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Amarendu Nandy
Amarendu Nandy
Assistant Professor (Grade – I)
  • Economics



       Ph.D., National University of Singapore (NUS), Singapore

       M.Sc. & B.Sc., The University of Burdwan, India 

      About the Faculty

      Dr. Amarendu Nandy is an Assistant Professor in the Economics Area at the Indian Institute of Management (IIM) Ranchi. Dr. Nandy has a Ph.D. from the National University of Singapore (NUS), Singapore and has the distinction of being the top rank holder at the undergraduate and post-graduate level in Economics at the University of Burdwan, India.  He has been a recipient of several scholarships and awards, including the Graduate Research Scholarship from NUS; UGC Scholarship from the Government of India; and two Gold medals from the University of Burdwan.

      Dr. Nandy has about fourteen years of teaching experience in premier management schools in India, including visiting assignments at IIM Rohtak, IIM Bodh Gaya, and IIM Sirmaur. He has taught courses like Microeconomics, Macroeconomics, Managerial Economics, India and the World Economy, Assessing Business Environment and Public Policy Analysis across post-graduate and doctoral levels.

      Dr. Nandy research interests are primarily in the areas of growth and development, labour economics, and contemporary macroeconomics, with specific focus on the Indian economy. He has published several articles in peer-reviewed international journals including in the 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 several book chapters, book reviews, policy briefs, and has presented papers in international conferences in India and abroad. He has been a regular contributor of op-eds pieces in leading business dailies like the Economic Times, Business Standard, Financial Express, The Hindu Business Line, Mint, Business Times (Singapore) and DNA Money. 

      Currently, he is an Associate Editor of the IIM Journal of Management Studies and is the Chairperson of Alumni Relations of 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

      National/ International Teaching/ Research Experiences

      Visiting Faculty at IIM Rohtak, IIM Bodh Gaya, IIM Sirmaur 

      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 Areas

      • 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/ Articles/ Cases


                1. 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.
                2. 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.  
                3. 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.
                4.  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.
                5. 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. 
                6. Nandy, A., Sur, A., & Kundu, S. (2018). The Case for Introducing Inheritance Tax in India. Journal of Tax Administration, 4(1), 81-87.
                7. Sur, A., & Nandy, A. (2018). FDI, technical efficiency and spillovers: evidence from Indian automobile industry. Cogent Economics & Finance, 6(1).   
                8. 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).
                9. 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. 
                10. Asher, Mukul G. & Nandy, A. (2008). Towards Public Policy Education: Imparting Economic and Financial Literacy. eSocialSciences . 
                11. Asher, Mukul G. & Nandy, A. (2007). Demographic Complementarities and Outsourcing: Implications for India. IIMB Management Review, 19, 2, pp. 93-102. 
                12. Asher, Mukul G. & Nandy, A. (2007). Health Financing in Singapore: A Case for Systemic Reforms.  International Social Security Review, 59, 1, pp. 75-92. 
                13. Asher, Mukul G. & Nandy, A. (2006). Social Security Policy in an Era of Globalization and Competition: Challenges for Southeast Asia. eSocialSciences .
                14. 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. 
                15. Asher, Mukul G. & Nandy, A. (2006). Mandatory Savings for Asset Enhancement: The Case of Singapore. Social Development Issues, 23, 2, pp. 57-70.
                16. Asher, Mukul G. & Nandy, A. (2003). Property Tax in a City-State: The Case of Singapore. Policy and Society, 22, 2, pp. 50-75.

                Chapter in Books

                1. "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)
                2. "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)
                3. "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

                1. "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). 
                2. “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.
                3. “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). 
                4. “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). 
                5. “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). 
                6. “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).
                7. 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.  
                8. “Singapore’s Pension System: Key Features, Challenges and Reform Issues” at the ADB Conference titled “Asian Pension Reform” at Seoul, November 21-24, 2010. 
                9. “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.
                10. “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. 
                11. “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. 
                12. “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.
                13. “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.
                14. “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.
                15. “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 

                1. "Between pause and pivot", The Hindu Business Line, April 27, 2023 (with Abhisek Sur).
                2. "Rupee fall: The costs far outweigh the benefits", The Hindu Business Line,  December 12, 2022 (with Abhisek Sur). 
                3. "Is NITI Aayog's climate index status quoist?", The Hindu Business Line,  July 6, 2022 (with Aayush Anand). 
                4. "Swap the battery and get going in your EVs",  The Times of India,  June 14, 2022 (with Dev Ashish Aneja). 
                5. "Back to the grind, but not out of the woods", Financial Express, May 19, 2022 (with Aayush Anand). 
                6. "Significant deal," The Statesman, April 21, 2022 (with Rahul Sen).
                7. "RBI's monetary policy conundrum", The Hindu Business Line, April 7, 2022. 
                8. “Export push missing in Budget”, The Hindu Business Line, February 17, 2022 (with Abhisek Sur). 
                9. "Budget should focus on targeted spending to spur growth”, The Hindu Business Line, January 31, 2022 (with Jasmeet S Bindra). 
                10. "Why cryptocurrencies must be regulated”, The Hindu Business Line, December 15, 2021 (with Sayantan Kundu). 
                11. "More efforts needed to popularise Udyam", Financial Express, December 3, 2021 (with Aayush Anand). 
                12. "Reforms needed to tackle power crisis",  The Hindu Business Line, October 26, 2021 (with Aayush Anand). 
                13. “Govt’s positive attitude towards emigration and remittance flows can serve India’s long-term national interest”, The Economic Times, June 10, 2021.  
                14. “Assessing RBI’s On-Tap Liquidity Scheme”, Financial Express, May 24, 2021 (with Prasenjit Chakrabarti). 
                15. “Chalking the road ahead for a bad bank”, The Hindu Business Line, March 23, 2021 (with Debashish Roy). 
                16. “Decoding Bare Necessities Index: Move from bare to basic”, Financial Express, February 12, 2021 (with Abhishek Tripathy). 
                17. “Budget should sustain green shoots of recovery”,  The Hindu Business Line, January 28, 2021. 
                18. “Why integrating with global value chains crucial for India”, Financial Express, July 25, 2020 (with Jaspreet S Bindra). 
                19. “What ails India’s Model BIT?”, The Hindu Business Line, June 29, 2020 (with Nilanjan Sen). 
                20. “India’s ailing remittances: Time to reassess policy priorities”, Financial Express, May 21, 2020. 
                21. “Why rural resurgence matters”, Business Standard, May 3, 2020 (with Abhishek Tripathy). 
                22. “Two cheers for new income tax system”,  The Hindu Business Line, February 24, 2020 (with Sayantan Kundu). 
                23. “Budget should cut direct taxes, boost spending”,  The Hindu Business Line, February 1, 2020 (with Abhisek Sur). 
                24. “Rethinking RBI’s Monetary Easing Policy”, The Financial Express, November 28, 2019.
                25. “RCEP: A Missed Opportunity for India”, The Financial Express, November 8, 2019 (with Rahul Sen) 
                26. “Will government’s plan to issue sovereign bonds abroad yield the desired outcome? - This Calibrated Plan May Work”, The Economic Times, July 11, 2019.
                27. “The inheritance tax is an idea whose time has come”, Mint, July 4, 2019 (with Abhisek Sur) 
                28.  “What the draft Emigration Bill of 2019 overlooks”, Mint, March 8, 2019.
                29. “The tax rebate proposal promotes inequity”, The Hindu Business Line, February 18, 2019 (with Sayantan Kundu).
                30. “Bring the money safely home”, The Economic Times, February 12, 2019.
                31. “Budget 2019: Is PMSYM a repackaged APY?”, Financial Express, February 5, 2019. 
                32. “Farm loan waivers: Competitive populism among political parties for votes serves none”, Financial Express, January 12, 2019 (with Abhisek Sur). 
                33. “Corporate income tax: a slippery slope”, Mint, February 6, 2018 (with Abhisek Sur)
                34. “Railways flexi-fare policy rests on naive and unclear assumptions”, Mint, September 22, 2016 (with Abhisek Sur). 
                35. “India-US Totalisation Pact: Need for an Early Conclusion”, Hudson Institute, August 31, 2016 (with Mukul Asher)
                36. “India’s shaky ‘sovereign wealth fund’, The Hindu Business Line, October 6, 2015. 
                37. “To bring all that black money back”, The Hindu Business Line, November 18, 2014. 
                38. “Deflation dangers in euro zone”, Mint, October 28, 2014. 
                39. “Rebooting pensions”, The Indian Express, September 30, 2013. 
                40. “Fight frauds through financial literacy”, The Hindu Business Line, May 7, 2013 (with Vineet Punnoose). 
                41. “Putting Railways on profit track”, The Hindu Business Line, March 1, 2013 (with N. Sivasankaran). 
                42. “Focus on GST and DTC first”, The Financial Express, January 17, 2013.
                43. “Fiscal deficit can spin out of control”, The Hindu Business Line, March 31, 2012. 
                44. “Sovereign Wealth Funds and Forex Reserves: Exploring the reality”, The Economic Times, November 19, 2011. 
                45. “Inject More Funds into the Health Sector”, The Hindu Business Line, October 13, 2011.
                46. Logistics key to growth of retail”, The Economic Times, October 16, 2010.
                47. “Bridging the gaps in infra financing”, Business Standard, June 6, 2010. 
                48. “Sustaining remittance inflows”, The Economic Times, May 21, 2010. 
                49. “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)
                50. “EU’s Blue Card Directive: Can India make the most of the opportunity?”, Daily News and Analysis (DNA) Money, Mumbai, August 5, 2009.
                51. “Rejig Gujarat liquor policy for good economics to meet good politics”, Daily News and Analysis (DNA) Money, Mumbai, July 21, 2009.
                52. “It’s Important We Don’t Squander Our Demographic Advantage”, Daily News and Analysis (DNA) Money, Mumbai, June 29, 2009 
                53. “President’s address was sweeping, but can the government deliver?”, Daily News and Analysis (DNA) Money, Mumbai, June 10, 2009.
                54. “Minimizing the impact on remittances”, Daily News and Analysis (DNA) Money, Mumbai, December 10, 2008 
                55. “Totalisation agreements call for sustained focus”, Daily News and Analysis (DNA) Money, Mumbai, October 1, 2008 (with Mukul G. Asher)
                56. “Towards old-age security”, Mint, Mumbai, August 28, 2008 (with Mukul G. Asher)
                57. “Application of knowledge economy the imperative for food security”, Daily News and Analysis (DNA) Money, Mumbai, June 11, 2008.
                58. “Promote economic and financial literacy for employability, governance”, Daily News and Analysis (DNA) Money, Mumbai, May 28, 2008.
                59. “Exit Tax: An idea whose time should not come”, Daily News and Analysis (DNA) Money, Mumbai, November 2, 2007.
                60. “US facing a reverse brain drain”, Business Times (Singapore), September 5, 2007.
                61. “There’s an opportunity for India in this brain drain”, Daily News and Analysis (DNA) Money, Mumbai, September 5, 2007. 
                62. “Bilaterally negotiating temporary entry”, The Financial Express, August 31, 2005 (with Rahul Sen)
                63. “SPV route for infrastructure projects - Enticing, but flawed, financial engineering”, The Hindu Business Line, June 17, 2005 (with Bithin Mahanta)
                64. “Improving India’s infrastructure”, Business Times (Singapore), May 4, 2005 (with Ramkishen S. Rajan)

                Book Reviews

                1. H.S. Kehal, “Foreign Investment in Developing Countries”, 2005, in ASEAN Economic Bulletin, 22, 2, August, p. 261.
                2. Nagesh Kumar (ed.), “Towards an Asian Economic Community: Vision of a New Asia”, 2005, in South Asia Economic Journal, 6, 2, pp. 267-269. 


                • 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