Kalyan Ram

Kalyan Ram

Kalyan Ram, a financial journalist, co-founded Cogencis and now leads BasisPoint Insight.

A Year of Recalibration at Mint Street

Opinion

Governor Malhotra’s first year at the RBI brought cleaner rules, quieter reversals, and a distinct shift in tone as the technocrat adjusted to the institution’s rhythm.

Kalyan Ram

December 11, 2025 at 5:25 AM IST

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MPC Moves Signal the Arrival of a Post-Cycle Policy Regime

Below-target disinflation, a structural liquidity pivot, and the RBI’s sharp separation of stance from liquidity signal a new level of complexity that requires a post-cycle reading.

Kalyan Ram

December 10, 2025 at 7:01 AM IST

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Malhotra Keeps Rate Cuts in Play, but Will He Move Again?

Opinion

Governor Malhotra kept the easing cycle alive on Friday, yet his real objective may be to extract transmission rather than commit to another cut.

Kalyan Ram

December 5, 2025 at 11:06 AM IST

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Poonam Gupta

Calm Hands Steer India Through Policy Storms

Interview

Dr. Michael Patra’s new book reveals the inner theatre of India’s central banking—from crisis firefighting to quiet reforms.

Kalyan Ram

October 27, 2025 at 4:56 AM IST

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The Light We Share

Kalyan Ram

October 18, 2025 at 12:47 PM IST

Is the Hunt for a Terminal Repo Rate a Distraction?

Monetary Policy

Markets may be too eager to bottom-fish for a terminal repo rate. In today’s fluid context, flexibility could matter more than fixation.

Kalyan Ram

October 1, 2025 at 9:34 AM IST

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RBI Reopens the Door to Accommodation

Monetary Policy

By keeping the repo unchanged yet signalling policy space, RBI corrects June’s misstep and restores credibility to its accommodative posture.

Kalyan Ram

October 1, 2025 at 8:31 AM IST

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God Laughs, Markets Listen, and the Reddyisms that Still Resonate

Book Review

From wit and ambiguity to humility and integrity, YV Reddy’s new book shows why values matter more than plans in an uncertain world.

Kalyan Ram

August 31, 2025 at 4:45 AM IST

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India Paid a Growth Price to Win a Ratings Prize

India’s fiscal discipline won a ratings upgrade and lowered capital costs. Now it must use that space to shield growth from global headwinds.

Kalyan Ram

August 14, 2025 at 3:20 PM IST

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Finance Ministry

India’s 1991 Moment, Phase Two: Trade Turbulence a Wake-Up Call

Trump’s tariff shock is no 1991 crisis, but it could be the trigger for deeper reforms in labour, land, and governance that India can no longer defer.

Kalyan Ram

August 7, 2025 at 9:36 AM IST

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RBI’s Premature Stance, Goalpost Shift May Haunt It on Growth

Monetary Policy

Trump’s tariff assault highlights why the RBI should have stayed accommodative, aiding transmission and preserving flexibility for future shocks.

Kalyan Ram

August 6, 2025 at 10:56 AM IST

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AI Generated

India’s Recovery Plan Is Missing Its Fiscal Half

While the RBI has acted to support growth, the Finance Ministry’s virtual silence since the Budget leaves policy looking oddly one-handed.

Dhananjay Sinha

Kalyan Ram

July 20, 2025 at 6:52 AM IST

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RBI's Rate Cuts A Pleasant Surprise: Abrupt Policy Shift Stoke New Concerns

Kalyan Ram

Rajesh Mahapatra

June 9, 2025 at 6:43 AM IST

Hyderabad Blues: Central Banking Memories And Quiet Returns

Musings

A hometown visit turns into a quiet reckoning with central banking’s past, as two former RBI Governors open their doors and their minds.

Kalyan Ram

June 8, 2025 at 2:05 PM IST

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RBI’s Abrupt Policy Shift Risks Undermining Its Own Credibility

Markets do not fear rate cuts or hikes. They fear a central bank that shifts stance and floods the system with liquidity before the economy is ready.

Kalyan Ram

June 6, 2025 at 3:09 PM IST

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India’s Fiscal Fault Lines Risk Derailing Viksit Bharat Vision: Subbarao

Interview

The former RBI Governor warns that weak state finances, freebies, and Centre–state rifts could upend India’s journey to becoming a truly developed economy.

Kalyan Ram

June 6, 2025 at 3:30 AM IST

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Dr Subbarao on RBI, Rupee, and Fiscal Fault Lines

Kalyan Ram

June 5, 2025 at 6:03 AM IST

Subbarao Flags RBI’s Excessive FX Intervention, Seeks Policy Clarity

Interview

RBI must walk the talk on rupee management, says the former RBI Governor, warning that persistent intervention distorts markets and weakens credibility in this third of the four-part interview series.

Kalyan Ram

June 5, 2025 at 2:58 AM IST

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MPC Needs Exchange Rate Lens In 2026 Overhaul, Says Ex-RBI Chief

Interview

Subbarao says ignoring the rupee in policy calculus is risky, and calls for a wider MPC mandate in the review of the framework in Part 2 of a four-part interview.

Kalyan Ram

June 4, 2025 at 3:23 AM IST

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India Is A Poor Rich Nation, Can’t Grow Without Fixing Inequality: Subbarao

Interview

Former RBI Governor Subbarao says rapid growth alone won’t deliver prosperity; India must share gains widely and fix structural imbalances.

Kalyan Ram

June 3, 2025 at 3:29 AM IST

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