Meghnad Desai Academy of Economics(MDAE), India’s leading postgraduate institute for Economic, Data Analytics, Finance and Public Policy, hosted its Speaker Series on ‘Contours of Recovery’ featuring Mr. Dharamkirti Joshi, Chief Economist at CRISIL Limited, on the 13th April 2022 at 5:00 pm. The virtual panel discussion explored the key factors that will drive economic recovery in the next fiscal year.
Mr. Dharamkirti Joshi, Chief Economist at CRISIL Limited, said, “The Indian economy suffered the shockwaves of the pandemic but is on its way to recovery. In the new fiscal, the improved mobility and businesses picking up the pace will potentially drive a broader economic growth. However, the new financial year also brings an interplay of risks ranging from geopolitical to actions devised by central banks. Our economy has witnessed strains of inflation at 6.95% in March, which is elevated by the ongoing geopolitical disturbances, rise in crude oil prices, and the interest rate hikes in the US.”
Prof. Amlesh Kanekar, Director of Academic Programs, Meghnad Desai Academy said, “The onset of the pandemic coupled with the current geopolitical tensions is impacting the Indian economy. While the economic conditions continued to improve in the last fiscal, the soaring market inflation might change the course in the year ahead. Having an expert view from Mr. Joshi was an eventful experience, giving viewers a deeper insight into the prospective recovery of the Indian economy.”
In his talk, Mr. Joshi covered the trends of recovery of the Indian economy after the shocks of the pandemic. He emphasized that the persistent inflationary pressure in the last few quarters has accentuated the policy dilemma between keeping the prices in check and propelling the growth rate. The Russia-Ukraine war is adding on to the pressure on the backdrop of already disrupted supply chains owing to the pandemic.
“The recent data shows that not only the headline inflation but also the core inflation that excludes volatile factors like food and fuel is on an upward trend. This is a testimony of Inflation becoming more broad based and percolating into all the sectors of the economy. This is likely to threaten the fledgling economic recovery that had just gained some momentum after the economy was fully opened up.” He mentioned.
Mr. Dharamkirti Joshi leads the economic research agenda at CRISIL. He holds extensive experience in macroeconomic analysis and medium-term assessments of the Indian economy. With over 32 years of experience in economic research and consultancy, Mr. Joshi was a Working Group of Savings member for the 12th Five Year Plan.
He is currently a member of the Working Group on Revision of Wholesale Price Index set up by the Government of India, and the Industry Monitoring Group at the Reserve Bank of India. He is also the co-chair of the Economics group at the Federation of Indian Chambers of Commerce & Industry (FICCI).
An acclaimed economist, Mr. Joshi served for around 11 years at the National Council of Applied Economic Research (NCAER) before joining the Central Electricity Regulatory Commission(CERC), New Delhi. An attendee of Macroeconomic Policy and Management at Harvard University, he was also a visiting scholar in the Economic Research Unit of the University of Pennsylvania.