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Ajay Shah| Ideas for India

Ajay Shah
National Institute of Public Finance and Policy
ajayshah@mayin.org
Ajay Shah studied at IIT, Bombay and USC, Los Angeles. He has held positions at the Centre for Monitoring Indian Economy (Bombay), Indira Gandhi Institute for Development Research (Bombay) and the Ministry of Finance, and now works at NIPFP. His research interests include policy issues on Indian economic growth, open economy macroeconomics, public finance, financial economics and pensions. In the past decade, he was extensively involved in the policy process in the reforms of the equity market and the New Pension System.
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Articles By Ajay Shah
Strategy for dealing with the banking crisis
Posted On: 17 May 2017

Topics:   Finance
Tags:   banking

To deal with India’s banking crisis, Prof. Ajay Shah of NIPFP recommends a two-pronged strategy – more financing for firms, and RBI reforms.
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A monetary economics view of the demonetisation
Posted On: 21 Nov 2016


The demonetised Rs. 1,000 and 500 notes were 86% of the total volume of cash in India. In this article, Ajay Shah, Professor at NIPFP, argues that if a significant scale of firm failure were to come about, it would convert a temporary shock into a deeper and more long-term recession.
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Foreign currency borrowing by Indian firms: What do we know?
Posted On: 09 Nov 2015

Topics:   Finance

As foreign currency borrowing by Indian firms has been increasing, concerns have surfaced about rising associated risks. Hence, recent policy changes seeking to make the regulatory regime simpler and more transparent are timely. This column addresses several important questions regarding foreign currency borrowing of Indian firms, the answers to which can provide a firmer basis for ongoing policy formulation.
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Has the recession which began in 2012 ended?
Posted On: 04 Sep 2015

Topics:   Economic Growth

The high growth rates visible in the new GDP data suggest that the recession which began in the first quarter of 2012 has now ended. Based on analysis of data on firms, investment and Balance of Payments, this column argues that the new GDP data does not square with other data which indicates slow growth and a continuation of the 2012 recession.
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Foreign investors under stress: Evidence from India
Posted On: 19 Jul 2013


Emerging market policymakers are concerned about the effects of foreign portfolio flows on financial stability. This column focuses on the behaviour of investors in extreme events, allowing for the possibility that what happens under stressed market conditions may differ from day-to-day outcomes. The findings for India suggest that while on good days, foreign investors exacerbate the boom by bringing in additional capital, no significant effects are found on very bad days in the local economy.
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Capital controls in India: Did they work?
Posted On: 21 Jan 2013


Are capital controls the right way to manage an economy? This column looks at what we can learn from India’s experience, where capital controls have never been fully dismantled.
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