Radhika Pandey: The Visionary Economist Who Shaped India’s Fiscal Future
The sudden passing of Dr. Radhika Pandey in January 2021 at age 46 left India’s economic policy landscape forever changed. As a Senior Fellow at Delhi’s prestigious National Institute of Public Finance and Policy (NIPFP), Pandey was a formidable force in macroeconomic research, fiscal federalism, and financial regulation. Her work—marked by analytical rigor and unwavering commitment to public welfare—continues to influence India’s economic trajectory. In this tribute, we explore her pioneering contributions, untiring advocacy for evidence-based policymaking, and the legacy inspiring a new generation of economists.
Early Life and Academic Foundations
Radhika Pandey’s intellectual journey began at Delhi’s Delhi School of Economics, where she earned her Master’s degree before completing her Ph.D. in Economics at the Institute of Economic Growth. Her dissertation on fiscal policy efficiency foreshadowed her lifelong focus on practical solutions for India’s economic challenges. Colleagues recall her unique ability to bridge theoretical models with ground-level realities—a skill honed during fieldwork across rural India.
Radhika believed economics wasn’t just about numbers; it was about people’s lives,” noted Dr. Ila Patnaik, former NIPFP Director.
Key Contributions at NIPFP
Joining NIPFP in 2008, Pandey spearheaded research in three transformative areas:
1. GST and Fiscal Federalism
Pandey was instrumental in analyzing India’s Goods and Services Tax (GST) rollout. Her 2017 study, “GST: Balancing Efficiency and Equity,” warned about compliance burdens on small businesses while advocating for simplified slabs. She argued that cooperative federalism—not centralization—was key to GST’s succ
2. Debt Sustainability & Public Finance
During the COVID-19 crisis, her work on public debt dynamics (cited by the Finance Commission) cautioned against austerity, urging targeted social spending instead. She co-authored NIPFP’s landmark report “Fiscal Roadmap for Post-Pandemic India,” which shaped stimulus packages.
3. Financial Regulation and Inclusion
Pandey championed microfinance reforms and digital banking access. Her 2020 paper on “PSB Mergers: Stability vs. Accessibility” influenced RBI’s branch rationalization policies
Policy Impact Beyond Academia
As a columnist for ThePrint, Pandey translated complex ideas into public discourse. Her articles dissected everything from inflation targeting to cryptocurrency risks with trademark clarity. She also advised government bodies like the Finance Commission and Securities and Exchange Board of India (SEBI).”She made economics accessible without diluting its essence,” wrote Manoj Govil, former Finance Secretary, in a tribute.
Legacy: Mentorship and Unfinished Missions
Despite her battle with cancer, Pandey mentored young economists at NIPFP, emphasizing gender-inclusive policy design. Her unfinished projects included:A blueprint for state-level fiscal resilienceA study on digital currency’s impact on monetary policyA textbook on Indian public financeHer colleagues established the Radhika Pandey Memorial Lecture Series to continue her mission of democratizing economic literacy.
Why Radhika Pandey’s Work Remains Relevant
Federalism Advocacy: She warned against centralizing revenue powers, stressing states’ role in equitable development.Crisis Management: Her COVID-era prescriptions prioritized vulnerable groups over fiscal conservatism.Academic Bridge-Building: She connected research institutions (like NIPFP) with grassroots NGOs.
Conclusion: Carrying the Torch Forward
Radhika Pandey’s life embodied the power of economics as a tool for social justice. Her absence is deeply felt, but her ideas—archived in 50+ publications and policy briefs—continue guiding India’s economic journey. As climate change and AI redefine global finance, her insistence on adaptive, human-centric policy feels more vital than ever. For aspiring economists, her legacy is a compass: one
pointing toward rigor, empathy, and unwavering courage
.”The best economic policy is invisible—it works so seamlessly that people forget it was ever policy,” she wrote in 2019. Today, that invisible hand still steers us.
Outer Links for SEO:
- NIPFP Faculty Profile – Official record of her research.
- ThePrint Tribute – Personal recollections from colleagues.