Can the AI Boom Sustain Its Own Ambitions?

AI investment is racing towards $1 trillion, but power shortages, debt risks and market volatility raise questions about the sustainability of the boom

Michael Debabrata Patra

October 12, 2026 at 3:09 AM IST

istock.com

Operational Realities in Monetary Policy Transmission

Masterclass with Michael Patra

Monetary policy transmission begins instantly in money markets, but frictions across rates, bonds and bank credit weaken its speed and strength.

Michael Debabrata Patra

October 5, 2026 at 9:04 AM IST

iStock.com

The Pipes: Monetary Policy Transmission

Masterclass with Michael Patra

Setting the repo rate is only the start. Michael Patra explains how monetary policy reaches the economy, and what gets lost along the way.

Michael Debabrata Patra

September 25, 2026 at 3:32 AM IST

iStock.com

Two Tales of Trade Turnarounds

India’s export revival has produced two unlikely reversals: refined petroleum flowing to Russia and Gujarat Hilsa finding its way to Bangladesh.

Michael Debabrata Patra

September 23, 2026 at 5:23 AM IST

iStock.com

Why Are Bond Yields Unyielding?

Rising bond yields flag doubts about fiscal discipline, inflation risks and competition for capital. India is not immune to the global repricing.

Michael Debabrata Patra

September 14, 2026 at 5:10 AM IST

istock.com

India’s GDP Numbers Reveal a Growth Upshift, Not a Statistical Mirage

India Rising

Investment is accelerating, and demand is resilient. Revised data challenge claims that the RBI sacrificed economic growth in its inflation fight.

Michael Debabrata Patra

September 9, 2026 at 10:00 AM IST

iStock.com

Measuring What GDP Leaves Out

Guterres’ push to move beyond GDP seeks to measure what growth misses, from inequality and well-being to sustainability and the planet.

Michael Debabrata Patra

September 7, 2026 at 2:45 AM IST

Via WikiCommons

How the RBI Manages Liquidity, From the LAF Corridor to Sterilisation and Beyond

Masterclass with Michael Patra

Michael Patra explains how the RBI manages liquidity, from sterilisation and CRR operations to forecasting and the LAF corridor’s role in transmission.

Michael Debabrata Patra

August 28, 2026 at 3:06 AM IST

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

Michael Debabrata Patra

Masterclass with Michael Patra

Masterclass with Michael Patra

India Rising

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