Our Faculty

Amarendu Nandy

Associate Professor

Ph.D., National University of Singapore (NUS), Singapore
M.Sc. & B.Sc., The University of Burdwan, India

Dr. Amarendu Nandy is an Associate Professor in the Economics & Public Policy Area at the Indian Institute of Management (IIM) Ranchi. He holds a PhD from the National University of Singapore (NUS) and was among the top rank-holders at both the undergraduate and postgraduate levels at the University of Burdwan, India. Over his academic journey, he has received numerous scholarships and awards, including the Graduate Research Scholarship from NUS, the UGC Scholarship from the Government of India, and two gold medals from the University of Burdwan for securing the university’s top rank at the undergraduate level.

With more than 16 years of teaching experience, Dr. Nandy has contributed to leading management institutions in India. In addition to his full-time appointments at IIM Ranchi (present) and the Goa Institute of Management (previous), he has held visiting assignments at IIM Rohtak, IIM Bodh Gaya, and IIM Sirmaur. He has taught courses at the undergraduate, postgraduate, and doctoral levels, including Microeconomics, Macroeconomics, Managerial Economics, India and the World Economy, Pricing, Assessing the Business Environment, and Public Policy Analysis.

Dr. Nandy’s research interests span growth and development, labour economics, and contemporary macroeconomics, with a particular focus on the Indian economy. His work has appeared in international peer-reviewed outlets such as Regional Studies, Journal of Policy Modeling, International Social Security Review, Journal of Asian Economics, Economic and Political Weekly, IIMB Management Review, Policy and Society, Journal of Financial Regulation and Compliance, Journal of Tax Administration, and Journal of Asian Public Policy. He has also authored book chapters, book reviews, and policy briefs, and has presented at leading international conferences in India and abroad.

Beyond academia, Dr. Nandy is a regular contributor of op-eds to major newspapers and business dailies, including The Hindu Business Line, The Economic Times, Business Standard, Mint, Financial Express, The Hindu, The Indian Express, The Times of India, Business Times (Singapore), and DNA Money. He currently serves as Co-Chairperson of the Atal Bihari Vajpayee Centre for Leadership, Policy, and Governance (ABVCLPG) at IIM Ranchi.

Teaching Areas

Microeconomics; Advanced Microeconomics
Macroeconomics; Advanced Macroeconomics
Managerial Economics
India and World Economy
Business and Public Policy
Public Policy Analysis
Business Environment

Training & Consulting Areas

Training Areas

Managerial Economics
Micro and Macro Business Environment
Case-Teaching Pedagogy
India and the Global Economy
Business, Government and the Economy

Consulting Areas

Internal and International Migration
Growth and Development Policy
Social Security and Inclusive Growth
Assessing Business Environment
Comparative Public Policy

Research Area

Labour Economics
Development Economics
International Economics
Trade and Development
Indian Economy

Current Research Interests

Issues in International and Internal Migration
Public Policy and India’s Political Economy
Economics of Social Security & Inclusive Growth
Comparative Public Policies
India’s Business Environment

Publications

Journals:

Singh, R., Bhattacharjee, S., and Nandy, A. (2024), “Does decentralization preserve the spirit of federal polity in India?”, Regional Studies, 59 (1), 2441222, DOI: https://doi.org/10.1080/00343404.2024.2441222.
Nandy, A. (2024). Reflections on Daniel Kahneman’s Enduring Legacy of Insights. Economic and Political Weekly, 59(20), 25-29. https://www.epw.in/journal/2024/20/commentary/reflections-daniel-kahnemans-enduring-legacy.html
Sur, A., Nandy, A., and Ray, P. (2024). Does foreign currency borrowing make firms vulnerable? Experience of emerging India. Journal of Policy Modeling, 46(3), 530-551. https://doi.org/10.1016/j.jpolmod.2024.01.003.
Singh, R., Bhattacharjee, S., and Nandy, A. (2024). Fiscal decentralization for the delivery of health and education in Indian states: An ongoing process is more desirable than a policy shift. Journal of Policy Modeling. 46 (2), 254–271. https://doi.org/10.1016/j.jpolmod.2024.01.006
Kundu, S., Banerjee, A., and Nandy, A. (2021). Repercussions of Covid-19: Is the Indian economy setting up for a perfect crisis?. Journal of Tianjin University Science and Technology, 54(12), 105-116. https://doi.org/10.17605/OSF.IO/5K7U2
Nandy, A., Tiwari, C. and Kundu, S. (2021). India’s Rural Employment Guarantee Scheme – How does it influence seasonal rural out-migration decisions? Journal of Policy Modeling, 43(2021), 1181-1203. https://doi.org/10.1016/j.jpolmod.2021.09.001
Nandy, A., Tiwari, C. and Kundu, S. (2021). Managing the COVID-19 pandemic: does social infrastructure matter? Evidence from India. Transforming Government: People, Process and Policy, 15(4), 675-692. https://doi.org/10.1108/TG-08-2020-0209
Nandy, A., Sur, A., & Kundu, S. (2020). Persistent fiscal deficits and political-economy transitions in India: An empirical investigation. Economic and Political Weekly, 55(8), 34-41. https://www.epw.in/journal/2020/8/special-articles/persistent-fiscal-deficits-and-political-economy.html
Sur, A., Ray, P., & Nandy, A. (2019). India’s external commercial borrowings: Pulled by domestic fundamentals or pushed by global conditions?”. Journal of Asian Economics, 61, 62-77. https://doi.org/10.1016/j.asieco.2019.02.004
Nandy, A., Sur, A., & Kundu, S. (2018). The Case for Introducing Inheritance Tax in India. Journal of Tax Administration, 4(1), 81-87. http://jota.website/index.php/JoTA/article/view/166
Sur, A., & Nandy, A. (2018). FDI, technical efficiency and spillovers: evidence from Indian automobile industry. Cogent Economics & Finance, 6(1). https://doi.org/10.1080/23322039.2018.1460026
Asher, Mukul G. & Nandy, A. (2009). Managing Prolonged Low Fertility: The Case of Singapore. Journal of Asian Public Policy, 2, 1, pp. 4-16 (2009). https://doi.org/10.1080/17516230902734478
Asher, Mukul G. & Nandy, A. (2008). Singapore’s Policy Responses to Ageing, Inequality, and Poverty: An Assessment. International Social Security Review, 61, 1, pp. 41-60. https://doi.org/10.1111/j.1468-246X.2007.00302.x
Asher, Mukul G. & Nandy, A. (2008). Towards Public Policy Education: Imparting Economic and Financial Literacy. eSocialSciences .
Asher, Mukul G. & Nandy, A. (2007). Demographic Complementarities and Outsourcing: Implications for India. IIMB Management Review, 19, 2, pp. 93-102.
Asher, Mukul G. & Nandy, A. (2007). Health Financing in Singapore: A Case for Systemic Reforms. International Social Security Review, 59, 1, pp. 75-92. https://doi.org/10.1111/j.1468-246X.2005.00234.x
Asher, Mukul G. & Nandy, A. (2006). Social Security Policy in an Era of Globalization and Competition: Challenges for Southeast Asia. eSocialSciences .
Asher, Mukul G. & Nandy, A. (2006). Reforming Provident and Pension Fund Regulation in India. Journal of Financial Regulation and Compliance, 14, 3, pp. 273 – 284. https://doi.org/10.1108/13581980610685865
Asher, Mukul G. & Nandy, A. (2006). Mandatory Savings for Asset Enhancement: The Case of Singapore. Social Development Issues, 23, 2, pp. 57-70.
Asher, Mukul G. & Nandy, A. (2003). Property Tax in a City-State: The Case of Singapore. Policy and Society, 22, 2, pp. 50-75. https://doi.org/10.1016/S1449-4035(03)70019-8

Chapter in Books:

“Fiscal Policy in India – Trends, Challenges, and Future Directions”, in Saibal Ghosh and Partha Ray (eds.), Perspectives on Economics and Management Essays in Honour of Anindya Sen, New Delhi: Routledge India, 2024 (with Abhisek Sur).
“Singapore’s Pension System: Key Features, Challenges and Reform Issues” in Dongyun Park (ed.), Pension Systems and Old Age Income Support in East and Southeast Asia: Overview and Reform Directions, Manila: Asian Development Bank, 2011 (with Mukul G. Asher)
“Social Security Policy in an Era of Globalization” in Helen E. S, Nesadurai and Soedradjad Djiwandono (eds.), Southeast Asian in the Global Economy: Securing Competitiveness and Social Protection in an Era of Globalization, Singapore: Institute of Southeast Asian Studies and S.Rajaratnam School of International Studies, 2009, pp. 199-223 (with Mukul G. Asher)
“Governance and Regulation of Provident and Pension Funds in Asia” in M. Ramesh and Michael Howlett (eds.), De-regulation and its Discontents: Rewriting the Rules in the Asia Pacific, Cheltenham: Edward Elgar, 2006, pp. 151-167 (with Mukul G. Asher)

Conference Papers/Presentations:

“Decentralization, the Delivery of Health and Education, and the Role of Institutional Setting: Evidence from Indian States”, Presented at the 18th Economics and Finance Conference (IISES), held in London, United Kingdom, June 5-7, 2023 (with Richa Singh and Sankalpa Bhattacharjee).
“Exploring Potential Win-Win Outcomes of Green CSR for Consumers, Corporates and Distribution Companies – The Case of Bihar”, Presented at the International Conference on Corporate Social Responsibility (ICCSR) to Achieve Sustainable Development Goals: Opportunities and Challenges, held at Chandragupt Institute of Management Patna , India, December 10-11, 2022 (with Aayush Anand).
“Improving the Ease of Doing Business for India’s MSMEs – A Critical Analysis of the Udyam Initiative”, Presented at the 1st International Conference on Management of MSMEs, held at Indian Institute of Management Amritsar, India, January 21-22, 2022 (with Aayush Anand).
“Unravelling the nexus among ECBs, exchange rate fluctuations, monetary policy regime, and corporate vulnerability: Evidence from India”, Accepted for presentation at the International Economic Association (IEA) Conference in Bali, Indonesia, 3-7 July, 2020 (with Abhisek Sur and Partha Ray) – Accepted but postponed due to Covid-19.
“Do prepayments really work? Exploring the loss aversion principle in reward systems”, Poster presented at NeuroPsychoEconomics Conference, Rome, Italy: Association for NeuroPsychoEconomics, June 6-7, 2019 (with Tanusree Dutta and Gaurav Marathe).
“Corporate leverage, vulnerability, and implications for Bank stability: Firm level evidence from India”, Paper presented at IISES International Academic Conference, London, organized by International Institute of Social and Economic Sciences and hosted by University of London, May 21-24, 2019 (with Abhisek Sur and Partha Ray).
“Technical efficiency and spillover effects of Foreign Direct Investment: A Firm Level Study of the Firms in the Indian Automobile Sector”, Presented at the 5th International Conference on Empirical Issues in International Trade and Finance, Indian Institute of Foreign Trade, Kolkata, December 16-18, 2016 (with Abhisek Sur).
“Technical efficiency and spillover effects of FDI: evidence from Indian automobile sector”, Paper presented at the 38th International Business Research Conference, Sydney: Australia, 2016, November 3-5 (with Abhisek Sur).
Note titled “Cross Border Labor Mobility, Remittances and Economic Development in South Asia”, Presented at the World Bank Technical Workshop on Cross Border Labor Mobility and Remittances in South Asia, The World Bank, New Delhi, December 2 – 3, 2011, Jumeirah Emirates Towers, Dubai, 2011.
“Singapore’s Pension System: Key Features, Challenges and Reform Issues” at the ADB Conference titled “Asian Pension Reform” at Seoul, November 21-24, 2010.
“An Assessment of Singapore’s Policy Responses to Ageing, Inequality and Poverty”, Presented at the International Conference on Social Policy in Asia, Hitotsubashi University, Tokyo, February 9-10, 2007.
“Demographic Complementarities and Outsourcing: Implications for India”, presented at IMRC conference on Global Competitiveness through Outsourcing: implications for Services & Manufacturing, Organized by Indian Institute of Management, Bangalore (IIMB), Bangalore, July 13-15, 2006.
“Social Security Policy in an Era of Globalization and Competition: Challenges for Southeast Asia”, Paper presented at the workshop on ‘Southeast Asia in the Global Economy: Avoiding the Problem of Globalization’s ‘Missing Middle’, Organized by the Institute of Defence and Strategic Studies (IDSS), Singapore, November 10-11, 2005.
“Public-Private Partnership in Health Care in India: Complementary and Limited Role”, Paper presented at the conference on Strengthening Public Policy to Manage Emerging Health Challenges”, Organized by the TERI School of Advances Studies, India Habitat Centre, New Delhi, July 19-21, 2005.
“Asset-based Policies for Financing Retirement: The Case of Singapore”, Presented at the “International Conference on Asset-building and Social Development,” Organized by Washington University, St Louis, and Shandong University, Jinan, China, September 9-11, 2004.
“Recent Developments in Pension Reforms in Southeast Asia”, Presented at the Workshop on “Options for Establishing a Social Security System in Indonesia,” Organized by BAPPENAS, Jakarta, Indonesia, June 24, 2004.
“Governance and Regulation of Public Pension Schemes”, Presented at “Regulation, Deregulation and Re-regulation in Globalizing Asia”, Conference organized by the Public Policy Programme, National University of Singapore at the Merchant Court Hotel, Singapore, March 24, 2004.

Op-Eds/Columns in Financial Dailies/Newspapers:

“States’ populism trap”, Business Standard, November 5, 2025.
“Can the UK FTA alleviate US-tariff pain for textiles?”, Hindustan Times, October 6, 2025 (with Renjith Ramachandran).
“Kolkata, Climate, Biponnota”, Sangbad Pratidin, September 26, 2025 (in Bengali).
“India must hold the inflation target line”, Business Standard, September 11, 2025.
“RBI’s reg flag on equity overstretch is timely”, The Hindu Business Line, August 13, 2025 (with Sayantan Kundu).
“Climate finance taxonomy draft needs more teeth”, The Hindu Business Line, July 12, 2025 (with Aayush Anand).
“What India Inc’s ECB surge tells us”, The Financial Express, July 7, 2025 (with Abhisek Sur).
“Examining the RBI’s remittances survey”, The Hindu, May 29, 2025.
“Trump tariffs threaten India’s renewables push”, The Hindu Business Line, May 27, 2025.
“Rework India’s investment treaty framework to attract FDI flows”, Mint, March 2, 2025 (with Nilanjan Sen).
“Beyond tax cuts, a closer look at the Union Budget”, The Hindu, February 3, 2025.
“The Union Budget as a turning point for climate action”, The Hindu, January 28, 2025 (with Aayush Anand).
“Will the budget resurrect economic dynamism?”, The Hindu Business Line, January 28, 2025.
“Budget 2025: Why scrapping home loan tax benefits could hurt the common man”, Business Standard, January 23, 2025 (with Sayantan Kundu).
“Quiet revolutionary”, The Statesman, January 6, 2025.
“Green hydrogen and the financing challenge”, The Hindu, December 17, 2024 (with Malvika Awasthy).
“Company-ke bhortuki dilei chakri barbe?”, Ei Samay, November 29, 2024 (with Sayantan Kundu) (in Bengali)
“Arming banks to avert climate risks”, Financial Express, November 7, 2024 (with Aayush Anand).
“India’s climate trade crossroads, Business Standard, October 4, 2024.
“Will ELI fix India’s jobs crisis?”, Business Standard, September 4, 2024.
“Targeted reforms needed to attract more FDI”, The Hindu Business Line, September 2, 2024 (with Abhisek Sur).
“Removing indexation on real estate will not benefit most. Here’s proof”, Mint, August 1, 2024 (with Sayantan Kundu).
“What businesses can learn from RD Burman’s music”, The Times of India, July 6, 2024 (with Soumya Sarkar).
“Budget 2024 needs to boost household savings to provide enough fuel for investment”, Moneycontrol.com, July 2, 2024 (with Sayantan Kundu).
“China disinflation can hurt India”, The Hindu Business Line, June 28, 2024.
“The Ominous Shadow of Global Debt”, Business Standard, May 2, 2024.
“In defense of RBI’s Calibrated Pause”, The Hindu Business Line, April 11, 2024 (with Sankalpa Bhattacharjee).
“In Memoriam: Daniel Kahneman”, Financial Express, April 1, 2024.
“Re-igniting the NE”, The Statesman, March 23, 2024 (with Renjith Ramachandran).
“Q3 GDP Spurt: Looking at the fineprint”, The Hindu Business Line, March 13, 2024.
“Leverage UPI’s global leap for remittances”, Hindustan Times, February 28, 2024.
“Rooftop solar scheme calls for ecosystem changes”, The Hindu Business Line, February 12, 2024 (with Aayush Anand).
“Blue carbon economy”, The Statesman, February 8, 2024
“Interim Budget: Navigating the Crossroads”, The Hindu Business Line, January 22, 2024.
“India’s path to a low-carbon future”, The Financial Express, June 10, 2023 (with Aayush Anand).
“Paradox of plenty”, The Statesman, May 15, 2023 (with Abhinanda Mallick).
“Between pause and pivot”, The Hindu Business Line, April 27, 2023 (with Abhisek Sur).
“Rupee fall: The costs far outweigh the benefits”, The Hindu Business Line, December 12, 2022 (with Abhisek Sur).
“Is NITI Aayog’s climate index status quoist?”, The Hindu Business Line, July 6, 2022 (with Aayush Anand).
“Swap the battery and get going in your EVs”, The Times of India, June 14, 2022 (with Dev Ashish Aneja).
“Back to the grind, but not out of the woods”, Financial Express, May 19, 2022 (with Aayush Anand).
“Significant deal,” The Statesman, April 21, 2022 (with Rahul Sen).
“RBI’s monetary policy conundrum”, The Hindu Business Line, April 7, 2022.
“Export push missing in Budget”, The Hindu Business Line, February 17, 2022 (with Abhisek Sur).
“Budget should focus on targeted spending to spur growth”, The Hindu Business Line, January 31, 2022 (with Jasmeet S Bindra).
“Why cryptocurrencies must be regulated”, The Hindu Business Line, December 15, 2021 (with Sayantan Kundu).
“More efforts needed to popularise Udyam”, Financial Express, December 3, 2021 (with Aayush Anand).
“Reforms needed to tackle power crisis”, The Hindu Business Line, October 26, 2021 (with Aayush Anand).
“Govt’s positive attitude towards emigration and remittance flows can serve India’s long-term national interest”, The Economic Times, June 10, 2021.
“Assessing RBI’s On-Tap Liquidity Scheme”, Financial Express, May 24, 2021 (with Prasenjit Chakrabarti).
“Chalking the road ahead for a bad bank”, The Hindu Business Line, March 23, 2021 (with Debashish Roy).
“Decoding Bare Necessities Index: Move from bare to basic”, Financial Express, February 12, 2021 (with Abhishek Tripathy).
“Budget should sustain green shoots of recovery”, The Hindu Business Line, January 28, 2021.
“Why integrating with global value chains crucial for India”, Financial Express, July 25, 2020 (with Jaspreet S Bindra).
“What ails India’s Model BIT?”, The Hindu Business Line, June 29, 2020 (with Nilanjan Sen).
“India’s ailing remittances: Time to reassess policy priorities”, Financial Express, May 21, 2020.
“Why rural resurgence matters”, Business Standard, May 3, 2020 (with Abhishek Tripathy).
“Two cheers for new income tax system”, The Hindu Business Line, February 24, 2020 (with Sayantan Kundu).
“Budget should cut direct taxes, boost spending”, The Hindu Business Line, February 1, 2020 (with Abhisek Sur).
“Rethinking RBI’s Monetary Easing Policy”, The Financial Express, November 28, 2019.
“RCEP: A Missed Opportunity for India”, The Financial Express, November 8, 2019 (with Rahul Sen)
“Will government’s plan to issue sovereign bonds abroad yield the desired outcome? – This Calibrated Plan May Work”, The Economic Times, July 11, 2019.
“The inheritance tax is an idea whose time has come”, Mint, July 4, 2019 (with Abhisek Sur)
“What the draft Emigration Bill of 2019 overlooks”, Mint, March 8, 2019.
“The tax rebate proposal promotes inequity”, The Hindu Business Line, February 18, 2019 (with Sayantan Kundu).
“Bring the money safely home”, The Economic Times, February 12, 2019.
“Budget 2019: Is PMSYM a repackaged APY?”, Financial Express, February 5, 2019.
“Farm loan waivers: Competitive populism among political parties for votes serves none”, Financial Express, January 12, 2019 (with Abhisek Sur).
“Corporate income tax: a slippery slope”, Mint, February 6, 2018 (with Abhisek Sur)
“Railways flexi-fare policy rests on naive and unclear assumptions”, Mint, September 22, 2016 (with Abhisek Sur).
“India-US Totalisation Pact: Need for an Early Conclusion”, Hudson Institute, August 31, 2016 (with Mukul Asher)
“India’s shaky ‘sovereign wealth fund’, The Hindu Business Line, October 6, 2015.
“To bring all that black money back”, The Hindu Business Line, November 18, 2014.
“Deflation dangers in euro zone”, Mint, October 28, 2014.
“Rebooting pensions”, The Indian Express, September 30, 2013.
“Fight frauds through financial literacy”, The Hindu Business Line, May 7, 2013 (with Vineet Punnoose).
“Putting Railways on profit track”, The Hindu Business Line, March 1, 2013 (with N. Sivasankaran).
“Focus on GST and DTC first”, The Financial Express, January 17, 2013.
“Fiscal deficit can spin out of control”, The Hindu Business Line, March 31, 2012.
“Sovereign Wealth Funds and Forex Reserves: Exploring the reality”, The Economic Times, November 19, 2011.
“Inject More Funds into the Health Sector”, The Hindu Business Line, October 13, 2011.
Logistics key to growth of retail”, The Economic Times, October 16, 2010.
“Bridging the gaps in infra financing”, Business Standard, June 6, 2010.
“Sustaining remittance inflows”, The Economic Times, May 21, 2010.
“Move towards EET is good, but handle retirement savings with care”, Daily News and Analysis (DNA) Money, Mumbai, August 19, 2009 (with Mukul G. Asher)
“EU’s Blue Card Directive: Can India make the most of the opportunity?”, Daily News and Analysis (DNA) Money, Mumbai, August 5, 2009.
“Rejig Gujarat liquor policy for good economics to meet good politics”, Daily News and Analysis (DNA) Money, Mumbai, July 21, 2009.
“It’s Important We Don’t Squander Our Demographic Advantage”, Daily News and Analysis (DNA) Money, Mumbai, June 29, 2009
“President’s address was sweeping, but can the government deliver?”, Daily News and Analysis (DNA) Money, Mumbai, June 10, 2009.
“Minimizing the impact on remittances”, Daily News and Analysis (DNA) Money, Mumbai, December 10, 2008
“Totalisation agreements call for sustained focus”, Daily News and Analysis (DNA) Money, Mumbai, October 1, 2008 (with Mukul G. Asher)
“Towards old-age security”, Mint, Mumbai, August 28, 2008 (with Mukul G. Asher)
“Application of knowledge economy the imperative for food security”, Daily News and Analysis (DNA) Money, Mumbai, June 11, 2008.
“Promote economic and financial literacy for employability, governance”, Daily News and Analysis (DNA) Money, Mumbai, May 28, 2008.
“Exit Tax: An idea whose time should not come”, Daily News and Analysis (DNA) Money, Mumbai, November 2, 2007.
“US facing a reverse brain drain”, Business Times (Singapore), September 5, 2007.
“There’s an opportunity for India in this brain drain”, Daily News and Analysis (DNA) Money, Mumbai, September 5, 2007.
“Bilaterally negotiating temporary entry”, The Financial Express, August 31, 2005 (with Rahul Sen)
“SPV route for infrastructure projects – Enticing, but flawed, financial engineering”, The Hindu Business Line, June 17, 2005 (with Bithin Mahanta)
“Improving India’s infrastructure”, Business Times (Singapore), May 4, 2005 (with Ramkishen S. Rajan)

Awards

Dewang Mehta Business School Award for ‘Best Teacher in Economics’, 2012
Graduate Research Scholarship, National University of Singapore, Singapore
Jahar Ray Gold Medal, University of Burdwan, West Bengal, India
Akhilesh Smriti Purashkar (Gold Medal), University of Burdwan, West Bengal, India
University Grants Commission (UGC) Scholarship, Government of India