Suyash Rai

Deputy Director and Fellow
Carnegie India
Suyash Rai is a deputy director and fellow at Carnegie India. His research focuses on the political economy of economic reforms, and the performance of public institutions in India.

Post Graduate Diploma in Management, Institute of Rural Management Anand (IRMA), Gujarat
Bachelors in Computer Science, Sardar Patel University, Gujarat

  • English
  • Gujarati
  • Hindi

Suyash Rai is a deputy director and fellow at Carnegie India. His research focuses on the political economy of economic reforms, and the performance of public institutions in India. His current research looks at the financial sector, the fiscal system, and the infrastructure sector.

Rai seeks to understand the workings of the Indian state through the lens of political economy, ideological contestation, institutional design, administrative processes, and economic analysis. He further aims to situate his research in the context of the politics of modernization of Indian society, polity, and economy.

Rai has published papers in the areas of fiscal policy, financial reforms, banking regulation, and infrastructure policy. He has also published several essays and opinion pieces in various popular media outlets.

Prior to joining Carnegie India, Rai was a fellow at the National Institute of Public Finance and Policy (NIPFP), where he worked in the areas of financial regulation, infrastructure regulation, fiscal management, and public administration. He has held consulting positions with the Consultative Group to Assist the Poor (CGAP) of the World Bank, and with the Ministry of Finance of the Government of India. Additionally, he served as a member of the committee on framing a code on resolution of financial firms of the department of economic affairs at the Ministry of Finance, and the committee on pricing of Aadhaar-based services of the Unique Identification Authority of India (UIDAI).

Rai previously worked at the Dvara Trust (then, the IFMR Trust), and as a manager for ICICI Bank. He holds a postgraduate diploma in management and an undergraduate degree in computer science. He has also received training certifications in risk management and business valuation.

    • Working Paper

    The Economics of Releasing the V-band and E-band Spectrum in India

    • November 1, 2017
    • National Institute of Public Finance and Policy

    This paper presents the characteristics of the V-band and E-band spectrum, and analyses how this spectrum may be optimally used in the Indian context. It then reviews the economic benefits that may be realized through the easy availability of this spectrum. Further, it presents ideas for policymakers on how the spectrum may be released if its optimal usage is to be ensured.

    • Chapter

    Fiscal Policy Consequences of Digitalisation and Demonetisation

    • November 1, 2017
    • Digital Revolutions in Public Finance

    This chapter reviews the Government of India’s fiscal policy responses to the digitalization of the economy, analyses the performance of these policies, and makes recommendations for the way forward. The paper finds that, while the government has taken many important steps to realize fiscal benefits, in some cases, its fiscal policy responses need to be reviewed carefully to enhance their financial and welfare benefits.

    • Chapter

    Demonetisation: Event, Impact, Narrative and Meaning

    • January 1, 2017
    • Demonetisation: The Economists Speak

    This chapter presents a concurrent analysis of the demonetization decision taken by the Government of India in November 2016. It reviews the performance on the stated objectives, the political framing of the decision, and the consequences of the decision for the political economy of India.

    • Chapter

    Universalising Complete Access to Finance: Key Conceptual Ideas

    • April 14, 2011
    • Financial Market Regulation and Reforms in Emerging Markets

    This chapter argues that in order to realize the potential of a well-functioning complete financial market, financial policymakers and service providers will need to think about ways to deliver financial propositions that are customized to individual households. This will entail the presence of proximate advisors who develop integrated financial propositions for clients, and mediate between the customer and large “product manufacturers.” The chapter also highlights some of the debates that arise in making this financial system a reality.

    • Working Paper

    Microfinance Institutions’ Pricing and Valuation: An Analysis of Key Drivers

    • January 2009
    • IFMR Trust

    This paper presents a quantitative model for the pricing and valuation of microfinance institutions, which may be used by practitioners and policymakers to understand the economics of microfinance institutions.

Areas of Expertise

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