Mumbai: The Indian economy might be going through a rough patch but that doesn’t seem to have dented job prospects for economists.
Economics consultancy Roubini Global Economics Llc (RGE), headed by renowned economist Nouriel Roubini, plans to double head count in India operations next year, months after setting up its office in New Delhi.
RGE is a global economics and market research firm that sells its research notes to financial institutions and corporations across the globe.
A file photo of Nouriel Roubini, co-founder and chairman of Roubini Global Economics (Bloomberg)
Roubini is best known for predicting the bust in the US housing bubble and its consequent impact four years before the 2008 global financial crisis. Often referred to as “Dr Doom” because of his dire predictions, Roubini teaches economics at the Stern School of Business, New York University.
The New York office of RGE announced that it had set up its India operations through a release overseas last week. RGE also has an office in London.
“There is a growing interest in the Indian economy and that is a key reason for setting up the India office,” said New Delhi-based Kunal Kumar Kundu, head of India operations at RGE. “Recognition for the Indian talent pool is also growing globally.”
Kundu, former head of the economics research unit of IT firm Infosys Ltd, is so far the only economist in his team working on India-specific research.
The rest of his team researches economies across the globe.
RGE, which has hired 10 economists in India so far this year, plans to increase its strength to 20 by next year.
Its global team of consultants publish research on macroeconomic issues as well as market strategies, but the Indian team’s focus so far has been on economic research. “We are planning to hire market strategists as well,” Kundu said.
RGE’s hires so far have been primarily from the Delhi School of Economics and Jawaharlal Nehru University, two of India’s better known economics schools, besides Calcutta University, Kundu’s alma mater.
“Most of our clients are global fund managers and corporates,” said Kundu. “A few Indian corporations and financial institutions have also signed up for our research.”
Roubini and political scientist Ian Bremmer argued in a March Foreign Affairs article that the global economy is likely to face greater conflict over issues of trade, financial regulation and international macroeconomic coordination as the US loses its global leverage to drive a coherent and international agenda.
“This new order has far-reaching implications for the global economy, as companies around the world sit on enormous stockpiles of cash, waiting for the current era of political and economic uncertainty to pass. Many of them can expect an extended wait,” the duo wrote.
Roubini is among a growing band of economists who have warned of a break-up of the euro zone unless its constituent economies move toward greater political and fiscal integration.