Sajjid Chinoy on Whether India Faces another 1991 Moment

Today my guest is Sajjid Chinoy, managing director and chief India economist at J.P. Morgan. He is also currently serving as a part-time member of the Economic Advisory Council to the Prime Minister of India. Sajjid previously served on the Advisory Council to India's 15th Finance Commission and has served on a number of expert committees of the Reserve Bank of India. We talked about India's current balance of payments and capital account challenges, the constraints holding back private investment, why employment and exports have become first-order policy priorities, rupee depreciation, shrinking FDI, and much more. Recorded May 21st, 2026. Read a full transcript enhanced with helpful links. Connect with Ideas of India Follow us on X Follow Shruti on X Click here for the latest Ideas of India episodes sent straight to your inbox. Timestamps (00:00:00) - Intro (00:01:18) - Taking Stock of the Indian Economy (00:11:26) - Factors Dragging on Aggregate Demand (00:15:46) - Changing Policy Priorities for Indian Economic Growth (00:22:13) - Rethinking Fiscal Architecture in a Shock-Prone World (00:33:44) - Let the Rupee Depreciate (00:42:46) - Coping with Shrinking Capital Flows (00:50:00) - Improving India's Pull Factors (00:54:12) - Export-Led Growth and Improved Resilience (01:00:53) - Navigating Choke Points While Avoiding Autarky (01:07:33) - India's Trilemma (01:14:55) - Positive Signs of Resilience in the Indian Economy (01:18:41) - Outro