Devesh Kapur & I are pleased that, after 4-5 years of researching & writing & decades of reflection, our book on 75 years of Indian development (A SIXTH OF HUMANITY) will be out in October.

Announcement here: harpercollins.co.in/blog/announc...

Pre-order here: www.amazon.in/dp/936989109...

Abhishek Anand, Josh Felman & I in the Business Standard
on risks of disruptive adjustment from RBI's de facto rupee peg (business-standard.com/economy/anal...)

Risks arise from markets perceiving that costs of defending the peg-via spot & forward intervention-may have become unsustainably high

Why the new RBI should abandon the current rupee policy

In today’s BusinessStandard, Abhishek Anand, Josh Felman & I show that recent spot & *forward* intervention to support rupee:
-has been massive &
-tightened liquidity when growth was slowing

Targeting rupee has made monetary policy worse

My Project Syndicate piece on why and how India should engage President Trump on trade issues is in the @bsindia today

Link here: business-standard.com/opinion/column…

Ungated version attached

Looking forward to this discussion on the future of the GST at CPR on Friday Nov. 29 at 11 am.

In light of the RBI once again depleting reserves substantially, re-upping the piece by Josh Felman and me on the costly change in the exchange rate regime

Looking forward to presenting paper by Abhishek Anand, Naveen Thomas and me on the multi-plant phenomenon @ CSEP in Delhi on Nov. 28 with Montek Ahluwalia as discussant. Details below.
Paper here: www.mids.ac.in/assets/doc/W...