Grand Tamasha

Thanks to the COVID-19 crisis, India’s economy is expected to shrink by at least 9 percent this fiscal year—a gut punch that comes on the heels of several years of continuously slowing growth. At the heart of India’s economic woes is a severe banking crisis that some have argued has sapped the vitality out of India’s investment cycle and consumed the energies of government economic firefighters.  This week, Milan sits down with Viral Acharya, former Deputy Governor at the Reserve Bank of India (RBI) from 2017-2019, and author of the recent book, Quest for Restoring Financial Stability in India. Milan and Viral discuss the health of India’s economy, the “silent crisis” afflicting India’s financial sector, the future of central bank independence in India, and the role that Indian economists based overseas can play back home.