Vidya Mahambare

Chairperson, UB-GL Centre for Banking Excellence
Great Lakes Institute of Management

Area of Expertise: Microeconomics, Macroeconomics, International Trade, Development Economics

Dr. Vidya Mahambare is currently Professor of Economics at Great Lakes Institute of Management and is also the Program Director for the institute's two year PGDM program since 2016. In addition, in her capacity as a chair professor of Great Lakes-Union Bank Centre for Banking Excellence, she is the conveyor of the centre's annual finance conference since April 2018. She has experience in teaching the PGPM, PGDM, PGPM-Flex and PGXPM batches at Great Lakes Institute of Management, as well as teaching Macro and Micro-Economics to RBI's newly recruited officers under the customized corporate program at the RBI Staff College, Chennai. Prior to joining the institute, she was a Director and Principal Economist at CRISIL, a Standards and Poor's global analytical company providing ratings, research and policy advisory. She has also been the Independent Director on the Board of Directors of SMERA Rating Agency, India, and a member of the Economic Affairs Committee, ASSOCHAM, Tamil Nadu. Earlier, Vidya was with Cardiff Business School, UK, from 2001 to 2005 where she had moved after completing her doctorate from Lancaster Management School, UK. At Cardiff, she taught courses related to international economics, microeconomics, modern business enterprise, and econometrics. During the same period, she was a research associate at Liverpool Research Group in Macroeconomics, UK.

Research Interests

Impact of culture and gender norms on social and economic outcomes, Strategies for financial inclusion and development

Publications: Books

  • "Should Britain Leave the EU? An Economic Analysis of a Troubled Relationship" (with P. Minford et al), Institute of Economic Affairs and Edward Elgar, London, 2nd revised edition), December 2015

Publications: Book chapter(s)

  • South Africa's Labour Market- Towards 2015' (with Patrick Minford), Economic Intelligence Quarterly (ed. George Djolov), South African Chambers of Commerce (CHAMSA), South Africa, November 2005, Foreign direct investment in India (with Balasubramanyam VN), in Foreign Direct Investment: Six Country Case Studies, (eds) Balasubramanyam VN and Wei Y, 2004, Edward Elgar, Cheltenham, ISBN: 1-84376-467-9.

Publications: Monographs(white paper)

  • Of growth and missed opportunity: what 5%, 6.5% and 9% growth will mean for India in the next five years, April 2014
  • Boosting productive spend, a challenge for next government, April 2014
  • Hire and Lower: Slowdown Compounds India's job creation challenge, January 2014
  • In terms of durables, Punjab is the most prosperous, MP the least, New CRISIL indices measure prosperity and equality, November 2013
  • Food Security Bill: Beyond the provision of food, July 2013
  • Can Rupee Swim against the tide?, June 2013
  • Noise risk to inflation persists, June 2013
  • Braving Infrastructure hurdles, rural consumer goes shopping, November 2012
  • Rising Affordability raises rural protein demand, October 2012
  • Sustaining the rural consumption boom, August 2012
  • Improving Inflation Marksmanship, April 2012
  • Raising Manufacturing Employment, April 2012
  • Rupee Falls on rising global risks, repayment pressure on India Inc, September 2011
  • Employment in India: Uneven and Weak, August 2011
  • Inflation Hurts, June 2011
  • India: Raising the growth bar, January 2011
  • Skilling India: The Billion People Challenge, November 2010.

Peer-Reviewed Journal Articles

  • From Income to Household Welfare: Lessons from Refrigerator Ownership in India", (with Sowmya Dhanaraj and Poonam Munjal), Journal of Quantitative Economics, 2018, 16(2), 573-588
  • Preference asymmetry and international reserve accretion in India" (with N. Srinivasan and M. Ramachandran), Applied Economics Letters, 2009, 16(15), 1543 – 1546
  • Dynamics of inflation in India: Does the new inflation bias hypothesis provide an explanation? (with N. Srinivasan and M. Ramachandran), Macroeconomics and Finance in Emerging Market Economies, 2008, 1(2), 199-212
  • How does ownership structure affect capital structure and firm value? Recent evidence from East Asia, (with N. Driffield and S. Pal) Economics of Transition, 2007, 15(3), 535-573
  • UK monetary policy under inflation forecast targeting: is behaviour consistent with symmetric preferences? (with N. Srinivasan and M. Ramachandran), Oxford Economic Papers, 2006, 58 (4), 706-21
  • Modelling Inflation in India: A Critique of the Structuralist Approach (with N. Srinivasan and M. Ramachandran), Journal of Quantitative Economics, 2006, New Series 4 (2), 45-58
  • Monetary Policy Framework of the Bank of England and the European Central Bank: Some Useful Insights" (with N Srinivasan). Indian Economic Review, 2004, 39 (2), 371-381

Conference proceedings/Publications

  • Gender and Individual access to urban opportunities: A study of IT workers in Chennai (with Sowmya Dhanaraj) MSE silver jubilee conference on Technology and Development proceedings, August 2018

Academic Conference(s)

  • Family structure and women employment (with Sowmya Dhanaraj) presented at IEA-IGIDR International Conference on Social sector development in India, October 6th/7 th 2017, Mumbai


  • The budget should focus on ACE to spread prosperity, Feb 19th 2015. Read More

Invited News paper/Popular press articles

Wall Street Journal Asia

Hindustan Times

Business Today

Bloomberg Quint

Hindu Business Line


First post

Dalal Street Investment Journal

The Global Analyst

Business Standard

Indian Express

Financial Express


Chronicle, June 10 , 2013

Invited speech/Panel discussion

Member of Board

Reviewer for conference/Journal

Research Grants received

Research papers under review

Working papers

  • Reform Rural India, Too, September 18th, 2012
  • The Fiscal drag on India's monetary policy, April16th , 2012
  • What ails Indian monetary policy? April 26th , 2011 Economic Times
  • The hidden truth behind India's low refrigerator ownership, Op-ed, March 24th, 2017 Times of India
  • Should GST Cut lead to lower prices? October 27th , 2018, Op-Ed
  • Board reforms bullet train: Politics can derail reforms, but the price of inaction is uncertain and inequitable growth, September 29th, 2017, main Op-Ed
  • Don't replay Greek Tragedy, Op-ed July 6th, 2012
  • With better and more accessible childcare, more women will join the workforce, November 17, 2017
  • How to make personalised pricing work, September 12,2017
  • How drivers' illusion of free risk mars road safety in India, 26th April 2018
  • Can Bihar and UP do a TN?, July 13th , 2013 (with Saurabh Pareek)
  • Will import curbs on gold be effective? No, June 8th, 2013
  • Wealth inequality and housing reforms, February 9th, 2015
  • RBI's choices in an inflationary vortex, July 30th , 2012 (with Dipti Saletore)
  • A realistic growth number for India, May 25th, 2012
  • A long way to go for India's manufacturing, April 7th , 2011
  • Getting the best out of our workers, September 24, 2010
  • The only way out of the tragedy, June 7th , 2010
  • For a better financial future, March 19th , 2010
  • Closing the income gap, February 19th , 2010
  • In a market for a driver? December 2th, 2009
  • A Question of sequencing, October 14th , 2009
  • Why Narendra Modi's government should focus on policymaking, and not policing. January 18, 2018
  • Budget 2016: Need for bold pro-business reforms, March 2nd, 2016
  • Adopting flexible inflation targeting: benefits and challenges, April, 2015
  • How much has core inflation really fallen? June 15th (CCII tracker), 2013
  • Aarthik sehat pe jor, Hindi, March, 2013
  • Removal of subsidy is necessary, Hindi, 23 rd July, 2012
  • Drought-proofing India, February 13th , 2010 (with Parul Bhardwaj and Aravind Columam Raja)
  • On the margins of recovery. December 19, 2009 (with Parul Bhardwaj & Hriday Kant)
  • Inclusive Education, September 3 rd , 2009
  • Motivating Teachers, Okonomos column, June 26th, 2009
  • The Long-Term Focus?, Okonomos column, April 3 rd , 2009
  • Overpaid Bankers?, Okonomos column, March 6th , 2009
  • The Crisis in Perspective, Okonomos column, February 6th , 2009
  • Emigration: Drain or Gain? Okonomos column, January 2nd . 2009
  • A Case against Protectionism. Okonomos column, December 12, 2008
  • Globalisation and Inflation, Okonomos column, November 14th 2008
  • For a few dollars more, Okonomos column, October 17th, 2008
  • Stress-proofing Corporate India, September 27th 2008 (with Manoranjan Pattanayak)
  • Central Banking Overhaul?, Okonomos column, September 19th, 2008
  • The art of inflation control, June 19th, 2008
  • Industry performing below potential, February 9th, 2008 (with Manoranjan Pattanayak)
  • Don't blame the FIIs for the Rupee, January 31st , 2008
  • The opportunities of a stronger Rupee, December 6th , 2007 (with R. Anand and P. Bharadwaj)
  • A Strong Rupee hasn't always hit exports, November 15th, 2007 (with R. Anand and P. Bharadwaj)
  • Monetary transmission to get more effective, 28th July, 2007
  • Is inflation a phenomenon of nature? 10th February, 2007
  • Actions full of sound and fury, 29th January, 2007
  • ‘Servicing' corporate profits could be a problem, 23/24 September, 2006 (with J Kaur)
  • Is another interest rate hike warranted? 22/23 July, 2006 (with J Kaur and G. Gulati)
  • Swimming towards financial inclusion, June 17th , 2013
  • Infrastructure for inclusive growth, March 28th , 2013
  • Moving to high growth and low inflation, June 4th , 2013
  • Economic Turnaround not a tall order, January 1 (with Anuj Agarwal), 2013
  • To make a ‘leap' forward, August 28th , 2012
  • A new core inflation measure, June 17th, 2012 (with Dipti Saletore)
  • Fixing India's manufacturing, February 4, 2014
  • Is CPI a better inflation indicator than WPI?, October 2, 2013
  • The core of inflation problem, November 12, 2012 (with Neha Duggar Saraf)
  • Slimming down oily heavyweights, July 9th, 2012 (with Anuj Agarwal)
  • Where have all jobs gone? Financial Express, May 4th, 2012 (with Aindrila Roy Chowdhary)
  • Budgeting for inflation, March 24th , 2012
  • Creeping into the tax bracket, March 24 , 2012 (with Anuj Agarwal)
  • The state of jobs, August 20 2011
  • Limits of monetary policy, May 28 2011
  • More or less equal? Part II, March 9 2011
  • More or less equal? Part I, March 8 2011
  • Inflation Proofing or Inflation Triggering?, July 15 2010 (with Poonam Munjal)
  • Inflation in India: difficult to forecast and often under- estimated. January 23th 2010
  • We will gain, Higher Education Book, Times of India Group, page 106, March 2017
  • Get Future Ready: Learn the TAP skills, People Matters, July 2015
  • Adopting flexible inflation targeting: benefits and challenges, April, 2015, The Global Analyst
  • The budget for the common man, July 11, 2014, Maharashtra Times
  • Abolish the retrograde CESS on women employment, June 6 , 2014,
  • Food security bill can set off a consumption boom and then some, Daily News and Analysis, July 4 2013 (with Neha Duggar Saraf)
  • Indian economy stuck in maze, Asian Age/Deccan
  • Rate Hike: Could it be the last one?, Current Economics, a monthly international economic research journal of Consensus Economics, November issue (with Ajay Srinivasan and Dipti Saletore), 2011
  • India faces DIRE risks amidst slowing growth, Dalal Street Investment Journal, Economics Strategy, December 19th, 2011
  • Widening Regional Disparities amidst low job creation, Maharashtra Economic and Development Council Monthly Economic Digest, November issue, 2011
    • CII IWN leadership conference, 2017, Chennai
    • Union Budget analysis - Andhra Chamber of Commerce, February 2018, Chennai
    • Union Budget analysis - Hindustan Chamber of Commerce, February 2018, Chennai
    • Independent Director, Board of Directors, Acuite Ratings and Research (earlier SMERA Rating Agency, India, December 2015 onwards
    • Member, Economic Affairs Committee, ASSOCHAM (Tamil Nadu), 2016-17
  • Journal of Quantitative Economics
  • AIM-Seth Foundation Research Award 2018 in consumer behavior track
  • Consumer Decision Making about Financial Products: How Chit Funds Offer Dual Options (with Sridhar Samu)
  • Family Structure, Education and women's employment in rural India (revised and resubmitted to world development, A in ABDC) with Sowmya Dhanaraj, Madras School of Economics
  • Family Structure, Education And Women's Employment In Rural India (With Sowmya Dhanraj) WIDER Working Paper 2017/195, Helsinki: UNU-WIDER, 2017.
  • Liberalisation and Savings in Developing Countries: The Case of India, (with V. N. Balasubramanyam) Lancaster University Management School Working Paper 539675, 2000
  • India's Economic Reforms and the Manufacturing Sector, (with V. N. Balasubramanyam) Lancaster University Management School Working Paper, 2001/010,
  • Foreign Direct Investment in India, (with V. N. Balasubramanyam) Lancaster University Management School Working Paper, 2003/001
  • Dynamic Adjustment of Corporate Leverage: Is there a lesion to learn from the Recent Asian Crisis? (with Nigel Driffield and Sarmistha Pal) Finance 0505011, EconWPA,
  • How does Ownership Structure affect Capital Structure and Firm Performance? Recent Evidence from East Asia (with Nigel Driffield and Sarmistha Pal), 06-23, Economics and Finance Section, School of Social Sciences, Brunel University, 2006
  • The Asia-Pacific Economies: How far from the pre- crisis potential? (with Parul Bhardwaj) CRISIL Centre for Economic Research Discussion Paper.


  • IIT Stuart School of Business
  • Babson
  • Bauer
  • Universite De Bordeaux
  • Hkust
  • UMKC
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