Bhavesh Patel writes on economics as public argument. His columns translate technical questions — inflation, labour markets, fiscal policy — into the terms that matter for readers who have to live with the decisions.
Recent work
CAFE-3 Arrives: India's Auto Market Faces Its Most Demanding Emissions Test Yet
The government's draft Corporate Average Fuel Efficiency Phase 3 norms, released on July 16, set the auto industry a steep decarbonisation trajectory starting April 2027. Carmakers from Maruti to Mercedes must pivot their fleet mix toward EVs, hybrids, CNG, and flex-fuel vehicles at a pace that will push up vehicle prices and force product discontinuations. The norms are the sharpest regulatory signal yet that India's climate commitments are arriving on the factory floor.
India's E-Bus Market Develops a Pricing Problem That Policy Hasn't Solved
India's legacy commercial vehicle makers — Tata Motors, Ashok Leyland, and JSW Greentech — are increasingly routing electric bus orders through their own group companies as aggressive new entrants dominate government tenders. Over the past twelve months, the central government tendered roughly 17,000 electric buses, with newer players Eka and PMI capturing more than two-thirds of that procurement. The episode surfaces a structural flaw in India's e-bus tender design: lowest-bid selection rewards aggressive pricing that established manufacturers say is economically inviable, while the incumbents quietly cushion themselves with captive group orders.
RBI's ₹75,000 Crore Repo Signal: Reading the Plumbing of Monetary Policy
The Reserve Bank of India announced a ₹75,000 crore, 3-day Variable Rate Repo auction scheduled for July 6, 2026, maturing July 9, under its Liquidity Adjustment Facility. The move signals active management of a transient banking system liquidity deficit — likely driven by advance tax and GST outflow cycles typical of early July. This piece explains what the instrument does, why the timing matters, and what it reveals about the RBI's broader monetary posture.
RBI's Liquidity Corridor Holds Steady as Quarter-End Pressures Arrive
The Reserve Bank of India's daily money market operations release for June 29, 2026 shows overnight rates anchored at 5.27%, well within the SDF-MSF corridor, with net system liquidity in modest surplus. The data confirms effective monetary transmission as the banking system closes out the first quarter of FY27. The RBI's disciplined use of variable-rate repo and SDF absorption tools signals institutional credibility in managing post-pandemic surplus liquidity without disruptive rate spikes.
Supreme Court's Casino Tax Ruling Reshapes India's Gaming Revenue Framework
The Supreme Court has settled a years-long dispute over casino taxation by rejecting operators' arguments for taxing only retained revenue. The ruling endorses comprehensive GST application and validates retrospective tax collection, significantly impacting major casino companies and strengthening government revenue collection in gaming zones.
India's Aviation Sector Pivots East as West Asian Disruptions Force Strategic Realignment
The ongoing West Asian conflict has severely disrupted Indian aviation's international operations, with airports in Kerala experiencing 40-50% traffic drops due to Gulf route dependence. This crisis is forcing Indian carriers to explore direct connectivity with East Asian markets, potentially reshaping the country's aviation strategy away from its traditional reliance on West Asian transit hubs.
India's Financial Regulators Coordinate Against Rising Geopolitical Risks
Reserve Bank of India Governor Sanjay Malhotra chaired the 33rd FSDC Sub-Committee meeting, where regulators discussed macroeconomic developments and emerging financial stability risks. The committee emphasized inter-regulatory coordination amid heightened geopolitical tensions while advancing KYC simplification initiatives.
Europe's Integration Push Exposes India's Capital Market Fragmentation
European Central Bank board member Frank Elderson's speech calling for deeper European integration to combat economic fragmentation offers sharp lessons for India's own capital market challenges. His diagnosis—that national priorities and fragmented objectives undermine growth potential—mirrors concerns about India's state-wise regulatory variations and banking sector inefficiencies.
State Governments Raise ₹14,500 Crore as India's Debt Markets Mature
Eleven state governments are raising ₹14,500 crore through RBI's latest securities auction, with high coupon rates reflecting current interest environment. The auction includes non-competitive bidding for individual investors, signaling efforts to deepen domestic bond markets and reduce institutional dependency.