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Ishan Bakshi is a senior member of the Opinions team at The Indian Express. He writes extensively on macroeconomics and matters of public policy in India.
Professional Profile
Role: Associate Editor
Specialisation: He provides high-level analysis of fiscal and monetary policy, centre-state fiscal relations, employment and the informal sector, and global trade dynamics (particularly on relations between US, China and India). He also writes on areas such as electricity reforms, and tracks new age sectors such as AI and tech.
Editorial Focus: His columns often challenge the "business-as-usual" approach, advocating for deeper structural changes rather than temporary bailouts or protectionist measures.
Recent Notable Articles (2024 – 2025)
His recent work highlights critical shifts in the Indian and global economy:
1. Fiscal and monetary policy and federalism
"On interest rates, is RBI joining the right dots?" (Nov 2, 2025): A critique of the Central Bank's neutral stance, arguing it doesn't align with the need to stimulate economic activity.
"As states want more, the 16th Finance Commission will have to walk a tightrope" (May 5, 2025): An analysis of the pressures and pulls facing states in India, and the challenge before the Finance Commission
"Modi 3.0 wants to take India to new economic heights. Where is the roadmap?" (March 10, 2024): Examining the ideas that drove the Modi government's agenda in its first and second term, and the likely policy agenda for the government's third term.
2. Trade in the age of Donald Trump
"India needs a well thought out trade strategy, but first it needs a China strategy" (June 22, 2025): Arguing that China’s role in global production is a reality India must strategically navigate.
"India and remaking of the global supply chain" (April 27, 2025): Assessing India's ability to grab a larger share of the second round of global supply chain reconfigurations.
3. Challenges to the Indian economy
"Another bailout of discoms won't change the situation. Usher in competition" (Dec 7, 2025): A call for privatizing power distribution to weed out billing and labor...
March 15, 2026 19:27 IST
When compared to 1979, the Indian economy is considerably bigger and has a greater capacity to absorb shocks. But, the energy constraint is unlikely to disappear anytime soon, making it particularly vulnerable
Sun, Mar 15, 2026March 02, 2026 06:16 IST
Has the risk perception of state bonds increased while that of private entities declined? Or, is it a matter of liquidity and differentiated markets? Or, is risk being mispriced at the long end of the yield curve and/or at the credit level?
Mon, Mar 02, 2026March 01, 2026 16:49 IST
Sticky long-term yields, costly state borrowing and cheap retail loans point to possible distortions
Sun, Mar 01, 2026February 15, 2026 20:58 IST
US-China economic clash will be the major global contest over the coming decades. Against this backdrop, the question is: Will the US government and American firms make the same huge bets on India like they did decades ago with China?
Sun, Feb 15, 2026January 18, 2026 15:24 IST
These cuts will be difficult to reverse. The revenue constraints are, therefore, likely to be long-term
Mon, Jan 19, 2026December 07, 2025 14:29 IST
Bring more players in distribution. It will help weed out inefficiencies in the system – in billing, collection, labour costs
Tue, Dec 09, 2025November 14, 2025 06:38 IST
With the state repeatedly failing in its duty to provide this public good — clean air — perhaps it's time to consider private alternatives. Can private individuals engage directly with farmers and work out a deal for not burning the stubble?
Fri, Nov 14, 2025November 02, 2025 15:59 IST
Central Bank’s inflation calculations seem to suggest there’s no space for interest rate cuts. But its neutral stance on monetary policy doesn’t fit with either the imperative of stimulating economic activity or the task of controlling prices.
Sun, Nov 02, 2025October 19, 2025 15:34 IST
From Washington to Beijing to New Delhi, governments are reshaping markets in pursuit of strategic self-reliance
Mon, Oct 20, 2025September 21, 2025 16:59 IST
Indians are using digital mode for routine, and even non-routine transactions. Are we close to an inflection point where incrementally currency in circulation will trend lower?
Mon, Sep 22, 2025August 24, 2025 18:39 IST
Different reasons impede pickup in their economies. But a reluctance to correct structural shortcomings is common to both.
Mon, Aug 25, 2025July 31, 2025 06:33 IST
Considering that the IT sector has provided millions with pathways to upward mobility — the great Indian middle class grew on the back of this sector — new drivers of growth are needed
Thu, Jul 31, 2025June 22, 2025 16:43 IST
China’s centrality to the global production system is a reality that cannot be wished away
Sun, Jun 22, 2025May 05, 2025 07:24 IST
What will a rebalancing of tied and untied transfers do for the equitable and comparable delivery of public services across the country? Considering the level of inequality, will increasing untied funds lead to a convergence? The finance commission should look into these, and more, as it finalises its recommendations
Mon, May 05, 2025April 27, 2025 18:34 IST
India was not a big beneficiary during the first round of reconfigurations. The question is: Can it grab a bigger share this time around?
Sun, Apr 27, 2025April 20, 2025 20:26 IST
Even as other countries turn their back on globalisation, India must embrace freer trade. It must shun protectionism, not turn inwards.
Sun, Apr 20, 2025April 07, 2025 07:43 IST
Not only are more households taking on debt, they are also taking on more debt than before. This speaks of structural defects in the economy
Mon, Apr 07, 2025March 07, 2025 12:35 IST
With structural transformation stalling, private investment cycle yet to take off and upward mobility restricted due to limited job creation and subdued wages, the government has its work cut out in tackling the economy’s continuing weakness
Mon, Mar 10, 2025March 02, 2025 16:04 IST
Revisions of GDP figures make it more challenging to estimate the underlying economic momentum.
Sun, Mar 02, 2025February 22, 2025 07:00 IST
India's development challenge is at two levels: To ensure western and southern states aren't caught in the middle-income trap and that poorer states grow rapidly
Sat, Feb 22, 2025February 16, 2025 20:16 IST
US President’s tariff salvo may or may not bring desired results for America. But other countries must deal with fallout
Sun, Feb 16, 2025February 09, 2025 17:01 IST
In an uncertain global environment, RBI should intervene only to smoothen out excess volatility. Monetary policy should respond to domestic conditions
Tue, Feb 11, 2025January 26, 2025 17:38 IST
The budget must clearly articulate a medium term strategy to address the structural impediments to growth.
Mon, Jan 27, 2025January 20, 2025 08:04 IST
The fallout of limited job creation and muted wage growth can be seen in the greater recourse to debt
Mon, Jan 20, 2025December 22, 2024 07:00 IST
Among the various reasons why people choose to migrate are financial considerations and tax benefits. A wealth or an inheritance tax may aggravate this. Moreover, a large part of wealth in India, and as a consequence a person’s inheritance, is in the form of land, real estate and gold.
Sun, Dec 22, 2024
