Remembering Dr. Radhika Pandey: A Beacon in Indian Macroeconomic Policy and Academia
Dr. Radhika Pandey (December 18, 1978 – June 28, 2025) was a highly respected macroeconomist who made significant contributions to India’s economic research and policy landscape. As an Associate Professor at the National Institute of Public Finance and Policy (NIPFP) and a prominent columnist, Dr. Pandey left an indelible impact through her research on business cycles, inflation targeting, public debt, and financial regulation.
Early Life and Academic Foundations
Born in
December 1978, Radhika Pandey developed a passion for economics early on. She
earned her B.A. (Honours) in Economics from Banaras Hindu University, followed
by M.A. and Ph.D. in Economics from Jai Narain Vyas University (Jodhpur). Her
academic rigour set the stage for a career deeply rooted in empirical
macroeconomic research.
Career and Areas of Expertise
Dr.
Pandey began teaching at National Law University, Jodhpur before joining NIPFP
in 2008 as an Associate Professor. Her core research spanned:
- Business cycle measurement
and forecasting in India
- Inflation targeting
frameworks
- Capital controls and
financial sector reform
- Public debt management and
fiscal policy
- Household consumption
behaviour and economic indicators
She
authored over twenty working papers and articles, including high-impact titles
like “Business Cycle Measurement in India” and “Motivations for
Capital Controls and Their Effectiveness”
Notable Research Contributions
Dr.
Pandey’s scholarship was both deep and influential:
- In 2018 and 2019, she
co-authored seminal works on business cycle measurement in India with Ila
Patnaik and Ajay Shah.
- Her 2021 paper, “Motivations
for Capital Controls and Their Effectiveness”, highlighted how
economies manage inflows and outflows of foreign capital .
- She was part of the 2024
study, “Understanding States’ Debt and Bond Markets”, focusing on
sub-national public finances.
- Her 2024 working paper, “The
Journey of Inflation Targeting in India”, explored the epidemiology of
central bank policies.
Her
prolific output cemented her reputation in empirical macroeconomics and policy
design.
Leadership in Public Policy and Regulation
Dr.
Pandey’s expertise was recognized beyond academia:
- She led the Task Force on
Public Debt Management Agency, under India’s Ministry of Finance in
2014.
- She served on the Financial
Sector Legislative Reforms Commission, chaired by Justice B.N.
Srikrishna.
- Her contributions extended
to the Working Group on Foreign Investment and committees reviewing the
FCCB & depository share schemes.
Through
these roles, she influenced policy reforms from debt management to capital
inflows.
Public Voice and Media Impact
From
2021, Dr. Pandey was a vital voice in public discourse through her MacroSutra
column in ThePrint, where she explained macroeconomic developments to
the wider public. She also contributed op-eds to Business Standard, Bloomberg-Quint,
and other outlet.
Academics and Mentorship
Dr.
Pandey was a dedicated mentor and educator, guiding students and junior
researchers. Her cross-institutional work—from NLU Jodhpur to NIPFP—left a
legacy of rigorous scholarship. She also contributed to platforms like Ideas
for India and RePEc/IDEAS.
Awards and Recognition
Her
academic achievements are evident in her citation record:
- Over 416 citations
- h-index of 11
- i10-index of 11
She was
actively involved in NEP announcements and recognized as one of the top 5% of
RePEc authors .
Personal Struggle and Passing
Tragically,
Dr. Pandey passed away on June 28, 2025, following a liver transplant at age 46
. She bravely faced health challenges, including typhoid and jaundice. Her
passing was mourned across academia and policy circles, with colleagues like
Ila Patnaik and Sudipto Mundle acknowledging the loss.
Legacy and Influence
Dr.
Pandey’s legacy is multifaceted:
- Institutional Influence: Her work helped shape
RBI’s inflation targeting regime.
- Public Finance: Her policy inputs helped
shape frameworks for debt and capital regulation.
- Educator and Mentor: She left behind a
generation of trained economists.
- Public Communicator: Her columns demystified
complex economic issues.
- Research Excellence: With a landmark citation
profile and consistent output, she set benchmarks in macroeconomic
research.
Conclusion
Dr.
Radhika Pandey exemplified intellectual rigor, policy relevance, and
pedagogical dedication. Her contributions spanned research, teaching, and
public debate, touching issues from inflation targeting to debt management and
capital flow governance.
Her
passing at 46 is a profound loss for economics in India. Yet her work lives on
through her publications—21+ working papers, influential policy roles, and
explained economic narratives. Future policymakers and economists will continue
to build on her pioneering research.
Source site:-
https://www.nipfp.org.in/staff-base-index-page/faculty-index-page/radhika-pandey/
https://scholar.google.com/citations?hl=en&user=c6hW_rYAAAAJ
https://www.ideasforindia.in/profile/radhika.html
https://www.globalsourcepartners.com/users/radhika-pandey/profile
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