons from India’s flexible inflation-targeting framework.

Michael Debabrata Patra

August 5, 2026 at 2:53 AM IST

India: Survival of the FITtest

Masterclass with Michael Patra

From the Urjit Patel committee to the first MPC, Michael Patra traces how India designed, legislated, and launched flexible inflation targeting.

Michael Debabrata Patra

July 24, 2026 at 9:57 AM IST

Via WikiCommons

Are Indian Equities Getting Their Mojo Back?

After months of selling, foreign investors are returning. Has India quietly regained its appeal in global portfolios?

Michael Debabrata Patra

July 16, 2026 at 7:41 AM IST

iStock.com

Inflation Targeting and the Contract of Trust

Masterclass with Michael Patra

From time inconsistency to flexible mandates, Michael Patra explains how inflation targeting became the world’s most durable monetary policy regime.

Michael Debabrata Patra

July 15, 2026 at 5:34 AM IST

Istock.com

Central Banking and Monetary Policy Regimes: The Indian Experience

Masterclass with Michael Patra

How India’s trysts with crises, policy responses and changing gears in the development strategy imposed monetary policy regime shifts upon the RBI.

Michael Debabrata Patra

July 5, 2026 at 4:02 PM IST

Why are Central Banks Taking Guard Again?

Inflation is not roaring, but it is stirring again—and for rate-setters, the lesson from 2022 is stark: act early, or risk being forced into harsher tightening later with credibility on the line.

Michael Debabrata Patra

July 1, 2026 at 3:32 AM IST

US Fed

What the RBI’s Annual Report Reveals Beyond the Record Surplus

The RBI’s record surplus transfer grabbed headlines, but a careful reading of its Accounts in conjunction with the rest of its Annual Report reveals deeper shifts in income, risk provisioning, and balance-sheet management.

Michael Debabrata Patra

June 29, 2026 at 3:46 AM IST

Central Banking 101: When Monetary Anchors Collapse

Masterclass with Michael Patra

As monetary targeting broke down globally, central banks were pushed again into uncertainty and regime change.

Michael Debabrata Patra

June 25, 2026 at 3:16 AM IST

Library of Congress

Central Banking 101: The Rise and Fall of Monetary Policy Regimes

Masterclass with Michael Patra

From the collapse of Bretton Woods to the rise and fall of monetary targeting, central banks kept reinventing policy anchors.

Michael Debabrata Patra

June 15, 2026 at 4:12 AM IST

https://www.federalreservehistory.org/essays/bretton-woods-created

Strategic Oil Reserves: India’s Insurance Against Conflict

As frozen conflicts reshape energy security, India must expand strategic oil reserves to reduce supply risks, tame price shocks and build resilience.

Michael Debabrata Patra

June 10, 2026 at 3:37 AM IST

PIB

Central Banking 101: RBI and the Safeguarding of Confidence

Masterclass with Michael Patra

Michael Patra traces the evolution of the RBI and its role in safeguarding trust, stability and confidence in India’s financial system in his NIBM lecture. This is part two of the Masterclass series.

Michael Debabrata Patra

June 4, 2026 at 8:12 AM IST

RBI

Central Banking 101: Origins, Ideas and Institutions

Masterclass with Michael Patra

After four decades at the RBI, Michael Patra enters classroom and traces how central banks evolved to safeguard trust, stability and confidence in this new Masterclass series.

Michael Debabrata Patra

May 25, 2026 at 7:41 AM IST

nibmindia.org

Water Water Everywhere, Not a Drop to Drink

A planet drowning in water yet dying of thirst. India stands on the front lines of a crisis that threatens food, cities, and survival.

Michael Debabrata Patra

May 15, 2026 at 6:01 AM IST

iStock.com

India’s Financial Digitalisation Has Scaled; Regulation Must Keep Pace

India’s digital finance ecosystem has expanded rapidly, but evolving risks around credit, data, and security now require regulation to adapt in step with scale.

Michael Debabrata Patra

May 5, 2026 at 4:30 AM IST

iStock.com

Digitalisation for Inclusive Finance and Sustainability

Digital finance is expanding access, but its impact on inequality, financial health, and climate resilience remains inconsistent across regions and income groups.

Michael Debabrata Patra

April 25, 2026 at 4:05 AM IST

iStock.com

The Age of Electricity Meets India’s Grid Test

Electricity is becoming the clearest signal of economic change, but India’s transition will hinge on grid strength, affordability and reliable integration of renewables.

Michael Debabrata Patra

April 15, 2026 at 2:59 AM IST

iStock.com

Michael Debabrata Patra

Masterclass with Michael Patra

Masterclass with Michael Patra

Masterclass with Michael Patra

Masterclass with Michael Patra

Masterclass with Michael Patra

Masterclass with Michael Patra

Masterclass with Michael Patra

Masterclass with Michael Patra

Masterclass with Michael Patra

The Bureau