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.

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Timestamps

(00:00:00) - Intro

(00:01:18) - Taking Stock of the Indian Economy

(00:11:26) - Factors Dragging on Aggregate Demand