Did RBI Manage the Rupee Exchange Rate to Help Select Oligarchs? — with Rathin Roy

How India's Economy Works

In this episode, author and journalist Puja Mehra speaks to economist Rathin Roy about India's exchange rate policy and its intricate connections with foreign reserves, FDI/FII trends, and the role of the Reserve Bank of India (RBI). Economist Dr. Rathin Roy shares his candid insights on how India's foreign exchange reserves are shaped, the implications of private sector borrowing abroad, and whether the rupee's stability is a result of strategic RBI intervention or unintended consequences of policy oversights. Tune in for a discussion that explores the dynamics of the rupee, the independence of the RBI, and the broader implications of exchange rate management.

ABOUT RATHIN ROY

Rathin Roy was the Director and CEO of the National Institute of Public Finance and Policy (NIPFP) in New Delhi. He has previously worked as an Economic Diplomat and Policy Advisor at the United Nations Development Programme (UNDP), with postings in London, New York, Kathmandu and Brasilia. He has also served as an Economic Adviser with the Thirteenth Finance Commission, New Delhi, in the rank of Joint Secretary to the Government of India. He was part of the Prime Minister's Economic Advisory Council and was a member of the last pay commission that recommended pay hikes for central government employees as well as being a member of the selection panels that chose the two governors of the RBI. His policy interests and research has mainly focused on fiscal and macroeconomic issues pertinent to human development in developing and emerging economies.

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