Ideas of India

This is the 2026 job market series, where I speak with young scholars entering the academic job market about their latest research on India. On this episode, I spoke with Kishen Shastry who is a Postdoctoral Research Associate at the Cambridge Centre for Alternative Finance, Judge Business School. He received his Ph.D. in economics in 2026 at the University of Cambridge where his research focus was economics of religion and informal institutions. We discussed his job market paper titled, "The Political Economy of Informal Institutions in India."

We talked about the economics of religion, the role of long standing monastic institutions in India, how they are regulated by the state, and their impact on education, structural transformation, political competition in India, and much more.

Recorded August 25th, 2026.

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Timestamps: 00:00:00 - Intro 00:01:32 - Hindu Mutts and Their Relationship to Structural Transformation 00:07:33 - Understanding Mutts 00:16:25 - Mutts in the Education Marketplace 00:22:45 - Mutts and the Regulatory Regime 00:27:47 - Stitching Together the Data 00:33:03 - Mutt Autonomy and Adjustment to Market Demands 00:37:30 - The Propagation Effect of Mutts 00:40:40 - Parsing Effects 00:43:10 - Mutts' Impact on Political Competition 00:46:05 - The Intersection of Mutt's "Club Goods" and Political Influence 00:52:37 - Outro

This is the 2026 job market series, where I speak with young scholars entering the academic job market about their latest research on India. On this episode, I spoke with Nisha Vernekar who is a PhD Candidate in Economics at University of Duisburg-Essen, Germany. Her research focus is at the intersection of gender, education, labour economics and development economics. We discussed her job market paper, (coauthored with Karan Singhal) titled, "Breaking the Night Barrier: Night-shift Reforms and Women's Work in India."

We talked about the regulatory frictions in the labor market in India, in particular the gendered restrictions imposed by the Shops and Establishments act, how labor demand changes after deregulation, how it affects overall labor force participation, India's structural transformation, and much more.

Recorded August 25th, 2026.

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Timestamps: 00:00:00 - Intro 00:01:33 - India's Labor-Market Puzzle 00:06:40 - The Roots and Rollback of India's Gendered Labor Restrictions 00:10:31 - The Chicken and the Egg: Disentangling Night-Work Restrictions and Women's Willingness to Work 00:15:21 - Formality and the Impact of Reforms and Women's Labor-Force Participation 00:18:13 - Measuring Women's Work 00:21:17 - What PLFS Data Can't Tell Us 00:25:49 - Indian Women Workers: Exotic—or Homo Economicus? 00:30:01 - Relaxing Gender Restrictions Without Significant Displacement 00:34:45 - Implications for Gender Equality 00:39:54 - Opportunities for Improvement in the Manufacturing Sector 00:43:57 - The Case for Gender-Agnostic Regulations 00:45:52 - Outro

This is the 2026 job market series, where I speak with young scholars entering the academic job market about their latest research on India. We are launching our series with Aishwarya Kekre, who is a PhD Candidate in Economics at the University of Virginia. Her research focus is at the intersection development, trade and spatial Economics. We discussed her job market paper, "Barriers to Structural Transformation: The Role of Agricultural Land Fragmentation."

We talked about the reasons for land fragmentation in India, its impact on manufacturing enterprises, on employment in both agriculture and manufacturing, profitability of small farms, how it impacts overall structural transformation, and much more.

Recorded August 21st, 2026.

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Timestamps: 00:00:00 - Intro 00:01:36 - Land Fragmentation and Structural Transformation: Surprising Trends 00:08:10 - Understanding Land Fragmentation 00:15:17 - Measuring the Impact of Land Fragmentation 00:21:13 - The Effect of Declining Farm Size on Manufacturing 00:26:30 - Measuring Fragmentation 00:31:11 - The Magnitude of the Distortions 00:36:20 - Impacts on Manufacturing Employment 00:39:45 - Modeling This Problem 00:49:04 - Potential Policy Implications 00:56:07 - Outro

Today my guest is Rana Hasan who is the Director, Centre for Economic Growth at NCAER and Senior Affiliate Scholar at the Mercatus Center. Prior to this he was the Regional Lead Economist at the Asian Development Bank.

We talked about how to classify and define a city, coordination problems in urban governance, their potential as engines of growth and employment, land use regulation, and how cities are the mother of all general equilibrium problems, and much more.

Recorded July 23rd, 2026.

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Timestamps:

00:00:00 - Intro 00:02:23 - Thinking Differently About Cities 00:13:15 - Fixing India's Land Use Regulation and Coordination 00:23:18 - Strategies for Nurturing Urban Growth 00:33:19 - The Mother of All General-Equilibrium Problems 00:38:41 - The Potential Benefits of Devolving Power to Local Governments 00:45:49 - Making India a Global Economic Player 00:49:38 - Balancing Security for Workers and Flexibility for Firms 00:58:29 - India's Missed Growth Opportunities 01:06:05 - Hurdles to Global Integration and Opportunities for Local Empowerment 01:12:46 - Outro

Today my guest is Gaurav Chiplunkar, who is an Assistant Professor in the Global Economies and Markets group at the Darden School of Business, University of Virginia.

We talked about labor market frictions in India, understanding the reasons for low female labor force participation in India, the importance of information flows and networks, the role of middlemen, and much more.

Recorded July 8th, 2026.

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Timestamps:

00:00:00 - Intro 00:01:15 - Examining Female Labor Force Participation in India 00:08:38 - Broad Patterns in Female Employment 00:14:15 - Barriers to Entrepreneurship for Indian Women 00:21:50 - Well-Intended Labor Policy and Unintended Consequences 00:29:20 - Female Employment After Career Breaks 00:35:52 - Female Labor Force Participation and Economic Growth 00:46:02 - The Trouble with Piecemeal Reforms 00:50:40 - Frictions in the Job Market 00:57:04 - Rivalry, Information Flow, and the Nerd Effect 01:05:11 - Challenges to Placement and Retention 01:18:31 - On the Potential of Job Portals and Leapfrogging 01:27:08 - Defining the Goalposts 01:30:38 - Outro

Today my guests are my colleagues Shreyas Narla and Kadambari Shah. Shreyas is a research scholar and Kadambari is a research associate at the Mercatus Center with the India program. We talked about completing five years of the 1991 Project, how it started, it's scope, the oral histories of the reformers in 1991, papers, essays, fellowships and much more.

Recorded July 10th, 2026.

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Timestamps:

00:00:00 - Intro

00:01:44 - The Origin Story

00:11:07 - Launching the Oral Histories Initiative

00:20:47 -Documentation and Memory

00:37:47 - Building the Repository

00:46:18 - The 1991 Project Website

00:58:11 - Walking with Giants

01:06:45 - Where are all the Women?

01:11:27 - Making Economic Reforms 'Sexy' Again

01:22:43 - The Importance of Intergenerational Interaction

01:34:33 - Incubating New Talent

01:41:39 - Gratitude and Acknowledgments

01:53:19 - Outro

Today my guest is M.R. Madhavan, co-founder and president of PRS Legislative Research.

We talked about the role and purpose of the Rajya Sabha, treatment of money bills in a Westminster system, how the anti-defection law and party whips have hollowed out parliamentary function, parliamentary procedure, the role of the governor, and much more.

Recorded June 24th, 2026.

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Timestamps

(00:00:00) - Intro (00:01:33) - The Role and Purpose of the Rajya Sabha (00:14:46) - Money Bills, No-Confidence Motions, and Design Flaws (00:22:47) - GST and Constitutional Design (00:30:33) - One Country, One Tax System? (00:35:31) - The Problem with Anti-Defection Laws and Whips (00:43:55) - Who Will Bell the Cat? (00:50:53) - Parliamentary Pressures: Constitutional vs. Constituent Expectations (01:02:04) - Challenges Faced by State Legislatures (01:15:37) - Reforming the Office of Governor (01:27:18) - The Role of PRS in Parliamentary Functioning (01:35:13) - Outro

Today my guest is once again Rahul Sagar, who is a Global Network Associate Professor of Political Science at New York University Abu Dhabi.

We talked about his new book The Birth of Indian Liberalism, the recovery of the forgotten nineteenth-century thinker Mama Parmanand, why his Letters to an Indian Raja counts as the first work of Indian political theory, how Indian liberals had to justify building a state out of chaos rather than restraining one that already existed, their fight against the social tyranny of caste, clergy, and family, the case for binding the ruler and educating the citizenry before extending the vote, the divergence between British India and the princely states, religion as a moral resource, the roots of Hindu nationalism, and much more.

Recorded June 9th, 2026.

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Timestamps

(00:00:00) - Intro (00:02:37) - A Complete Unknown (00:08:53) - The Historical Context of Emerging Indian Liberalism (00:15:47) - Features of Parmanand's Liberal Project (00:21:36) - The Princely States vs. British India (00:27:47) - Religion and the Development of Indian Liberalism (00:37:05) - Neither Scientific Nor Divine (00:46:33) - What Constitutes a Work of Political Theory? (00:51:27) - The Ethics of Parmanand's Anonymity (01:02:50) - Outro

Today my guest is Sajjid Chinoy, managing director and chief India economist at J.P. Morgan. He is also currently serving as a part-time member of the Economic Advisory Council to the Prime Minister of India. Sajjid previously served on the Advisory Council to India's 15th Finance Commission and has served on a number of expert committees of the Reserve Bank of India.

We talked about India's current balance of payments and capital account challenges, the constraints holding back private investment, why employment and exports have become first-order policy priorities, rupee depreciation, shrinking FDI, and much more.

Recorded May 21st, 2026.

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Timestamps

(00:00:00) - Intro (00:01:18) - Taking Stock of the Indian Economy (00:11:26) - Factors Dragging on Aggregate Demand (00:15:46) - Changing Policy Priorities for Indian Economic Growth (00:22:13) - Rethinking Fiscal Architecture in a Shock-Prone World (00:33:44) - Let the Rupee Depreciate (00:42:46) - Coping with Shrinking Capital Flows (00:50:00) - Improving India's Pull Factors (00:54:12) - Export-Led Growth and Improved Resilience (01:00:53) - Navigating Choke Points While Avoiding Autarky (01:07:33) - India's Trilemma (01:14:55) - Positive Signs of Resilience in the Indian Economy (01:18:41) - Outro

Today my guest is Ritam Chaurey, who is an Assistant Professor at Johns Hopkins University's School of Advanced International Studies.

We talked about structural transformation in India over the last three decades, how firm level behavior responds to regulatory and fiscal changes, how firms choose between capital and labor, or permanent versus contractual labor, land use and factory location, and much more.

Recorded April 29th, 2026.

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Timestamps

(00:00:00) - Intro (00:01:07) - The Industrial Disputes Act, Permanent Workers, and Contractors (00:10:14) - Impacts of Reliance on Contract Labor (00:16:02) - Labor Protections and Their Impact on Firm Behavior (00:22:35) - Binding Constraints and the Rise of 'Invisible Workers' (00:27:46) - Labor Supply Preferences in Structural Transformation (00:34:07) - A 'Bad Law,' Musclemen, and the Evolution of Debt Law in India (00:40:21) - SARFAESI's Unintended Consequences (00:46:28) - The Drop in Fixed-Capital Assets (00:48:57) - The Impact of Judicial Delays on Labor-Capital Substitution (00:52:41) - The Bankruptcy Code and Marginal Improvements (00:55:54) - Spillover Benefits of Relaxing Land Use Regulation (01:04:18) - Location-Specific Subsidies and Barrier Relaxation (01:06:36) - A Case Study: Uttarakhand and Himachal (01:13:32) - The Impact of New Bank Branches in Underbanked Communities (01:23:24) - The Demonetization Shock (01:29:48) - Outro