K P Krishnan

An optimal state policy must go beyond a revenue-hungry, punitive regulatory regime

From aviation to finance, regulatory failures marked India's economy in 2025, exposing weak state capacity and the urgent need to redesign how regulators function

The 2020 intervention stopped contagion, but its ad hoc approach and breach of loss hierarchy underline the need for a predictable, rule-based system for failing financial firms

These are not independent, random occurrences. They are all pointers to a larger, more fundamental issue

The notion that "democratic accountability" justifies conferring such unfettered power on Executive is not just incorrect, but also shows inadequate understanding of modern structures of governance

With the financial sector maturing, the door to regulatory agencies needs to be opened to a more diverse talent pool

The revelations in this recent case should lead to a reassessment of the foundations of India's financial markets

From first principles, we know that there are market failures that motivate state intervention. There may be a problem of market power in a small oligopoly of airlines

SRAs are a major author of law in India today. They have been given the power to legislate - that is, to write legal instruments that demand certain behaviour of private persons

Regulators under the Ministry of Corporate Affairs need reform to match the empowerment and autonomy of financial sector regulators

Finance ministries worldwide drive economic reforms. It's time to restructure India's to meet the challenges of tomorrow

The FM has proposed some interesting regulatory reforms. The announcements need to be nuanced before implementation

Of the many reforms that Dr Singh led as FM and PM, the transformation of India's securities markets stands out

Most central banks (CB) are narrowly focused on monetary policy. The RBI has a sprawling mandate. The trouble is these roles contain many inherent conflicts

The exercise of legislative power by statutory regulatory authorities undermines federalism and needs to be corrected

While some people view exchange rate fluctuation as detrimental to the economy, it is, in fact, a crucial element of economic flexibility

Parliament's oversight of statutory regulatory authorities is weak, and strengthening it is both necessary and desirable

Parliament needs to institute oversight mechanisms for regulators, who oversee markets, without compromising their autonomy

Heavy lifting is now required in electricity and financial reforms

Policy on derivatives needs to be informed by the evolution of these markets in India and the benefits of risk management