An autonomous research institute under the Ministry of Finance


Ajay Shah


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Ajay Shah studied at IIT, Bombay and USC, Los Angeles. He has held positions at the Centre for Monitoring Indian Economy (Mumbai), Indira Gandhi Institute for Development Research (Bombay) and the Ministry of Finance, and now works at NIPFP. His research interests include policy issues on Indian economic growth, open economy macroeconomics, public finance, financial economics and pensions. In the past decade, he was extensively involved in the policy process in the reforms of the equity market and the New Pension System.

Research areas

Policy issues on Indian economic growth, Open economy macroeconomics, Public finance, Financial economics and pensions.

Recent publications

Membership in committees and commissions

  • Board of Directors, Gujarat State Fertilisers and Chemicals Ltd., 2006
  • Board of Directors, Ascent Capital Advisors India Pvt. Ltd., 2008
  • Board of Directors, Centre for Monitoring Indian Economy Pvt. Ltd., 1993
  • Board of Directors, National Bulk Handling Corporation Limited, 2014
  • Board of Directors, Gujarat Industries Power Company Limited, 2015.
  • Member, Task Force on Financial Redress Agency, June 2015
  • Member, Task Force on Resolution Corporation, September 2014
  • Member, Task Force on Public Debt Management Agency, September 2014
  • Member, Task Force on Financial Sector Appellate Tribunal, September 2014
  • Member, Task Force on Financial Data Management Centre, September 2014
  • Member, Pension Advisory Committee, September 2014
  • Member, Working Group on Common Clearing for Commodity Exchanges, June 2014
  • Member, Expert Group for deriving seasonally adjusted series for short term economic data, October 2012.
  • Member, Advisory Group of Financial Inclusion, Dept of Financial Services, MoF, GoI.
  • Chairman, Department of Posts Expert Committee on Role of Post Offices in Financial Inclusion, December 2009.
  • Member, Ministry of Finance Working Group on Foreign Investment, November 2009.
  • Member, Internal Working Group of Ministry of Finance on Internal Debt Management, 2008.
  • Member, Task Force on Implementation of Goods and Service Tax, 13th Finance Commission, 2008. ‘Virtual member’ of Raghuram Rajan committee on financial sector reforms, 2008. Board of directors, Ascent Capital Advisors, 2008.
  • Member, Expert Advisory Group for Gujarat International Finance Tec-City Company (GIFT), 2008.

Curriculum vitae

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