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🌟 Early Life & Education:
Dr Radhika Pandey (born 18 Dec 1978) earned an B.A. (Honours) in Economics from Banaras Hindu University, followed by an M.A. and Ph.D. in Economics from Jai Narain Vyas University (Jodhpur) . From early on, she demonstrated a powerful aptitude for economic analysis and policy design.
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Academic & Professional Journey:
National Law University, Jodhpur: Radhika began her career blending economics and law—teaching finance, regulation, and economic principles to postgraduate students .
National Institute of Public Finance & Policy (NIPFP): She joined in 2008 and rose to Associate Professor and Senior Fellow, specializing in macroeconomics, business cycles, capital controls, financial sector regulation, and public debt .
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Research and Policy Influence:
Radhika authored over 18 significant publications, including key working papers and journal articles, tackling issues such as:
1. Business cycles — Measurement and monitoring of India’s growth phases .
2. Capital controls & foreign investment — Tracking regulatory patterns and their efficacy .
3. Inflation targeting framework — Informing RBI policy design and implementation .
4. Household consumption & savings behaviour — Quantitative contributions to understanding financial decisions at the micro level .
5. Public debt management — Co-led the Task Force on creating a Public Debt Management Agency for the Ministry of Finance .
She was also involved in landmark commissions like the Financial Sector Legislative Reforms Commission and the Foreign Investment Working Group under U.K. Sinha .
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Communicator & Columnist:
From 2021 until her passing, Radhika served as a weekly columnist and video host (MacroSutra) for ThePrint, breaking down complex macroeconomic and financial topics in an accessible and engaging way . Her audience valued her clarity, insight, and ability to demystify government policies.
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Tributes & Legacy:
Colleague Ila Patnaik, chief economist at Aditya Birla Group, reflected on Radhika’s rare blend of legal and financial insight, noting her deep involvement in real-world policy:
> “She didn’t focus on just publishing papers but on the real research that goes behind actual policy making.”
Sudipto Mundle of Business Standard remembered her as the “go‑to person on questions relating to monetary and financial sector developments,” praising her sharp mind and generous spirit .
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Final Days:
In late June 2025, Dr Pandey was hospitalized due to liver failure and underwent a transplant. Demonstrating extraordinary dedication, she created her final MacroSutra content from her hospital bed. Unfortunately, she passed away on 28 June 2025 at age 46 .
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Conclusion:
Dr Radhika Pandey leaves behind a profound legacy: academically rigorous, policy-driven, and deeply communicative. Her pioneering research in macroeconomics and finance, her contribution to India’s policy infrastructure, and her ability to articulate complex ideas accessibly cement her place as one of India’s leading economists. Her impact—the structures she shaped and the minds she inspired—will continue to resonate across the country’s economic landscape.
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📚 Recommended Reads:
Business cycle measurement in India (with Ila Patnaik & Ajay Shah)
Motivations for capital controls and their effectiveness (with Pasricha, Patnaik & Shah)
Weekly MacroSutra columns in ThePrint
Dr Pandey’s insights will continue to guide economists, policymakers, and learners alike—she was more than an economist; she was a torchbearer for thoughtful, impactful policy thinking.
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Rest in peace, Dr Pandey.
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