Prof. Sunny Kumar Singh's journey through economics and academia

The Economics Association had the pleasure of sitting down with Professor Sunny Kumar Singh, of the Department of Economics and Finance at BITS Pilani, Hyderabad Campus. With a deep passion for teaching and research, Professor Sunny brings a unique perspective to economics, blending theoretical knowledge with real-world relevance. In this conversation, he talks about his academic journey, research, insights into macroeconomic and finance courses, and advice for students nagivating this field.

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Q: You’ve studied economics all the way from undergrad to PhD. Was there a moment that made you choose this path?

To be honest, I didn’t start out wanting to study economics. Like most students in Bihar, I was preparing for engineering after Class 12—PCM, coaching, the usual. But I couldn’t crack the top exams, and private colleges were too expensive for my family. So I took a break and started looking for other options.

That’s when one of my relatives, who was doing his MA in economics from JNU, suggested I give economics a try. I joined BA Economics, and slowly things started clicking. I began reading newspapers, policy magazines, and got interested in how economics connects to real life. That curiosity pushed me to do my master’s from Gokhale Institute in Pune.

Later, I worked at IIM Ahmedabad as an academic associate for two years. That experience made me sure I wanted to do a PhD. I tried for the US, got some offers but couldn’t manage funding. Eventually, I joined IIM Lucknow—and that’s where things really took shape.

Q: What was your experience like at IIM Lucknow as a PhD scholar?

It was tough, especially in the beginning. The first two years are full coursework, and in the first year, you study with MBA students. You’re expected to perform better than them, and if your CGPA falls below 5.5, you’re out of the program. So there’s pressure from day one.

The subjects were mostly management-related—finance, HR, marketing, strategy. I came in thinking only about economics, but this exposure changed my perspective. I struggled at first, but slowly got used to it and did well.

After the coursework, you write a qualifier exam. Once that’s cleared, you can focus fully on your research. IIM Lucknow also has great teachers—very strong in classroom teaching—and the fellowship they offered was quite good compared to other institutes which helped a lot. Overall, it was a challenging but rewarding experience.

Q: Your thesis was on “Currency in Circulation.” What made you choose that topic?

Actually, I didn’t plan to work on monetary policy. I was more interested in agriculture and development. But when I joined IIM Lucknow, I looked at the faculty profiles and found my supervisor, Prof. Kaushik Bhattacharya had worked at RBI for over a decade and had done research on currency modeling.

We discussed his work, and I built my thesis around it. The first part was about modeling and forecasting currency in circulation. The second part looked at how cash usage relates to corruption—because countries with more cash transactions often face more corruption. We did some data work and found interesting results. The last part connected currency demand with financial innovation and technology.

So yes, my topic was shaped a lot by my supervisor’s experience. In a PhD, having a supportive guide makes a big difference.

Q: Your research covers macro-monetary policy, banking, finance and development, and capital flows. Could you explain these areas in simple terms?

Yes. These areas are closely connected:

• Macro-monetary policy: How central banks use interest rates and other tools to control inflation and growth. I study how these policies transmit into the economy.

• Banking: How banks manage risk, profitability, and how monetary policy affects lending.

• Finance & development: How financial systems improve growth, reduce poverty, and impact inequality.

• Capital flows: Why money moves in and out of countries, and how global and domestic factors affect it.

Though they sound different, my work tries to connect all these themes.

Q: What made you choose teaching as a career?

When you do a PhD, teaching is usually part of the plan. Some people go into full-time research, but I find that a bit dry. Teaching brings balance. It helps you understand concepts better, and when students understand what you’re teaching, it feels good.

At IIM Ahmedabad and Lucknow, I saw some amazing teachers. Their way of explaining things really inspired me. That’s when I decided I wanted to teach.

Also, teaching keeps you sharp. You can’t teach something unless you understand it deeply and when students ask questions, it pushes you to think harder. That’s what I enjoy.

Q: You’ve been teaching the Finance component of FoFA, which is a compulsory course for Finance minors. What are your thoughts on the program, and any advice for students considering it?

The Finance minor is a very successful program. For many students, it becomes a career path, and that’s good for BITS too—it helps with placements. But my advice is simple: if you’re taking a minor, take it seriously.

FoFA is the first course in finance, and I’ve seen that 20–30% of students take it just for the sake of it, which is not helpful. Think properly before choosing the minor. If you do take it, learn the concepts well and try to apply them in real-life situations. That’s how you’ll actually benefit.

Q: You also teach Macroeconomics and MBFM, which are core courses for Economics students. Any tips for students currently enrolled or planning to take these courses?

For the last 2–3 years, I’ve been teaching three courses: Fundamentals of Finance and Accounting, Macroeconomics, and Money, Banking and Financial Markets. These aren’t very math-heavy compared to other BITS courses, but they’re still tough to teach—because you have to explain theory and then connect it to real-world examples.

If you’re planning to take macro or MBFM, my advice is: whatever you learn in class, think about how it applies in policy or real-life situations. Build the habit of reading newspapers—especially business papers and magazines like Mint, Business Standard, The Economist etc. Even research papers can help, as long as they’re not too technical.

Again, I’ll advise you to attend classes regularly. It helps, especially for average or below-average students. I’ve seen the difference.

Q: How do you balance theory with real-time applications in these courses?

The core economics courses that I take have both lectures and tutorials. Usually, after I explain a concept in class, I share a related paper with the students. They present it during the tutorial.

This is how I try to connect theory with real-life applications—whether it’s policy analysis or empirical work. I follow this approach in macroeconomics and MBFM as well. It gives students a push to explore more on their own.

Q: Could you tell us about the research projects you’ve worked on, and any current ones?

Most of my research is with my PhD students. Right now, I have 3-4 active PhD students working in the area of financial stability, inflation forecasting, digital finance etc., and a lot of my time goes into guiding them.

Apart from that, my ongoing project is on climate-responsive monetary policy, funded by the International Growth Centre (IGC). We are building an inflation model that incorporates climate shocks and designing a forecasting framework around it.

For BITS students—especially those in CS or B3—I’d suggest exploring how AI and ML can be used in macroeconomic modelling and forecasting. I don’t work in finance directly. My focus is more on macroeconomics, central banking, financial stability, capital flows, and related areas.

Q: Any advice for students who want to take up a project under your guidance or with other faculty?

If students want to work with me, they should ideally have taken one of my courses—Macroeconomics or Money, Banking, and Financial Markets—and performed well, so I can gauge their interest and capability. Since my work is mostly empirical, they should also be comfortable with data-related tasks such as exploration, cleaning, and basic modelling. A working knowledge of R, Stata, or Python, along with basic econometrics, is very helpful. Most importantly, they should be committed and consistent, as research requires patience and regular effort.

Q: You’ve been at BITS for almost nine years. What was your first impression, and how has your experience evolved?

When I finished my PhD, I wasn’t planning to join an engineering college like BITS or IIT. The usual path is to go to a management institute. I did work at one initially, but then I got an offer from BITS and had to move to Hyderabad.

At first, I wasn’t happy. There was a cultural shock—no attendance policy, different student behavior. The first course I taught wasn’t even economics—it was Principles of Management. And for the first month, only 5–10% of students attended, which was demotivating.

But around that time, six or seven of us joined together, supported each other, and slowly built the department. Over the years, things improved significantly. I now really enjoy teaching BITS students—their curiosity and IQ levels make discussions meaningful.

In these eight to nine years, I’ve been part of the department’s growth. I was DCA convener for 4–5 years, and we did a lot during that time. 

Q: Do you have any favorite spots on campus?

Yes, quite a few. I like the area around SAC, though I’m not a regular. I enjoy sports and physical activity—sometimes I play badminton, and recently I started playing pickleball. I also go to the gym occasionally. I like watching others play too.

Apart from that, I enjoy visiting the academic buildings, the cafeteria, and of course, the department and my office.

Q: What changes have stood out over the years, and how do you see the department evolving in the next 5–10 years?

When I joined, the B3 batch had only 40 students. In 2–3 years, it grew to 80–90. Back then, we had just one minor—Finance. But in the last 3–4 years, we’ve added minors in Computational Economics and Management. That’s a big step forward.

On the research side, things weren’t very strong when we joined. So we started focusing more on research, and now the number of PhD students has increased. Going forward, we’re planning to introduce more minor programs. Most importantly, we’re trying to launch a separate Master’s program in Economics. 

Q: How does BITS support faculty in research? What kind of environment does it offer?

BITS is quite supportive when it comes to research. One of the biggest advantages is the balance we get between teaching and research. Our teaching load isn’t too heavy, which means we can spend more time on our research work.

We also get full-time PhD students—usually one or two—who are financially supported by BITS. That helps a lot in pushing projects forward. Faculty here have a lot of independence in choosing their research direction, collaborating, and applying for grants. Funding is available too, so if someone wants to start something new, BITS is there to back it.

Q: What does a typical day look like for you outside the classroom? Do you have any favorite places in Hyderabad?

My day usually starts around 9:30 or 10 in the morning. If I have a class, I head straight there—but teaching isn’t just about showing up. I spend a good amount of time updating slides, revising notes, and making sure the content reflects what’s happening in the real world. My courses need that kind of freshness.

Outside of lectures, I meet my PhD students, check in on their progress, and help them shape their research. If I’m working on a project, I try to carve out time for that too. And of course, there are small breaks—tea or coffee with colleagues, sometimes just to step away and chat.

After office hours, I’m mostly with my family. I have a three-year-old daughter, and she takes up most of my attention once I’m home. I’m also a bit of a foodie—I enjoy eating out, though I don’t like going too far. My go-to spot nearby is Alankrita. I end up there one or two times a month.

As for Hyderabad itself—I genuinely love the climate here. That was one of the reasons I chose BITS and didn’t look elsewhere. The people are warm, the weather is pleasant, and living on campus makes everything easier. It’s a comfortable place to be, both professionally and personally.

Q: With AI, data analytics, and fintech changing economics rapidly, how do you stay updated? Do you bring these into your teaching or research?

Yes, definitely. AI and ML have become part of everyday life now. I use these tools in both teaching and research—but I believe they should be used smartly and responsibly. Just using them for the sake of it doesn’t help.

Some of my projects are directly related to AI-ML applications. To stay updated, I read reports, blogs, journals, and research papers regularly. In my field, these technologies are very relevant, so I make sure I’m keeping up.

Q: The tightening of H-1B visa rules often worries India’s tech and service sectors. From an economist’s lens, how serious is the impact?

If stricter H-1B rules are implemented, there will be short-term effects for sure. A large part of India’s remittances come from the US, and if fewer people go or more come back, that flow gets affected. Remittances are a key part of our foreign exchange reserves, so any drop puts pressure on imports and other areas.

Employment could also take a hit in the short run. But in the long run, I don’t think it’ll hurt India too much. Companies want to maximize profits—if one route is blocked, they’ll find another. There are always workarounds. So yes, short-term pain, but not a long-term crisis.

Q: With conflicts like Russia–Ukraine and Israel–Hamas, we’ve seen global disruptions. How do these wars affect economic stability, and what should India learn?

Geopolitical tensions definitely impact macroeconomic goals—especially prices. Wars affect oil and energy prices, and that leads to inflation. It also shakes financial stability, because banks and financial institutions face pressure on profitability.

Eventually, it affects output and growth. So yes, these events have real consequences. For India, the lesson is to build resilience—diversify energy sources, strengthen financial systems, and stay prepared for global shocks.

Q: With the RBI introducing the digital rupee and fintech growing fast, how do you see India’s financial system evolving? Can digital currency really improve financial inclusion?

Digitization is definitely the way forward—but like everything, it comes with its own challenges. It’s mostly a boon, especially for a country like India. If more people start using digital payments and platforms, it can help reduce corruption and improve transparency. That’s something I’ve seen in my own research too—digital systems strengthen institutions.

It also helps bring more people into the formal banking system. Once someone has a bank account, they can access credit, save money, and explore opportunities—whether it’s starting a business or planning their career. So yes, it expands financial inclusion.

But we also need to be careful. Digital fraud is a real issue. Banks are investing in better tech to handle this, but it’s an ongoing challenge. These are operational hurdles, and I believe they’ll be sorted out over time. Overall, digitization is a strong step toward economic growth.

Q: Lastly, any advice for the students, especially for freshers of the 2025 batch—on navigating college and making career choices?

Just a few things I’ve learned over the years. First, try to stand out—not by doing something flashy, but by building a skill that’s truly yours. If you know what you want to do, focus on that skill and get really good at it.

Second, don’t worry if you’re unsure in the beginning. Everyone goes through that phase. But within a year or two, try to find some direction. Once you have that clarity, everything else—courses, projects, internships—starts falling into place.

Third, don’t follow the crowd blindly. I’ve seen this happen a lot in finance minors—many students sign up without knowing what finance really is. That’s not helpful. Choose something because it fits you, not because others are doing it.

And lastly—attend classes. I know there’s no attendance policy, but from my experience, students who show up regularly—especially those who are average or struggling—do improve. Not attending doesn’t mean you’re building a startup. Most of the time, it just means you’re distracted. So be honest with yourself, and stay focused.

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This interview was taken by Vidyesh Panyam and P. Varun and edited By Raj Mittal and Suhas Nittala of the Economics Association.