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GST Reset May Leave States Largely Unscathed

Revenue fears from GST slab cuts seem overdone. With the compensation cess as a cushion, states face only a modest and manageable impact.

Datametricx

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gstcouncil.gov.in

MPC Framework

There Should Always be Food on RBI’s Inflation Plate

As India debates whether food prices should be excluded from inflation targets, the RBI will find itself balancing political pressure with institutional credibility. The RBI must remember that inflation is not a percentage point; it is the price of a plate of food.

Srinath Sridharan

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MPC Framework

If it Ain’t Broke, Don’t Fix it

The framework may warrant limited refinement—specifically, the inclusion of a clearly defined escape clause for exceptional circumstances.

Vivek Kumar

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Open Mouths, Open Markets, and RBI’s Signalling Gap

The RBI’s June gamble of frontloaded easing and a sudden neutral stance has backfired, raising borrowing costs. Governor Malhotra now needs both words and deeds.

BasisPoint Groupthink

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.

The Bureau

Sanjeev Sanyal on Trump, India’s Growth Path, and Process Reforms
Sarci-Sense: About Silent Goodbyes & How Middle-Age Friendships Disappear
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Why India’s Health Crisis Isn’t Just Personal Choice

India’s wellness boom hides a paradox: health isn’t just about diet and exercise. Air, water, urban design, stress, and social systems shape well-being far more than individual choices.

TK Arun

Why India’s Trade Playbook Must Go Beyond Firefighting 

As India faces a shifting US trade regime, the need for cushioning MSMEs and tackling non-tariff barriers immediately matters as much as shaping future trade rules.

Vijay Chauhan

Inside Indian Hotels’ Bold ₹2 Billion Mid-Scale Hotel Takeover

Indian Hotels bets big on India’s middle class, using Clarks to double Ginger’s scale and secure the fastest-growing hospitality tier.

Krishnadevan V

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

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Basis Life

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Ten Digits That Quietly Steal Freedom

Kalyani Srinath

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Maternity Leave for Students Not Compassion, But A Fundamental Right

Ravi Bhardwaj

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You're Not a Referee – Stop Breaking Up Fights and Start Changing the Game

Kirti Tarang Pande

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The New Evolution: Now with Spine, Small Talk, and Super Sight

R. Gurumurthy

GST Reboot Risks Fiscal Strain More Than it Promises Growth

India’s proposed GST rejig is being billed as a Diwali bonanza. The risk is that it leaves state finances stretched without delivering a real consumption boost.

N. Srinivasa Rao

Central Banking

The Monetary Power of Words in Central Bank Communication

Words have become one of the most powerful instruments in monetary policy, sometimes stronger than rate moves or liquidity operations.

Babuji K

SEBI's Derivatives Pullback Will Drive Speculation Offshore

Longer-dated contracts and reduced leverage will push trades to alternative assets and foreign jurisdictions, defeating the regulator’s objectives.

Dev Chandrasekhar

Sunil Goel

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

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Powell’s Precarious Balance

Powell’s Jackson Hole signal of a rate cut showed a Fed caught between rising unemployment risks and Trump’s tariff-fuelled inflation pressures.

BasisPoint Groupthink

Central Banks Swipe Right on Gold, Left on the Dollar

India’s rising reserves mask a deeper truth, as the age of dollar monogamy gives way to messy multipolar dating games.

R. Gurumurthy

Tariffs, Stimulus and Stalled Earnings Weigh on India’s Markets

India’s markets face a rough ride as tariff wars collide with weak demand, policy trade-offs and fragile corporate performance.

Dhananjay Sinha

Does Climate Change Matter for Monetary Policy Decisions?

Climate shocks are reshaping inflation, growth, and financial stability. For the RBI, integrating climate risks into monetary policy is no longer optional.

Hemachandra Padhan

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Infra Planning

Groundwater at Breaking Point in South Asia

Subsidised power keeps irrigation flowing, but at the cost of aquifer depletion and fiscal strain. Smarter, evidence-led policy is overdue.

Amitrajeet A. Batabyal*

Transit-Oriented Development Could Rescue Mumbai

Mumbai’s floods are man-made. Transit-oriented growth can turn recurring monsoon misery into a model of resilience and equitable urban living.

Alok Kumar Mishra

Rethinking Development Resilience in the Himalayan Arc

There is an urgent need for resilient, sustainable development in the Himalayas—balancing security, ecology, and livelihoods through innovation, monitoring, and civil–military cooperation.  

Lt Gen Syed Ata Hasnain (Retd)

International Relations

Between Washington And Beijing: India’s Search For Strategic Space

As Washington recalibrates and Beijing signals a thaw, India must weigh economic openings with China while navigating the shifting US–Russia dynamic

Lt Gen Syed Ata Hasnain (Retd)

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Corporate

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Mukesh Ambani Plays Long Game as Jio Preps for Blockbuster IPO

Krishnadevan V

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Squeezed for the State, Royalty Payout Hits NMDC

Dev Chandrasekhar

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Can Varun Beverages’ Operational Heft Help Pepsi Hold Market Share in India?

Krishnadevan V

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Lilavati Case Puts HDFC Bank Chief in Unwanted Spotlight

BasisPoint Groupthink

Which Sectors Will US Tariffs Hit Most and How to Brace for it

GTRI examines the scale and distribution of the impact across sectors, the potential GDP implications, and the strategic responses required.

Ajay Srivastava

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Trump Tariffs

Seven Possible Endgames for India in the US Tariff Standoff

India faces seven possible endgames in its tariff standoff with Washington. The right mix of negotiation and fortification could decide the long game.

Ajay Srivastava

Why ‘Make in Asia (ex-China)’ Could Help Redefine the Global Wardrobe

China’s grip on textiles is loosening. Bangladesh, Vietnam, India, and others can stitch together new supply chains to reshape the $500-billion global apparel market.

Rajesh Kumar*

Trade Tangles Didn’t Take a Weekend Off

As India enjoyed a long weekend, Washington kept tightening the tariff screws, from steel to e-commerce, leaving partners scrambling for answers.

Vijay Chauhan

Fed and Around

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Powell, Under Construction

BasisPoint Groupthink

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Questions for the Fed

Glenn Hubbard

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Goldman Sachs and the Fed’s Softer Stress Tests: A Capital Gamechanger

Rahul Ghosh

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Powell’s Caution, CBO’s Fantasy and Illusions That Move Markets, Budgets

R. Gurumurthy

IBC Amendment Bill Strengthens the Insolvency Edifice

IBC overhaul tightens admissions, curbs misuse, and restores creditor primacy, reinforcing India’s debt-resolution architecture.

Sachin Malhotra

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