The CFER and the Madras Management Association came together on 6 March 2026 to launch two CFER white papers on young adult employment in India and the role of safe housing for women in raising women's employment in urban India. The event brought together policymakers, industry leaders, academics, and civil society representatives to examine how targeted investments in safe housing and skilling can unlock India's women's workforce dividend

To watch the entire launch, click here

To download the paper: Young Adults at Work in India, click here

To download the paper: Unlocking Women’s Employment Through Safe Housing – Lessons from Tamil Nadu’s Thozhi Hostels, click here

The book A Sixth of Humanity: Independent India’s Development Odyssey by economist Arvind Subramanian and political scientist Devesh Kapur was launched at Great Lakes Institute of Management, Chennai, as part of The Federal’s Voices That Count series.

In a wide-ranging conversation with the centre’s chairperson Prof Vidya Mahambare and The Federal’s chief editor Mr S Srinivasan, the authors unpacked India’s distinctive development journey. They examined the country’s unusual sequencing of democracy before sustained economic development, the tensions between state capacity and political ambition, and the shifting role of institutions in shaping outcomes.

The discussion moved beyond theory into sharp, contemporary questions about growth, equity, governance, and India’s place in a changing global order. What followed was an engaged exchange with students and faculty, turning the book launch into a thoughtful dialogue on the challenges and opportunities that will define India’s next chapter.

To watch the entire launch, click here

On 7 March 2025, we partnered with the Madras Management Association to mark International Women’s Day with a focused conversation on advancing women’s leadership in business.

The event brought together industry and academic leaders to address structural barriers, leadership pathways, and the institutional shifts needed to enable women to lead at scale.

A key highlight was the release of our report, Women @ Work: Powering Progress, Shaping the Future, which received strong appreciation and coverage across multiple media platforms.

To watch the entire launch, click here

To download the white paper, click here

Despite significant progress in recent decades, workplaces worldwide remain divided along gender lines. In many countries, the COVID-19 pandemic has led to a drop in female labour force participation and in countries such as India, women’s participation in paid work remains low. At every stage in the labour market, including job search, wage negotiations, promotion to middle and senior management, and access to and cost of finance, women tend to face barriers. Even when unintended, several such constraints prevent women from developing their full economic potential. On 9th and 10th December 2022, we hosted an international conference featuring several leading academicians and practitioners in this field for an in-depth discussion

To watch the entire launch, click here

The day began with the inaugural session, with welcome remarks by the leadership of Great Lakes and contextual framing of the evolving macro-financial landscape, The Inaugural Address by the Chief Guest, Mr. Dharmakirti Joshi, Chief Economist, CRISIL, provided a comprehensive perspective on global uncertainties, domestic growth dynamics, and the policy challenges of ensuring stability amid volatility, followed by an engaging student Q&A. The morning also featured a research presentation on the market for NPAs, enriched by expert commentary and discussion.

The second session transitioned from macro-financial stability to market microstructure, with a paper examining structural shifts in high-frequency noise in Nifty 50 Futures (2022–2025). This was followed by a high-powered panel discussion titled “Markets in Motion: Pricing, Volatility & Liquidity,” featuring Dr. Prabhas Rath, Chief General Manager, Department of Economic and Policy Analysis, SEBI; Prof. Sankarshan Basu, Professor of Finance, IIM Bangalore; and Dr. Eshan Ahluwalia, Director, Financial Engineering, BlackRock. Moderated by Prof. Vidya Mahambare, Union Bank Professor of Economics, the discussion brought together regulatory, academic, and industry perspectives to debate market dynamics and resilience in a changing financial environment. The conference concluded with prize distribution and closing remarks, underscoring both scholarly excellence and the importance of sustained research engagement in navigating financial volatility.

To download the paper: Cherries, Lemons and the Market for Non-performing Loans, click here

To download the paper: Market Microstructure Metamorphosis, click here

The 15^th Annual Finance Conclave 2025 brought together market practitioners and academic leaders to explore India’s Secular Growth Story—the structural forces shaping India’s long-term economic expansion beyond short-term cycles. The conclave features a masterclass on Valuation Beyond Numbers, followed by a panel discussion with leading voices from capital markets, asset management, and venture investing. Together, the sessions offer a practitioner-led perspective on valuation, governance, and growth in India’s evolving financial landscape.

Masterclass Speaker - Bhupendra Tiwary – AVP Research, ICICI Securities

Session: Valuation Beyond Numbers

Panel Discussion

• Ranjitha Ajay – Associate Professor, Finance, Great Lakes Chennai
• Bhupendra Tiwary – AVP Research, ICICI Securities
• Renjith Sivaram – Fund Manager, Mahindra Mutual Fund
• Ramesh Kuruva – CEO, VIVOS Venture Engine

The conference theme focused on the integration of environmental, social, and governance considerations into investment decision-making and their implications for risk management, portfolio performance, and long-term value creation. It covered socially responsible and impact investing, green finance instruments, and climate finance, with attention to their effectiveness in mobilising capital toward sustainable outcomes. The theme also emphasised corporate governance, transparency, disclosure, and the evolving regulatory landscape in building investor confidence and accountability, alongside the role of financial inclusion and development finance institutions in advancing sustainable development goals.

Keynote Address by Mr. Lalit Taneja [Head, GARP India (Delhi Chapter)]

Theme: Nurturing a Sustainable Future

Masterclass by Mr. Pralabh Bhargava [Principal Consultant, ERM Delhi]

Theme: Mechanisms, Frameworks, Instruments and Impact Measurement

Panel Discussion

• Dr. Archana Pillai [Resident Mentor, NSRCEL, IIMB and Director, Social
• Audit Network (SAN) India
• Impact Investing Climate in India Mr. Lalit Taneja [Head, GARP India (Delhi)
• Risk Management perspective Mr. Pralabh Bhargava [Principal Consultant, ERM Delhi]

The conference focused on how individuals, institutions, and economies can build and protect wealth amid volatility, uncertainty, complexity, and ambiguity. It explored India’s macroeconomic rise in a disrupted global environment alongside practical personal finance strategies for long-term financial resilience. The discussions bridged policy, markets, and household finance perspectives.

Inaugural address - Gautam Chikermane, Vice President, Observer Research Foundation; Author of Reform Nation and India 2030 (Inaugural Address: “The Rise of India in a World of Disruptions”)

Masterclass - Monika Halan, Personal Finance Expert; Author of Let’s Talk Mone (Keynote Address: “Let’s Talk Money: How to Get Your Money to Work Hard for You”)

• Sanjoy Sircar, Area Chair (Finance), Great Lakes Institute of Management
• Vishwanathan Iyer, Senior Associate Professor of Finance, Great Lakes Institute of Management
• Vidya Mahambare, Professor of Economics, Great Lakes Institute of Management

The conference examined the challenges policymakers face in managing macroeconomic and financial stability, drawing on central banking experience in India. It also explored long-term wealth creation strategies through disciplined investing and institutional capital management. Together, the sessions bridged public policy perspectives with market-driven investment approaches.

The keynote address - Duvvuri Subbarao, 22nd Governor, Reserve Bank of India;

Former Joint Secretary, Ministry of Finance, Government of India (Inaugural Talk: “Dilemmas in Central Banking: Experiences from the Reserve Bank of India”)

Session on Wealth Creation Strategies

• Mohan Lakhamraju, Chairman, Great Lakes Institute of Management; Founder and CEO, Great Learning
• Saurabh Mukherjee, Founder and Chief Investment Officer, Marcellus Investment Managers Pvt. Ltd.
• Rakshit Ranjan, Salil Desai, Marcellus Investment Managers Pvt. Ltd.
• Suresh Ramanathan, Dean and Principal, Great Lakes Institute of Management, Chennai; Dr Bala V Balachandran Distinguished Professor of Marketing & Strategy
• Vidya Mahambare, Professor of Economics, Great Lakes Institute of Management

To watch the full conference, click here

The conference focused on auction theory and its practical relevance for Indian markets and public policy, particularly in sectors such as telecommunications. It brought together global theoretical insights and Indian policy applications, highlighting how well-designed auctions can improve efficiency, competition, and economic outcomes. The discussions bridged Nobel Prize–winning economic theory with real-world regulatory and market challenges in India.

Robert B. Wilson, Nobel Laureate in Economics (2020); Adams Distinguished Professor of Management (Emeritus),
Stanford Graduate School of Business (Inaugural Address)

Rajat Kathuria, Director and Chief Executive, Indian Council for Research on International Economic Relations
(ICRIER), New Delhi

Bala V Balachandran, Founder, Chairman and Dean (Emeritus), Great Lakes Institute of Management;
J.L. Kellogg Distinguished Professor (Emeritus in Service) of Accounting & Information Management, Northwestern University

Suresh Ramanathan, Dean and Principal, Great Lakes Institute of Management, Chennai; Dr Bala V Balachandran Distinguished Professor of Marketing & Strategy

Sanjoy Sircar, Professor of Finance, Great Lakes Institute of Management, Chennai (Context Setting: Indian Telecom Sector at a Crossroads; Moderator)

Vidya Mahambare, Professor of Economics, Great Lakes Institute of Management

To watch the full conference, click here

Across economies, gender gaps in work persist in ways that are structural, not incidental. The pandemic exposed how fragile progress had been. Globally, women exited the workforce at higher rates due to caregiving burdens, job losses in contact-intensive sectors, and limited social safety nets. In India, female labour force participation continues to remain among the lowest for major economies, despite rising educational attainment among women.

The barriers show up at every stage. During job searches, women are often filtered into lower-paying or informal roles. In wage negotiations, social conditioning and bias can suppress earnings. Career progression slows at the middle-management level, where leadership pipelines narrow sharply. Access to capital for women entrepreneurs remains costlier and more restrictive, limiting scale and sustainability. Many of these constraints are subtle, embedded in norms, networks, and institutional design, yet their cumulative effect is significant: they restrict women from fully realising their economic and leadership potential.

Against this backdrop, on 9 and 10 December 2022, we hosted an international conference that brought together leading academicians and practitioners to examine these challenges through data, lived experience, and policy insights. The discussions moved beyond diagnosis to solutions, exploring pathways to build more inclusive workplaces, strengthen institutional support, and reimagine systems that enable women not just to participate, but to lead and transform the future of work

To know more about the conference, click here

This paper reveals a stark imbalance in India’s youth labour market. Only 47% of young adults aged 20–29 are in paid employment, masking deep inequalities in job access and quality. While some young workers face long hours and exhausting commutes, many others remain underemployed or stuck in informal enterprises, with only 9.5% working in formal firms. The study highlights how India’s demographic dividend is at risk if the economy cannot generate enough stable, high-quality jobs for its young workforce

To download the full report, click here

This paper shows how access to safe and affordable housing can significantly influence women’s ability to participate in the workforce. Using the case of Tamil Nadu’s Thozhi hostels, it demonstrates how secure accommodation near employment hubs helps women overcome barriers related to safety, mobility, and migration. The study argues that scalable housing solutions can play a critical role in expanding women’s labour force participation and unlocking a large untapped economic opportunity.

To download the full report, click here

This paper examines how the design of trading systems, regulations, and intermediaries shapes price discovery, liquidity, and efficiency in India’s equity markets. It highlights how market microstructure influences transaction costs, information flow, and investor behaviour, ultimately affecting how quickly and accurately prices reflect information. By analysing trading mechanisms and regulatory frameworks, the study sheds light on how better market design can improve transparency, reduce volatility, and strengthen investor confidence in India’s financial markets.

To download the full report, click here

This paper explores how information asymmetry between buyers and sellers can distort markets, drawing from the classic “lemons problem” where poor quality products drive out good ones. It explains how lack of reliable information leads to adverse selection, reduced trust, and inefficient market outcomes across sectors such as finance, insurance, and used goods markets. The paper highlights how mechanisms like warranties, signalling, and regulation help restore trust and improve market efficiency.

To download the full report, click here

India’s workforce hides a striking paradox. Even as women’s employment has grown in recent years, over 89 million urban women remain outside the labour market, a number larger than the population of many countries. The report reveals that India is failing to utilise the skills of more than 19 million graduate-educated women, pointing to a massive loss of talent and economic potential. Despite progress in education and rising employment rates, deep structural barriers such as caregiving responsibilities, safety, mobility, and social norms continue to keep millions of capable women out of paid work.

To download the full report, click here