Dr. Nirmal Ganguly
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India Glows: Navigating global Slowdown & Asian Divergence

This article provides an assessment of the global economic outlook based on the International Monetary Fund’s World Economic Outlook (WEO) Update of19 January 2026 and the World Bank’s Global Economic Prospects update of 13 January...

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India’s Fiscal Stress 2026: Decoding Nominal GDP & Tax Trends

India’s fiscal strategy in recent years has thrived on a very favorable economic landscape. High nominal GDP growth—driven by post-pandemic recovery in india, rising inflation, and strong price effects—created a substantial revenue cushion. Even moderate...

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Priceless Growth? Decoding India’s Shifting GDP Landscape

The First Advance Estimates of National Income for 2025–26 released by the Ministry of Statistics and Programme Implementation (MoSPI) present, at first glance, a picture of macroeconomic stability. Real GDP growth is projected at a...

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UN 2026 Outlook: Fragmented Global Economy & India’s Rise

The United Nations’ World Economic Situation and Prospects (WESP) Report 2026, released on 8 January 2026, characterises the global economy of 2025 with a carefully chosen word: resilience. Global output growth, estimated at around 2.8...

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World Economy: Navigating the Uncertain Road to 2026

This essay examines how the world economy actually performed in 2025—its achievements, its missed opportunities, and its policy shortcomings—and then turns decisively to the global economic and developmental prospects for 2026. It argues that the...

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India Economic Outlook 2026: The Cost of a Strategic Pause

The Indian economy exits calendar year 2025 having demonstrated an important, if understated, achievement: it held the line in an increasingly fragmented and uncertain global environment. Growth in India remained robust by international standards, inflation...

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Decoding India’s Monetary Puzzle: Rates, Rupee & Global Shifts

Economic textbooks are built on elegant, linear relationships. Lower interest rates reduce the appeal of a currency; higher rates strengthen it. Rate cuts encourage capital to move toward risk assets, lifting equities and easing pressure...

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Direct and Action-Oriented Global Trade at a Crossroads: Growth vs. Fragmentation

Global trade today stands at an unusual and uncomfortable juncture. On paper, the numbers appear reassuring. World trade in goods and services is estimated to have crossed the $35 trillion mark in 2025, expanding by...

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Beyond ₹90: What the Rupee’s New Reality Reveals About India’s Economic Architecture

The rupee’s journey beyond ₹90 is not an abrupt collapse but a culmination of long-running pressures that have now converged. For years, the currency had been trading above its fundamental value, held there by capital...

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Rebuilding India’s GDP Engine: Practical Steps & IMF Guidance for Growth

The IMF’s recent engagement with India — most clearly reflected in its 2025 Article IV staff report (released 21 November 2025) and in its updated Data Adequacy Assessment (DAA) framework — has done something that...

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Labour Reform in India: Progress in Law, Pressure in Delivery

On 21 November 2025, India completed one of its most ambitious labour reforms by operationalising the four consolidated Labour Codes — the Code on Wages, the Industrial Relations Code, the Social Security Code, and the...

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Why Gold Is Surging: The Global Search for Value Amidst Dollar Decline

Gold is glowing again. After months of quiet, both gold and silver are showing firm signs of revival — a response to a world that seems increasingly unsure of its own economic direction. Beneath this...