Independent Research and Policy Advocacy

Indradeep Ghosh Dvara

Dr. Indradeep Ghosh

Executive Director
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Dr. Indradeep Ghosh is the Executive Director of Dvara Research. He has a PhD from MIT, an MA from Cambridge University (where he won the Adam Smith Prize given to the top graduating student in the university), and a BA from St. Stephen’s College, all in Economics. After finishing his PhD, Dr. Ghosh pursued an academic career for more than a decade, first at Haverford College in Philadelphia, Pennsylvania, and then at the Meghnad Desai Academy of Economics in Mumbai, India. At Dvara Research, he works with the Board to drive its research agenda and leads research priorities in coordination with the practice heads.

Dr. Ghosh is a multi-disciplinary scholar and thinker, and has published his work in peer-reviewed journals in economics and other disciplines. When thinking about public policy problems, he prefers to combine his formal economics training with insights from the other social sciences and also the humanities. Dr. Ghosh interfaces regularly with policymakers and regulators to advocate for sensible pro-poor financial inclusion and social protection policies. In 2020, Dr. Ghosh led the drafting team for the Social Stock Exchange report (published by SEBI’s Working Group on the Social Stock Exchange). Currently, he is serving on SEBI’s Advisory Committee for Securities Market Inclusion Index, and on the Insolvency & Bankruptcy Board of India’s Research Guidance Group. He continues to occasionally publish in peer-reviewed journals such as the Economic & Political Weekly (see here, under Special Articles) and the Journal of Cultural Economy (see here). Recently, Indradeep has written about the relation between household level economic activity and macro-aggregate economic activity, and about women’s financial inclusion.

Focus policy initiatives

Financial Systems Design
Household Finance
Social Protection Initiative
Center For Customer Protection
The Future Of Finance Initiative



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April 10, 2024 | Dvara Research

The 2016 Insolvency and Bankruptcy Code (IBC) is a landmark legislation with the potential to impact every borrower. This paper focuses on Part III of the IBC, which deals with natural persons, proprietorships, and personal guarantors for corporate debt. Through the paper, we attempt to estimate the potential consequences of the Fresh Start Process (FSP) defined under this Part. The IBC lays out economic criteria that can qualify (or disqualify) an applicant for FSP. Under FSP, a borrower must be asset-lite, have a low income, and hold minimal outstanding debt to qualify. These thresholds determine the applicability of the process once the IBC is fully notified. Thus, empirical estimates regarding the effects of the provisions on the Indian credit market are crucial to deciphering the impact of the IBC, more specifically, the FSP.

March 21, 2024 | Dvara Research

Business correspondent (BC) agents are crucial last-mile infrastructure that support India’s vision for efficient, population-scale delivery of financial and other government services using Digital Public Infrastructure (DPI). These agents primarily facilitate cash deposits, cash withdrawals (together known as cash-in cash-out or CICO), and optionally facilitate access to insurance, savings products, and various welfare schemes for rural and low-income India.

February 27, 2024 | Hindustan Times

India needs a robust and comprehensive financial customer protection regime, which it currently lacks. Imagine the following scenario. Raja and Rani are a low-income householder couple with two children in elementary school. They also take care of Raja’s ailing mother. The household’s monthly income is ₹20,000.

January 18, 2024 | Dvara Research

This blog is the first in our trust series where we study trust in digital financial services. This blog attempts to lay down the conceptual contours of trust.

December 1, 2023 | IFI Reports

Advancing women’s financial inclusion is a key policy objective for both advanced and emerging economies. Providing access to formal finance is seen as an important lever in helping poor women seize economic opportunities and build a resilient future for themselves and their families.

October 19, 2023 | Dvara Research

This blog is the first in our trust series where we study trust in digital financial services. This blog attempts to lay down the conceptual contours of trust.

September 20, 2023 | LiveMint

The microfinance industry has witnessed moves by the Reserve Bank of India (RBI) to revise the regulatory framework (March 2022) for it and also caution it against an exclusive focus on business growth (November 2022).

By Dr. Indradeep Ghosh, Anand Raman
March 10, 2023 | Dvara Research

T he Insolvency and Bankruptcy Code, 2016 (Code) is the umbrella legislation for insolvency resolution of corporate persons, partnership firms and individuals

March 6, 2023 | Dvara Research

Technological advancement is enabling governments to break away from this fragmented model and adopt an approach that allows individual departments to share infrastructural capacities. In policy parlance, this new approach is referred to as an ‘ecosystem-based’ delivery model, wherein several government departments are integrated at the back end, operate on the same platform, with their workflows interoperable with each other.

By Aishwarya Narayan, Lakshay Narang, Aarushi Gupta, Beni Chugh, Dr. Indradeep Ghosh
February 13, 2023 | Dvara Research

Despite significant policy support for financial inclusion, there is little evidence about what has been achieved by way of knowing which households and individuals are financially included, or what is the impact of such inclusion on these persons.

By Natasha D’cruze, Dr. Indradeep Ghosh, Geetika Palta, Misha Sharma, Susan Thomas