Radhika Pandey: A Macro-Economist Who Bridged Policy and Public Discourse

 Radhika Pandey: A Macro-Economist Who Bridged Policy and Public Discourse


Radhika Pandey, a renowned Indian economist, instructor, policy research scholar, and columnist, died at 46 on June 28, 2025. Her premature death after complications from a liver transplant left a great vacuum in India's policy and academic communities—but her abiding work continues to shape economic thinking, scholarship, and public debate.


????‍???? Early Life and Academic Formation


Education and born in India, Radhika did a B.A. (Hons) in Economics from Banaras Hindu University, followed by an M.A. and Ph.D. in Economics at Jai Narain Vyas University, Jodhpur. These formative years set the stage for her life-long studies of macroeconomics, business cycle, capital controls, and financial sector reforms.


Her doctoral work and later teaching at National Law University, Jodhpur, demonstrated her unique ability to marry economics and legal structures. There, she instructed regulation, finance, and law to post-graduate students, preparatory for her later position at the National Institute of Public Finance and Policy (NIPFP) .



 At NIPFP: Measuring Business Cycles and Public Debt


In 2008, Radhika became Associate Professor/Senior Fellow at NIPFP, diving into policy research of high stakes. Her interests lay across:


Macroeconomic time series: streamlining methods such as seasonal adjustment and real-time business cycle dating .


Capital controls and financial regulation: examining changing frameworks for foreign investment, bond markets, and inflation targeting .


Fiscal and bond market dynamics: adding to papers on state debt, bond mechanisms, and public finance.



Her 2018 co-authored study "Business Cycle Measurement in India," with Ila Patnaik and Ajay Shah, is celebrated for charting India's cyclical economic cycles from monsoon-reliant fluctuations to more traditional cycles .


Radhika co-authored working papers on themes such as inflation targeting, state debt, and carbon-border adjustment mechanisms—displaying her multidisciplinary understanding .


????️ Policy Engagement and Institutional Influence


Radhika's impact ran far into policy design:


She headed the Ministry of Finance's Task Force on Public Debt Management Agency in 2014, with foresight that was to establish a targeted debt-management institutional framework .


An active participant in the Financial Sector Legislative Reforms Commission (FSLRC) led by Justice B.N. Srikrishna in 2011, which recommended comprehensive legal transformation of financial regulation. 


Membership of the Working Group on Foreign Investment under U.K. Sinha, shaping the design of the inflows of capital .


Her long-standing colleague and chief economist at Aditya Birla Group, Ila Patnaik, said: "There are so many government policies of India where you can witness Radhika's work and research. She was one of those few academics who had exposure in law as well as finance". 


MacroSutra: Simplifying Economics


Since 2021, Radhika authored and presented MacroSutra, a weekly column and video series for ThePrint, explaining macroeconomic trends in plain language to the public at large. Her easy manner and transparency made her a popular voice in the media.


Colleague Mandar Kagade praised her skill as a communicator: "She was one of the only people I went to for any question on financial policy, regulations, and macroeconomic uncertainty". 


Even in her last days at ILBS Hospital, she continued to insist on creating her last MacroSutra video—demonstrating her adamant commitment .


 Legacy and Impact


1. Academic Depth & Policy Reforms


Her distinctive academic orientation—blending the discipline of macroeconomic analysis with legal frameworks—pioneered fundamental frameworks such as inflation targeting and debt management in government institutions.


2. Pioneering Research


Her prolific writings—ranging from books on consumer spending in households, foreign investment designs, financial changes, and carbon border levies—solidify her as India's most productive economic researcher .



3. Public Educator


MacroSutra enabled her to move beyond the university walls and empower the masses with increased economic literacy and informed discussion.


4. Mentorship and Collaboration


Her relations with people such as Ila Patnaik and work on global think-tanks demonstrate her position as a connector—a mentor, part

ner, and leader of ideas.

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