Publications : All
Topic
Quota Reform is an Opportunity for the IMF to Restore its Legitimacy
As the IMF strives to complete the 16th General Review and works towards some agreement on quota realignment as part of the 17th General Review, the IMF Board of Governors should strive to reach a consensus on three fundamental changes to the IMF’s resources and governance.The State of Urbanisation: Yesterday, Today and Tomorrow
Rakesh Mohan's valedictory lecture at IHD recommends devising policies to encourage research to study the phenomenon of industrialisation and urbanisation in India, for manufacturing to be located in towns and cities and calls for a unified system of governance.How to Fix Holes in the Financial Safety Net
In absence of significant governance reform, effectiveness of global financial safety institutions is eroding. India is better off relying, instead, on pursuit of prudent macroeconomic policies.Institutions, Organisations, and Governance to Promote Road Safety
This Policy Brief by Rakesh Mohan discusses the need for a system view to address a host of road safety issues through research and development.Trade: A Call to Action for Rapid Growth
For India to attain high-income status by 2047, it must urgently prioritise trade as the primary driver for achieving accelerated growth.Interview | Tech Import Curb Regressive, Doesn’t Augur Well for Future
We have to be connected to the Asian supply chain for us to be competitive in manufacturing of laptops, desktops, tablets and other computer equipment. That is what we need to do rather than shutting them off.The IMF’s Turn to Lead on Climate
While the International Monetary Fund has made great strides on climate change in a short time, emerging markets and developing economies need resources to invest in resilience more urgently than ever.Interview | Crypto Will Die a Natural Death as Investors Turn to Other...
Crypto grew because we had near zero interest rates in developed countries for an extended period so people were searching for higher returns, says Rakesh Mohan.Interview | More Financial Institutions May Fail Globally, But No Direct...
As interest rates keep increasing in the developed economies there could be some reversal of capital flows, and consequent impact on the exchange rate and the economy, Rakesh Mohan cautioned.Interview | Inflation-Targeting Framework has Clouded Thinking in Central...
Though there are multiple instruments to tackle inflation, every time there is a spike, the market expects monetary policy action, says Rakesh Mohan.The International Monetary Fund, Climate Change and Development: A...
An assessment of the IMF-led work on climate change with a development centered approach.Interview | Will RBI Raise Rates Amid Global Banking Crisis? | Rakesh...
CNBC TV18 News interview of Rakesh Mohan on whether the Reserve Bank of India (RBI) will raise the repo rates amid the global banking crisis.Bad debts of 2011-2016 could partly be pinned on a metal price crash
A majority of the firms responsible for defaulted loans between 2017-2020 constituted iron and steel businesses.Non-Performing Assets: Dented by Iron and Steel
The large decline in metal prices during 2014-16, predominantly driven by Chinese imports, made domestic firms in the metals sector uncompetitive. A decline in profitability affected the loan repayment capacity of many firms in the metals sector and they defaulted, creating non-performing assets (NPAs) for banks.The Answer for India’s Economic Recovery: Labour-intensive Manufacturing
India's economic recovery calls for a focus on labour-intensive formal manufacturing. High under-employment and poor-quality employment have hampered a much needed move away from agriculture.Watch: Rakesh Mohan on the State of the Indian Economy
In an interview to Karan Thapar for The Wire, Rakesh Mohan discussed the state of the economy six weeks before the end of the year, focusing specifically on growth, investment, unemployment, poverty, inflation and the state of the rupee.What is leading economist Rakesh Mohan’s view on inflation?
How will global slowdown affect India? When will RBI's steps to rein-in inflation start show results? Rakesh Mohan answer these in a conversation with Business Standard.Why NPAs Are Not Just About Bank Governance
Probing the links between twin balance sheet crisis and external commodity shocks could lead to a better understanding of the problem.Commodity Price Shocks and Non-Performing Assets in the Indian Banking...
Abhishek Kumar, Rakesh Mohan and Divya Srinivasan show that nonperforming assets in the banking sector and profit ratios in commodity-sensitive non-financial sectors are highly correlated with global commodity prices.Review: Recalibrate by NK Singh, With Select Insights from PK Mishra
A new book provides valuable snapshots of the evolution of Indian policymaking while also pointing out where policy shifts are needed.The Future of Climate and Development
CSEP President and Distinguished Fellow Rakesh Mohan at the Future of Climate & Development, hosted by the Task Force on Climate, Development and the International Monetary Fund.“Despite Warnings, Central Banks in Developed Countries do not Take...
Rakesh Mohan answers Bloomberg HT's questions about the causes of global inflation and the effectiveness of central banks' policies against hyperinflation.The Roller Coaster Ride of Non-performing Assets in Indian Banking
While the pandemic and some of the associated policy measures could reverse the recent downward trends in NPAs temporarily, more durable policy initiatives like bankruptcy reforms are expected to make significant positive changes in the NPA situation of Indian banks.Quota share of BRIC countries in IMF should increase: Rakesh Mohan to...
Rakesh Mohan suggests the need to review the role of IMF due to changing economic weight of emerging countries, stressing on completing quota reforms and maintaining data integrity amid the World Bank discontinuing its Ease of Doing Business reports.Former RBI Deputy Chief Warns of Rise in Bad Loans Due to the Pandemic
India’s expanded credit push to help small borrowers weather COVID-19’s impact risks fueling sour debt, says Rakesh Mohan.India’s 20.1% GDP Growth Encouraging: Rakesh Mohan
Former deputy governor of the Reserve Bank of India, Rakesh Mohan discusses the outlook for the Indian economy and policies amid the Covid-19 pandemic.The response of Reserve Bank of India to Covid-19: Do whatever it takes
RBI has succeeded in achieving its broad objective of keeping financial system functioning smoothly.A third-generation strategy for accelerated growth and development
Indian economy is in trouble once again and it is time to usher in a third generation of economic reforms.The lessons of India’s economic reforms of 1991
Rakesh Mohan and and Montek Singh Ahluwalia on 30 years of the economic reforms that marked a turning point for IndiaIndia needs a third generation of reforms
In India’s development journey, two major policy departures in its approach to growth stand out. It is time for a third departure.The 1991 reforms: The right people at a tight time
The reforms were a product of an objective economic crisis, bureaucratic talent in key positions, and a plan on how to proceedThe Response of the Reserve Bank of India to Covid-19: Do Whatever it...
Rakesh Mohan discusses the role of Reserve Bank of India in fighting the economic impact of Covid-19 and the ensuing lockdown.The 1991 moment was 18 months in the making: Rakesh Mohan
In a conversation with Puja Mehra, Rakesh Mohan discussed the Indian economic control system in-depth, the command-and-control economy, and how much of this system was dismantled after 1991.Interview | MSS bonds must be part of the standard monetary policy...
During the interview, Dr Mohan said he fails to understand why the current Monetary Policy Committee (MPC) was not given the powers to take a call on the reverse repo rate.Interview | Expect K-shaped, not V-shaped, recovery: Part 1
In a 3-part interview, Rakesh Mohan analyses the Indian economy, banking reforms, the RBI's role, etc.A third-generation strategy for accelerated growth and development in...
The third generation of economic reforms must direct attention to improving the government’s own competence, at all levels.A moment 30 years ago that had been a year and a half in the making:...
Rakesh Mohan narrates how the logic-defying system of industrial controls was dismantled, and discusses policies required to deal with the emerging challenges of redeploying labour.Ownership and governance of private sector banks – Part III
Going beyond its recommendations on ownership of private sector banks, there are some other internal working group (IWG) recommendations that bear scrutiny.Ownership and governance of private sector banks: Part II
Among the key problems that arise from the ownership of banks by nonfinancial companies are those of conflict of interest.Why private banks, their ownership structures need to be strictly...
Basic principles and international practice suggest that opening the door to the ownership of banks in India by large corporate/industrial houses should be done, if at all, with utmost caution.Interview | Should corporates be allowed to own banks?
Rakesh Mohan talks about the proposal to allow corporates to own banks and the state of the economy.IMF Quota reforms and global economic governance: What does the future...
The world is on the cusp of an epochal change in global economic power, not seen since the start of the Industrial Revolution.Indian Economy is in Structural Slowdown Since 2012
Cutting of rates won't have as much of a response. One does not know what in some sense ought to be the resting point for the rates, says Rakesh Mohan.Moving India to a new growth trajectory: Need for a comprehensive big push
The paper discusses the need to focus attention on the primacy of growth as a policy objective, to eliminate poverty and achieve upper-middle income status.Preserving the independence of the RBI
If proposals to set up an appellate body to review RBI’s regulatory and supervisory decisions were to be implemented, the whole supervisory process would get mired in constant litigation. The last decade has witnessed an almost constant attack on the Reserve Bank of India (RBI), emanating sometimes from within the government, sometimes ...Indian monetary policy in the time of inflation targeting and...
This paper provides a narrative of Indian monetary policy since the North Atlantic Financial Crisis (NAFC) in the mid-2008 till the current period. The period 2009-13 was dominated by the joint monetary and fiscal stimuli of the Indian authorities prompted by the NAFC. These, along with some structural shocks and a hands-off ...Better data needed on job scenario
“There are lies, damned lies, and statistics,” the 19th century British Prime Minister Benjamin Disraeli famously said. Today, his description of questionable data may be applied, somewhat facetiously, to Indian labour statistics. The problem is not that they are “fake”, but rather that they give only a partial and sometimes inaccurate view ...Indian Financial Sector: Structure, Trends and Turns
This paper traces the story of Indian financial sector over the period 1950-2015. In identifying the trends and turns of Indian financial sector, the paper adopts a three period classification viz., the 1950s and 1960s, which exhibited some elements of instability associated with laissez faire but underdeveloped banking; the 1970s and 1980s ...Progress must be made to corporatise railways: Rakesh Mohan
Rakesh Mohan, distinguished fellow, Brookings India, has said that while scrapping the separate Railway Budget is a positive move, the government has not yet clarified what it plans to do to make the railways more efficient. In an e-mail interview to Business Standard newspaper, Dr Mohan said little improvement has taken place ...Emerging Powers and Global Governance: Whither the IMF?
Although the role of the emerging economic powers is increasing, their soft power is not rising at the same pace, explores Brookings India Distinguished Fellow Dr Rakesh Mohan in this policy brief. KEY POLICY HIGHLIGHTS: The centre of gravity of the global economy is shifting back towards Asia from the North Atlantic. This ...Union Budget: FM has chosen stability over growth
In the face of a sluggish global economy and volatile global markets Finance Minister Arun Jaitley had to convey a message of continued macro stability while also striving to accelerate growth. Budget 2016-17 is a complex and comprehensive document touching on many different areas which finance minister (FM) Arun Jaitley has categorised into ...