Research

CRISIL MacroPlus is a training programme designed to enhance participants’

CRISIL MacroPlus understanding of macro-economic policies and their implications in a way that helps
them zone in on actionable, essential intelligence for strategic decision making.

Macro-economics This is crucial in today’s hyper-competitive, dynamic and globalised milieu.

for decision-makers The economics training programme that the CRISIL Centre for Economic Research has
been offering for over a decade has now been bolstered and is being re-launched as
CRISIL MacroPlus.

The course now has wider application and is a more elaborate package that includes
discussions on a variety of research areas that CRISIL’s economics team has worked on.

The global flavour to the course is a clear add-on, based on the understanding built
through frequent and regular interactions with global economists, especially from S&P
Global.

Who can benefit?

Senior and Corporate strategy Risk management

middle teams teams at financial
management institutions
Research
Trainers
Dharmakirti Joshi
Chief Economist, CRISIL Ltd
Dipti Deshpande
Senior Economist, CRISIL Ltd
Programme details
Venue: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400 076.
Date: December 27, 2017
Fees: Rs 30,000 plus applicable taxes (non-residential)
The fees include lunch and refreshments for the duration of the training.
Avail of a 10% discount on fees by confirming participation on or before December 18, 2017.
To register, contact Payment instructions
Neeta Muliyil • Please pay by cheque/ demand draft drawn in favour of
Tel: +91 22 3342 8040 CRISIL Limited and send to:
Mob: +91 99201 99973 Gloria D’silva, CRISIL House,
Email: executivetraining@crisil.com/ Central Avenue Road, Hiranandani Business Park, Powai,
neeta.muliyil@crisil.com Mumbai 400 076
• Payment can also be made via NEFT.
Cancellation policy: CRISIL reserves the right to retain 25% of the fees for any cancellations less than one week prior to the training programme, and 50% of the fees
in case of non-attendance. CRISIL reserves the right to accept or reject nominations at its sole discretion.
CRISIL reserves the right to reschedule/ cancel the programme at any point of time based on the circumstances.
Research
Training schedule
Part 1: Foundation of macroeconomics
• Incentives matter: Niger as an example
• Markets work: Roses in February in the US
• Institutions count: A North Korean exemplar
• Innovation and entrepreneurship drive
• Structure of the market economy: Role of
government, financial markets, external trade
Part 2: The policy framework
1. Trend versus cycle
2. The quest for high growth: What’s preferred?
High growth or stable growth, and why?
• Understanding GDP measures
- What is used (internationally and in India),
when and why
- How the structure of the economy influences
policy decisions
- Clearing the fog around India’s new GDP series
- A flashback into history of India’s GDP growth
• The role of reforms in driving country’s growth.
Where did India miss the bus?
• What a difference high growth makes
3. Putting the lid on inflation
• Understanding the different inflation measures
- Usage of each of these measures in industry /
policy (what is used where)
- Which measures does the central bank focus
on and why
• Drivers of inflation – cost push, demand pull
• Discussion on India’s chronic inflation problem
- Relationship between expected and actual
inflation
• Benefit of low and stable inflation
4. Policy in action: Stabilisation policies
• Interest rates and monetary policy as a
stabilisation tool
- Key interest rates in the economy
- Monetary policy (instruments, transmission
mechanism and objectives).How has it
evolved in the recent years?
- Monetary policy transmission to interest
rates
• Government deficits & fiscal policy
- Understanding government deficit measures
(revenue and fiscal deficits)
o Fiscal multipliers and their role in driving
the economy
- How much government debt is too much
debt? How can shocks impact?
• Fiscal policy (instruments, transmission
mechanism and objectives)
• Role of fiscal and monetary coordination
globally after the financial crisis
Part 3: External trade environment and policy
• External trade
- India’s export and import baskets, shares
- India’s worsening trade performance –
structural and cyclical factors
- India-China trade deficit, who’s taking up the
space that China is vacating?
- Capital flows – what’s preferred and what’s
not. FDI Vs FII in India? What’s financing the
CAD, etc.
- Measuring competitiveness through
exchange rates
• CRISIL’s view on ‘Make in India and exports’
Part 4: What’s in store for the economy?
• Global risks, challenges
• Short-term and medium-term outlook
- On India’s growth
- On inflation
- On 10 year G-Sec and policy rates
- On trade and exchange rate
 About CRISIL Limited
CRISIL is an agile and innovative, global analytics company driven by its mission of making markets function better. We are India’s foremost provider of ratings, data, research, analytics and
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About CRISIL Research

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conduct training programmes to financial sector professionals on a wide array of technical issues. We are India’s most credible provider of economy and industry research. Our industry research
covers 86 sectors and is known for its rich insights and perspectives. Our analysis is supported by inputs from our large network sources, including industry experts, industry associations and
trade channels. We play a key role in India’s fixed income markets. We are the largest provider of valuation of fixed income securities to the mutual fund, insurance and banking industries in
the country. We are also the sole provider of debt and hybrid indices to India’s mutual fund and life insurance industries. We pioneered independent equity research in India, and are today the
country’s largest independent equity research house. Our defining trait is the ability to convert information and data into expert judgments and forecasts with complete objectivity. We leverage
our deep understanding of the macro-economy and our extensive sector coverage to provide unique insights on micro-macro and cross-sectoral linkages. Our talent pool comprises economists,
sector experts, company analysts and information management specialists.

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Last updated: April 2016

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