The Tantri Times

“Article writing has been easy this year: just send parts of INFS notes.” — the editor-in-chief

Monetary policy · Business Standard · this quarter

Gaps in inflation targeting

A credible framework requires credible measures of price expectations.

Business Standard clipping — Gaps in inflation targeting
Click any clipping to read it full-size.

Exchange rates · Mint, Expert View

The rupee's fall: neither unusual nor a stress signal

Mint clipping — the rupee's depreciation is neither unusual nor indicative of great stress

The same beat · with Aditya Kuvalekar

Inflation targeting: reflect, don't celebrate

Clipping — Inflation targeting: Reflect, don't celebrate
The Credit Desk

Banking · Business Standard

Collateral-free loans: a risky bet

Business Standard clipping — Collateral-free loans: A risky bet

Fintech · Mint · Apr 2025

What's missing in loan algorithms

Mint clipping — What's missing in loan algorithms

Gold · Apr 2025

Gold loans: unequal rules could backfire

Clipping — Gold loans: Unequal rules could backfire

Small firms · Mar 2025

Prepayment penalties: a boon for small firms?

Clipping — Prepayment penalties: A boon for small firms?

Project finance · BS online · Jul 2025

RBI's project-finance rules may sow the seeds of a future crisis

Business Standard online — RBI's change in project finance rules may sow the seeds of a future crisis
The Policy Desk

Fiscal · Guest Column · Sep 2025

GST cuts: structural reform, not stimulus

Guest column clipping — GST Cuts: Structural Reform, Not Stimulus

Defence · with Aditya Kuvalekar · May 2025

It's not guns vs growth

Clipping — Spending on desi defence tech can boost economy

Industrial · with Aditya Kuvalekar · Oct 2025

Trump card: why India must woo AI superstars

Clipping — Why India must woo AI superstars like Meta does
Footnotes — the full record

Thirteen years of mentions — columns, quotes, panels and the odd TV hit — shelved by year, like an encyclopedia nobody asked for but everybody cites. Each footnote opens a search for the original, because the originals live behind a dozen different paywalls.

2025

  1. Total balance in Jan Dhan accounts cross ₹2.75-lakh cr mark — The Hindu BusinessLine · Nov 2025
  2. Will They Make You Rich or Break India's Market? — INDmoney, YouTube · Sep 2025
  3. ISB Prof on Hindenburg closure: "Reinforces faith in Indian Institutions" — Financial Express · Sep 2025
  4. Can RBI's new guidelines regulate the use of AI, without slowing down innovation? — The Hindu · Aug 2025
  5. Grasp of economics missing from fintech algorithms — The New Indian Express · Apr 2025
  6. Let The Rupee Fall: Prof Tantri on RBI rate cut, Trump tariffs, India's growth — Swarajya, YouTube · Apr 2025
  7. Jan Dhan ends FY25 on a high note — The Hindu Business Line · Mar 2025
  8. Understanding RBI Monetary Policy, Rate Cut, Inflation Expectations Data — Swarajya, YouTube · Feb 2025
  9. ISB Prof busts big myth about Modi's latest budget — Vaad, YouTube · Feb 2025
  10. Three reasons why Indian economy is in trouble — Vaad, YouTube · Jan 2025
  11. 'Monolithic bank like SBI': ISB Professor warns bank mergers may create monopolies — Business Today · Jan 2025
  12. 'Big fan of Modi 1.0, but not Modi 2.0': reforms have slowed after 2019 — Business Today · Jan 2025
  13. I discuss Indian Economy with an ISB Professor — Prakhar ke Pravachan, YouTube · Jan 2025
  14. What India Needs In Union Budget 2025 — Swarajya · Jan 2025

2024

  1. Food prices and inflation expectations: Should the RBI cut rates? — Moneycontrol · Dec 2024
  2. Welfare gets a bad name, but not all social sector spend is unproductive — The Times of India · Jul 2024
  3. Union Budget 2024, Awaaz Adda — CNBC Awaaz · Jul 2024
  4. Budget Of Hope: ISB Professors and Students React to Union Budget 2024 — NDTV · Jul 2024
  5. 'Formalisation creates losers': two course corrections for the Centre — Business Today · Jul 2024
  6. Union Budget 2024–25 — Vaad, YouTube · Jul 2024
  7. Launched "Finterpret" channel to disseminate finance research findings — Finterpret · Mar 2024
  8. Understanding India's Banking Sector: Safety, Regulation, and Vulnerability — Moneycontrol, YouTube · Mar 2024
  9. ISB Thinktank Upbeat On What Interim Budget Will Hold For Economy — NDTV · Jan 2024

2023

  1. Modi Sarkar should do this for 10% GDP Growth — Vaad · Oct 2023
  2. Government spending Explained: The Good, Bad & Ugly — Labour Law Advisor · Oct 2023
  3. Meet Dr Prasanna Tantri — the man who influences govt policies — Labour Law Advisor · Sep 2023
  4. Flip side to bank transparency — The Hindu Business Line · Mar 2023
  5. Credit cards outstanding up a record 29.6% in FY23 till end-Jan — The Hindu Business Line · Mar 2023
  6. Budget Brainstorm — Business Today · Feb 2023
  7. SJM: Focus will be on Jobs — Deccan Chronicle · Feb 2023
  8. Budget with NDTV — NDTV · Feb 2023
  9. Mudra loans see record increase in Q3 of FY23 — The Hindu Business Line · Jan 2023

2022

  1. Money matters: RBI has grip on Inflation — The Hindu Business Line · Dec 2022
  2. A Case for Cash Transfers in place of Food Grains — The Indian Express · Nov 2022
  3. Higher appetite: Mudra loans log a record 30% growth in H1 FY23 — The Hindu Business Line · Oct 2022
  4. Disciplining Effects of IBC: Equity Inflows, RPT Reduction, and Investments — IBBI · Oct 2022
  5. Why loan write-offs are a good thing — Modi's biggest reform — Vaad · Sep 2022
  6. India central bank paper cautions against 'big bang' bank privatization — S&P Global Market Intelligence · Aug 2022
  7. Why bank mergers are good for reducing NPAs — The Economic Times · Jul 2022
  8. Govt's proactive steps helped deal with pandemic blues: FM — Financial Express · Jun 2022
  9. Pradhan Mantri Garib Kalyan Yojana helped poor live with dignity — The Hindu · Jun 2022
  10. On Modinomics, UPA's biggest fraud & stock market strategy — Vaad · Jun 2022
  11. Ayushman Bharat's short-term impact is beneficial — The Hindu Business Line · May 2022
  12. Effective and Efficient: The Insolvency and Bankruptcy Code — The Indian Express · Apr 2022
  13. A High Resolution Tool: the IBC has outperformed the earlier regime — The Indian Express · Apr 2022
  14. Corporate charity, mandating CSR spending and taxes — The New Indian Express · Jan 2022
  15. Planning for retirement with Life Insurance — Moneycontrol · Jan 2022
  16. Corporate tax cuts do boost investments — The Hindu Business Line · Jan 2022

2021

  1. PMJDY turns 7; brings 43 crore under formal banking system — The Hindu Business Line · Aug 2021
  2. Investors can lock in interest rates for long term with G-secs — Business Standard · Jul 2021
  3. Why PMJDY must be scaled up to next level — The Hindu Business Line · May 2021
  4. India's m-cap hits all-time high — The New Indian Express · May 2021
  5. Total balance in Jan Dhan accounts goes down by ₹2,787 crore in April — The Hindu Business Line · May 2021
  6. Should West Bengal adopt Ayushman Bharat? — The New Indian Express · Mar 2021
  7. An evergreening exercise that has gone unnoticed for too long — Livemint · Feb 2021
  8. Budget Insider — Business Insider India · Feb 2021
  9. What happens when firms have to stump up for good causes — The Economist · Jan 2021

2020

  1. Delayed Bank Recap Key to India's Pre-Covid Slowdown, Shows New Research — BloombergQuint · Oct 2020
  2. A loan waiver in whose interest? — The New Indian Express · Sep 2020
  3. PM Jan Dhan Yojana records 40 crore beneficiaries in six years — The Hindu Business Line · Aug 2020
  4. Lessons from stock performance of IBC Resolved Firms — The New Indian Express · Jul 2020
  5. RBI proposal on capping bank CEO tenure is not supported by cogent evidence — The Indian Express · Jul 2020
  6. Telangana provided highest credit to SHGs — Times of India · Jul 2020
  7. Is Cash-Transfers the Ultimate Solution To Recovery? — Civilsdaily · May 2020
  8. Atmanirbhar Bharat analysis: FM's measures realistic and implementable — The New Indian Express · May 2020
  9. Boosting demand with cheap credit to consumers is not a good idea — Indian Express · May 2020
  10. To stimulate demand or improve supply, that's the question — The New Indian Express · May 2020
  11. Power of Now in privatisations — The Times of India · May 2020
  12. Equity infusion into SMEs is a great idea, but execution is key — The Hindu Business Line · May 2020
  13. FM's overall package a good one, says ISB Prof — The New Indian Express · May 2020
  14. Protect poor by creating jobs in formal sector — The New Indian Express · May 2020
  15. All debt and no equity makes an entrepreneur a speculator — The Hindu Business Line · Apr 2020
  16. Big business on the cards for banks with customers on swiping spree — The Hindu Business Line · Mar 2020
  17. Coronavirus fears batter markets — is Friday's bloodbath just the beginning? — New Indian Express · Mar 2020
  18. Global markets may stay volatile; time to hoard good stocks — New Indian Express · Mar 2020
  19. Tackling the Ever-Greening Problem in Banks — The New Indian Express · Mar 2020
  20. This bullet had to be bitten: the Yes Bank case — Times of India · Mar 2020
  21. Have the budget proposals got your brains into a knot? — Business Insider India · Feb 2020
  22. More than just Thalinomics: Economic Survey highlights — New Indian Express · Jan 2020

2019

  1. PM Jan Dhan Yojna accounts are being used for consumption smoothing — Business Line · Dec 2019
  2. Don't Shoot the Messenger — Times of India · Nov 2019
  3. Markets riding high even as economy slumps — New Indian Express · Nov 2019
  4. The Success Story of Pradhan Mantri Jan Dhan Yojana — India Report Card · Oct 2019
  5. In India's quest for jobs, here's what the policy agenda should be — The Print · Oct 2019
  6. Indian Economy at 100 days of Modi 2.0 — ETV Bharat · Sep 2019
  7. Can MGNREGA data serve as a real-time index for rural distress? — DownToEarth · Aug 2019
  8. One Tool to Track It All — Magzter · Aug 2019
  9. SBI's rate cuts unlikely to impact deposits, for now — The New Indian Express · Aug 2019
  10. NREGA: Economic Survey ignores large-scale exclusions — Counterview · Jul 2019
  11. An imprint of ISB on the Economic Survey — Hindu Business Line · Jul 2019
  12. Develop real-time distress indicator with MNREGA data — Economic Times · Jul 2019
  13. Forced share sale won't assail stock process in long run — The New Indian Express · Jul 2019
  14. Six reasons the Economic Survey's presentation of MGNREGA is misleading — The Hindu · Jul 2019
  15. Three years after the note ban, banks see spurt in digital transactions — Hindu Business Line · Jul 2019
  16. Total balance in Jan Dhan accounts crosses ₹1-lakh crore — Hindu Business Line · Jul 2019
  17. Want to mop up more corporate tax? Reduce compliance burden — Times of India · Jul 2019
  18. "Big Mandate For BJP Should Mean Bold Budget" — NDTV · Jul 2019
  19. Budget should simplify tax procedure — Telangana Today · Jul 2019
  20. Transparency push: Centre will provide unit-level data free of cost — Business Standard · Jun 2019
  21. New Aadhaar for rural welfare — The Economic Times · May 2019
  22. Foreign investors poured almost $200 billion into Modi's India — CNN Business · Apr 2019
  23. Non-committed voters: your vote can improve economic performance — Moneycontrol · Apr 2019
  24. In-Kind Transfers — The New Indian Express · Apr 2019
  25. Behind the 'Down Beta' of Indian markets — Business Standard · Mar 2019
  26. District reeling under distress? MGNREGA demand data holds the key — Times of India · Mar 2019
  27. Lack of guarantee in payments — Eenadu · Mar 2019
  28. States' own tax revenues expected to rise 14% in FY19 — Times of India · Mar 2019

2018

  1. Farm loan waivers end up hurting the people they want to help — Moneycontrol · Dec 2018
  2. Forcing firms to do good could have a negative impact — CBS Ideas and Insights · Nov 2018
  3. Govt has done a fantastic job to maintain its fiscal deficit — ETV Bharat · Sep 2018
  4. Why stock prices tumble after bank CEO turnover — Forbes India · Aug 2018
  5. Is the Jan Dhan account capable of holding savings of the poor? — The Management Accountant · Jul 2018
  6. Loan waiver: contagion, not solution — Deccan Herald · Jul 2018
  7. Aadhaar linking cuts NREGS wage delays, fund transfers double — Times of India · Jun 2018
  8. Increase in voter turnout does not signal anti-incumbent sentiment — The Print · May 2018
  9. 'One Nation, One Election': what's in it for the government? — The Quint · May 2018
  10. Millions more companies are now paying tax in India — KQ2 · Jan 2018

2017

  1. More data needed to evaluate demonetisation — Livemint · Sep 2017
  2. The admirable success of the Jan Dhan Yojana — Livemint · Aug 2017
  3. Does debt waiver improve living conditions of poor farmers? — Times of India · Jun 2017
  4. State of Aadhaar Report 2016–17 — ID Insight · Apr 2017
  5. Are Jan Dhan bank accounts actively used? — Livemint · Apr 2017
  6. High time our 'experts' stop armchair theorising — Economic Times · Mar 2017
  7. Why debt waivers are likely to hurt Indian farmers in the long run — Times of India / Economic Times · Mar 2017
  8. MNREGA live show — Lok Sabha TV · Jan 2017
  9. Is MGNREGA destroying factory jobs? — Times of India · Jan 2017

2016

  1. How moving money to the bank helps the poor — Livemint · Dec 2016
  2. Demonetisation: are the poor really suffering? — Livemint · Nov 2016
  3. Economic growth and incumbency: how to keep your government — Economic Times · Jun 2016
  4. Labour law reforms are a necessity — Livemint · May 2016
  5. Do swing voters ensure higher growth? — Livemint · May 2016
  6. Improving governance in banks — Livemint · Mar 2016
  7. Tax agri income for the benefit of small farmers — Livemint · Feb 2016
  8. Harsh reality of moneylending business — Times of India · Jan 2016
  9. The press plays a positive role — Times of India · Jan 2016

2015

  1. Do educated voters select better candidates? — Moneycontrol · Nov 2015
  2. Mucking up the inheritance: dynastic netas underperform — Times of India · Nov 2015
  3. Helping the poor in consumption smoothing — Financial Express · Oct 2015
  4. Insuring farmers to fight drought — Financial Express · Sep 2015
  5. Partisan Commission — The Financial Express · May 2015
  6. Who gains from freedom? — Livemint · Jan 2015

2014

  1. Retail traders lost ₹5,584 crore a year due to bad calls — Livemint · Dec 2014
  2. NDTV discussion of "Inherent Quality or Nepotism? Political Dynasties in a Democracy" — NDTV · Nov 2014
  3. Does Internet-based media impact voting? — Livemint · Sep 2014
  4. It is your money, not house money — Livemint · Sep 2014
  5. Women investors are confident, not overconfident — Livemint · Jul 2014
  6. Indexing tax slabs: an idea whose time has come — Livemint · Jul 2014
  7. Do you suffer from getevnitis? — Livemint · Jul 2014
  8. Did opinion polls display herd behaviour? — Business Standard · May 2014
  9. Lok Sabha Polls 2014: high turnout versus criminal candidates — The Economic Times · Jan 2014

2013

  1. Good economics is good politics — Times of India · Oct 2013
The Tantri TimesThe paper · 1

The Back Page

the funnies · the classifieds · letters

The Sunday funnies

Tantri the Mantri — The Essential Collection, comic cover
The Essential Collection — serialised live, Sundays 10am, Lecture Theatre.

The classifieds

FOR SALE: One Phillips curve, gently used, slope negotiable. Contact: the 1970s.

WANTED: Students who read past the abstract. Karma paid on delivery. Apply within: the CP thread.

LOST: The money multiplier. Last seen in a Class 12 textbook. No reward — it was never real.

NOTICE: The book club convenes on Kindleberger this quarter. Manias mandatory, panics discouraged, crashes rescheduled.

TO LET: Prime space on the RBI balance sheet. OMO preferred. Brokers of information welcome.

MATRIMONIAL: Rupee, stable-ish, seeks long-term relationship. REER-adjusted expectations only. Volatile parties need not apply.

TENDER: Sealed bids invited for one (1) unread RBI Bulletin. Newspaper summaries will be disqualified.

PUBLIC NOTICE: BIL (IIM-A, as he will tell you) challenges any ISB section to a quiz. Venue: the comments. Prize: he reads out his CAT percentile again.

REWARD: For information leading to the return of Maneshwar's patience. Last seen before the third missed quiz. Approach with completed homework only.

SITUATION FILLED: One editor's assistant. Stitches notes, builds models, chases footnotes. Paid in karma; spends it asking what to read next.

CORRECTION: Last edition claimed a section had done the reading. We regret the error.

PLANNING PERMISSION: Sought, for one more building named after a donor. Objections to the Dean's office, where they will be framed and hung.

SITUATIONS VACANT: Brother-in-law, opinionated, must cite sources. Currently glued to the screen.

News in brief — the jokes

Prof. Tantri praises former RBI Governor Shaktikanta Das: "He was the best that we had."

FM understands macroeconomics well and is open to academic insights. "It is refreshing to see how their decisions aren't just populist stunts but actually mean well in the long run."

Letters to the editor

Post your letter in class participation — the best one gets read out loud, which is either a reward or a warning.

Published whenever he files. Printed on recycled monetary theory. The Tantri Times is a student homage; the columns are his, the jokes are ours, the exam is yours.

The Tantri TimesThe back page · 2