Kalyan Ram

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

Is India’s Energy Shock the Same as the Pandemic Shock?

Opinion

The RBI appears willing to look through the oil shock, but inflation risks are structurally different from the COVID-era disruptions that justified prolonged accommodation.

Kalyan Ram

May 19, 2026 at 3:01 AM IST

India May Need an Outside-In Economic Reset

As the global economy changes shape, India may benefit from an independent economic rethink led by a credible outsider with institutional gravitas.

Kalyan Ram

May 17, 2026 at 6:07 AM IST

iStock.com

India Finally Spoke Honestly About Its External Risks

The CEA’s unusually candid speech acknowledged a reality markets have privately discussed for months: India’s external-sector vulnerabilities are becoming structural.

Kalyan Ram

May 12, 2026 at 2:56 PM IST

RBI’s Malhotra May Be Preparing the Ground for Calibrated Rate Action

Focus on second-round effects and expectations hints at shallow, signalling-led rate hikes.

Kalyan Ram

April 21, 2026 at 7:47 AM IST

RBI

When Policy Turns to Risk Management

Monetary Policy

The April policy does not extend the prior arc. It alters how the Reserve Bank frames risk when the problem itself has changed.

Kalyan Ram

April 8, 2026 at 8:09 AM IST

RBI May Look to Hold Its Nerve as It Buys Time on Policy Calls

Monetary Policy

Markets may test the RBI on rupee, but the MPC is likely to keep its focus narrowly on monetary policy

Kalyan Ram

April 6, 2026 at 9:16 AM IST

RBI Tweets

India’s Liquidity Surplus Masks a Structural Shortage?

India’s liquidity looks ample on paper, but thin reserve buffers and weak deposit elasticity reveal a deeper structural strain.

Kalyan Ram

February 18, 2026 at 12:32 PM IST

Baby Steps, Festina Lente, and RBI’s June Policy Misstep

MPC Review

RBI once prized gradualism. A slower easing path may have aligned markets and transmission better than June’s big-bang move.

Kalyan Ram

February 7, 2026 at 10:51 AM IST

iStock.com

RBI and the Bond Market Are Living in Parallel Worlds

MPC Review

Bond yields now reflect supply pressures, not policy signals. Until that changes, the RBI and bond markets will continue to operate in parallel worlds.

Kalyan Ram

February 6, 2026 at 10:37 AM IST

iStock.com

Why the RBI Chose Optionality Over Precision

MPC Review

With inflation benign and borrowing risks rising, the RBI opted for flexibility over flourish, signalling support without locking itself into specifics.

Kalyan Ram

February 6, 2026 at 6:29 AM IST

Silence Is the RBI’s Strongest Signal This Week

MPC Review

With rates on hold and markets already speculating far ahead, the Reserve Bank’s best contribution may be to resist the temptation to explain the future.

Kalyan Ram

February 5, 2026 at 2:29 PM IST

Coconuts, Birdwatching and the Lost Art of a Free Sunday

Budget 2026

A Budget rich in coconuts, corridors and birdwatching trails, but thin on demand. A long Sunday spent tracking schemes instead of birds.

Kalyan Ram

February 1, 2026 at 9:44 AM IST

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

RBI Tweets

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

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

Poonam Gupta

The Quarter When Nominal Growth Became the Real Signal

India’s latest GDP numbers reveal strong real activity but muted income generation. The narrow real–nominal gap reframes the entire growth narrative.

Kalyan Ram

November 29, 2025 at 6:26 AM IST

Finance Ministry

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

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

iStock.com

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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The Bureau

Benchmarks End Lower, Post Monthly Losses Amid US-Iran Uncertainty

India Cuts Monsoon Rain Forecast to 90%

RBI Says Bond Yields May Face Upward Pressure If Global Easing Stalls

Cash Growth Outpaces Economy as Currency in Circulation Rises Nearly 12%

Large-Ticket Frauds Drive Sharp Rise in Bank Fraud Value Despite Fewer Cases: RBI Report

RBI to Sharpen Focus on Neutral Rate in Wider Policy Modelling Push

RBI to Transfer Record ₹2.87 Trillion Surplus To Govt, CRB Buffer Set Lower at 6.5%

Flawed Design, Poor Planning Make Extreme Heat Conditions Worse For Indian Cities

Learning to Shoot: I Tried to Fly Before I Could Walk