Vidya Mahambare

Great Lakes Institute of Management

Area: 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.


  • Ph.D. in Economics, Lancaster Management School, Lancaster University, UK, 2001
  • Funded by the Committee of Vice Chancellors and Principals of Universities of UK
  • MSc. International Trade and Finance, Lancaster University, UK, 1997
  • Topped the graduating class
  • MA. Economics, Gokhale Institute of Politics and Economics, Pune, 1996
  • Pandurangi Prize for topping the graduating class
  • BA. Economics, University of Bombay, 1994

Vidya has, to her credit, a string of domestic and international academic research publications, in addition to a regular stream of articles released in media. Her research articles have been published in journals such as Oxford Economic Papers, Transnational Corporations, Journal of Quantitative Economics, Indian Economic Review and Economic Intelligence. In 2005 she published her co-authored book ‘Should Britain leave the EU? – An economic analysis of troubled relationship’.

Vidya is a regular columnist for leading newspapers in India and has written over 65 op-ed articles in leading newspapers including Wall Street Journal Asia, Times of India, Mint, Business Standard, Indian Express, Hindu Business Line, and Financial Express.  She wrote a monthly column ‘Okonomos’ in 2008-09 in Business Standard which aimed to bring academic research to newspaper readers.

Authored Book:

  • 2nd Substantially Revised Edition - ‘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

Refereed Publications:

  • Family structure, education and women employment in rural India, World Development, 2019 115, 17-29 (with Dhanaraj, S.)
  • From Income to Household Welfare: Lessons from Refrigerator Ownership in India", (with Dhanaraj. S. and P. 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
  • 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.
  • 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

Media Articles:

Wall Street Journal Asia

  • Reform Rural India, Too, September 18th, 2012
  • The Fiscal drag on India’s monetary policy, April 16th, 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

Hindustan Times

  • With better and more accessible childcare, more women will join the workforce, November 17, 2017

Business Today

  • How to make personalised pricing work, September 12, 2017, Bloomberg Quint
  • How drivers’ illusion of free risk mars road safety in India, 26th April 2018

Hindu Business Line

  • Beating Equity Fears, 19th April 2019
  • The Gender Divide in urban mobility, November 3rd, 2018 (with Sowmya Dhanaraj)
  • A job for this government, 14th July 2014
  • Economy in need of ICU treatment, 8th May 2014
  • Can Bihar and UP do a TN?, July 13th, 2013 (with Saurabh Pareek)
  • Will import curbs on gold be effective? No, June 8th, 2013
  • Moving to high growth and low inflation, 4th June 2013
  • Economic Turnaround not a tall order, 31st December 2012
  • To make a LEAP forward, 27th August 2012
  • A new core inflation measure, 16th June 2012


  • 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

Business Standard

  • 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, 23rd 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 3rd, 2009
  • Motivating Teachers, Okonomos column, June 26th, 2009
  • The Long-Term Focus?, Okonomos column, April 3rd, 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)

Indian Express

  • 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)

Financial Express

  • 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 24th, 2012 (with Anuj Agarwal)
  • The state of jobs, August 20th 2011
  • Limits of monetary policy, May 28th 2011
  • More or less equal? Part II, March 9th 2011
  • More or less equal? Part I, March 8th 2011
  • Inflation Proofing or Inflation Triggering?, July 15th 2010 (with Poonam Munjal)
  • Inflation in India: difficult to forecast and often under-estimated. January 23th 2010

First post

  • Uber IPO: Cab-hailing service providers need to focus on customer loyalty, provide sense of price fairness, April 17th 2019
  • India’s widening regional divide: Prosperous states should care for poor counterparts to maintain economic balance, December 18th, 2018
  • Why Narendra Modi’s government should focus on policymaking, and not policing. January 18, 2018

Dalal Street Investment Journal

  • Budget 2016: Need for bold pro-business reforms, March 2nd, 2016 The Global Analyst
  • Adopting flexible inflation targeting: benefits and challenges, April, 2015


  • Will the Rupee stabilise, strengthen, or slide? 9th April 2019
  • 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 11th, 2014, Maharashtra Times
  • Abolish the retrograde CESS on women employment, June 6th, 2014,
  • Food security bill can set off a consumption boom and…then some, Daily News and Analysis, July 4th 2013 (with Neha Duggar Saraf)
  • Indian economy stuck in maze, Asian Age/Deccan Chronicle, June 10th, 2013
  • 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


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