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Dr. Ajay Shah


Dr. Ajay has been a professor at the National Institute of Public Finance and Policy (NIPFP), Delhi for over 13 years. He has also been an associate professor at Indira Gandhi Institute of Development Research in Mumbai for over five years.

He is well-known for his pioneering work in capital markets and the financial services sector in India and his prolific writings on these subjects. He was a consultant for the Ministry of Finance, specializing in academic and policy-oriented research on India, at the intersection of economics, law and public administration.

He has completed his B.Tech in Aerospace, Aeronautical and Astronautical Engineering from IIT Bombay, followed by a Ph.D. in Economics from the University of Southern California. He has published several research papers, articles and books. His second book, co-authored with Vijay Kelkar, "In Service of the Republic: The Art and Science of Economic Policy", was published in 2019 by Penguin Allen Lane.

His areas of focus are macroeconomics, finance, health, and technology policy. He also writes for a widely read and appreciated blog on Law, Economics and Policy. His work can be accessed at