Sajal Ghosh

Professor


+91-124-4560303
[email protected]

Profile

Sajal Ghosh is Professor of Economics & Public Policy at the Management Development Institute (MDI), Gurgaon. He holds a Ph.D. and an M.Tech. from Jadavpur University and an M.Phil. in Development Studies from IGIDR.

Prof. Ghosh specializes in energy economics, clean energy transitions, green finance, and applied time-series econometrics, with particular focus on energy–growth–environment dynamics in developing economies and the interface between energy markets and financial systems. His research integrates policy relevance with advanced econometric modelling, including nonlinear and regime-switching frameworks.

He has published extensively in leading international journals such as Energy Economics, Empirical Economics, Energy Policy, Energy, Journal of Forecasting, Journal of Futures Markets, and Renewable & Sustainable Energy Reviews, among others. His research has received over 7,500 citations on Google Scholar, and he has been ranked consistently among the Top 2% most-cited scientists globally in the Stanford–Elsevier database. He also occasionally contributes opinion and policy commentary to major Indian newspapers such as The Economic Times, Financial Express, Mint, and The Indian Express, addressing issues related to energy transitions, renewable energy, fossil fuel pricing reforms, and energy security.

Prof. Ghosh regularly reviews for high-impact journals in energy economics, sustainability, and finance. He served as Editor of Vision: The Journal of Business Perspective (SAGE) during 2012–2015 and 2020–2024, where he strengthened editorial governance and publication ethics, advanced the internationalization of the journal, and guided it to secure its first Impact Factor (2.8).

Before entering academia full-time, he worked in the corporate sector for six years, including as Deputy Director (Energy) at the Confederation of Indian Industry (CII), engaging with government ministries and international organizations on energy pricing reforms, regulatory frameworks, and policy coordination.

He previously served as a member of the International Association for Energy Economics and on the World Energy Council’s International Study Group on Energy Market Reforms.

Microeconomics, Applied Time Series, International Oil & Gas Markets and Geopolitics, Energy Policies for Sustainable Development, Advance Policy Modelling

Peer-reviewed Publications

2025
  • Ghosh, S., & Kanjilal, K. (2025). A replication study on “Revisiting the linkages between oil prices and macroeconomy for the euro area: Does energy inflation still matter?” Energy Economics. https://doi.org/10.1016/j.eneco.2025.108455
  • Kanjilal, K., Paul, M., & Ghosh, S. (2025). Hedging dynamics between oil and clean energy stock indices amid the Russia–Ukraine war and geopolitical turmoil. Finance Research Letters. https://doi.org/10.1016/j.frl.2025.107753
  • Kautkar, H., Das, S., Gupta, H., Ghosh, S., & Kanjilal, K. (2025). Leveraging an integrated first and second moments modeling approach for optimal trading strategies: Evidence from the Indian pharma sector. Journal of Forecasting. https://doi.org/10.1002/for.70046
2024
  • Dutta, A., Park, D., Uddin, G. S., Kanjilal, K., & Ghosh, S. (2024). Do dirty and clean energy investments react to infectious disease-induced uncertainty? Technological Forecasting & Social Change. https://doi.org/10.1016/j.techfore.2024.123515
  • Yadav, P., Kanjilal, K., Dutta, A., & Ghosh, S. (2024). Fuel demand, carbon tax and electric vehicle adoption in India’s road transport. Transportation Research Part D: Transport and Environment. https://doi.org/10.1016/j.trd.2023.104010
2023
  • Mishra, B., Ghosh, S., & Kanjilal, K. (2023). Policies to reduce India's crude oil import dependence amidst clean energy transition. Energy Policy. https://doi.org/10.1016/j.enpol.2023.113804
  • Dhasmana, S., Ghosh, S., & Kanjilal, K. (2023). Does investor sentiment influence ESG stock performance? Evidence from India. Journal of Behavioral and Experimental Finance. https://doi.org/10.1016/j.jbef.2023.100789
  • Dutta, A., Kanjilal, K., Ghosh, S., Park, D., & Uddin, G. S. (2023). Impact of crude oil volatility jumps on sustainable investments: Evidence from India. Journal of Futures Markets. https://doi.org/10.1002/fut.22442
2021
  • Singh, V. K., & Ghosh, S. (2021). Financial inclusion and economic growth in India amid demonetization. Economic Analysis and Policy. https://doi.org/10.1016/j.eap.2021.07.005
  • Bouri, E., Kanjilal, K., Ghosh, S., Roubaud, D., & Saeed, T. (2021). Rare earth and allied sectors in stock markets: Extreme dependence of return and volatility. Applied Economics. https://doi.org/10.1080/00036846.2021.1927971
  • Song, Y., Bouri, E., Ghosh, S., & Kanjilal, K. (2021). Rare earth and financial markets: Dynamics of return and volatility connectedness around COVID-19. Resources Policy. https://doi.org/10.1016/j.resourpol.2021.102379
  • Yahya, M., Kanjilal, K., Dutta, A., Uddin, G. S., & Ghosh, S. (2021). Can clean energy stock price rule oil price? New evidence from a regime-switching model. Energy Economics. https://doi.org/10.1016/j.eneco.2021.105116
  • Abosedra, S., Fakih, A., Ghosh, S., & Kanjilal, K. (2021). Financial development and business cycle volatility nexus in the UAE. International Journal of Finance & Economics. https://doi.org/10.1002/ijfe.2560
2020
2018
2017
  • Kanjilal, K., & Ghosh, S. (2017). Dynamics of crude oil and gold price post 2008 global financial crisis. Resources Policy, 52, 358–365.
  • Hairat, M. K., & Ghosh, S. (2017). 100 GW solar power in India by 2022 – A critical review. Renewable and Sustainable Energy Reviews, 73, 1041–1050.
2016
  • Singhal, S., & Ghosh, S. (2016). Returns and volatility linkages between international crude oil price and stock indices in India. Resources Policy, 50, 276–288.
  • Sharma, S. K., & Ghosh, S. (2016). Short-term wind speed forecasting. International Journal of Green Energy, 13(14), 1490–1500.
  • Bondia, R., Ghosh, S., & Kanjilal, K. (2016). International crude oil prices and clean energy stock prices. Energy, 101, 558–565.
  • Jain, A., Biswal, P. C., & Ghosh, S. (2016). Volatility–volume causality across stock markets in India. Applied Economics.
  • Ghosh, S., & Kanjilal, K. (2016). Co-movement of international crude oil price and Indian stock market. Energy Economics, 53, 111–117.
  • Kapoor, N., & Ghosh, S. (2016). Carbon credit price association between Europe and India. Renewable and Sustainable Energy Reviews, 38, 656–662.
2014
  • Kanjilal, K., & Ghosh, S. (2014). Income and price elasticity of gold import demand in India. Resources Policy, 41, 135–142.
  • Ghosh, S., & Kanjilal, K. (2014). Urbanization, energy consumption and economic activity in India. Energy, 66, 324–331.
  • Ghosh, S., & Kanjilal, K. (2014). Oil price shocks on Indian economy. Macroeconomics and Finance in Emerging Market Economies, 7(1), 122–139.
  • Ghosh, S., & Kanjilal, K. (2014). Day-ahead electricity price forecasting in Indian energy exchange. International Journal of Indian Culture and Business Management, 8(3), 413–423.
2013 and Earlier
  • Ghosh, S., & Kanjilal, K. (2013). Environmental Kuznets curve for India: Evidence from tests for cointegration with unknown structural breaks. Energy Policy, 56, 509–515.
  • Jain, A., & Ghosh, S. (2013). Oil prices, exchange rate and precious metals in India. Resources Policy, 38(1), 88–93.
  • Rao, C. R., & Ghosh, S. (2012). Monthly peak electricity demand forecasting – A critique. Energy Policy, 45, 516–520.
  • Prasad, R., & Ghosh, S. (2012). Telephone penetration and economic growth. Netnomics, 13, 23–37.
  • Ghosh, S. (2011). Oil price–exchange rate nexus for India. Applied Energy, 88, 1886–1889.
  • Ghosh, S. (2010). Carbon emissions and economic growth nexus in India. Energy Policy, 38, 3008–3014.
  • Ghosh, S. (2009). Import demand of crude oil and economic growth: Evidence from India. Energy Policy, 37, 699–702.
  • Ghosh, S. (2006). Future demand of petroleum products in India. Energy Policy, 34, 2032–2037.
  • Ghosh, S. (2002). Electricity consumption and economic growth in India. Energy Policy, 30(2), 125–129.
  • Ghosh, S. (2001). Indian electricity sector: A cointegration analysis. Pacific and Asian Journal of Energy, 11(1), 5–9.

Newspaper Articles

  • Clean coal technology, despite Clinton (Aug 18, 2009), Economic Times
  • Freeing up prices of all petrofuels will encourage competition (Nov 5, 2011), Economic Times
  • The possibility of a sane fuel policy (Dec 22, 2011), MINT
  • Solutions to the fuel crisis (12 June, 2012), Economic Times
  • Coming down to earth: Why solar power isn’t a big deal (Nov 9, 2013), Economic Times
  • India’s sham fuel pricing regime boosts subsidies (Oct 8, 2013), Economic Times
  • The conundrum of coal allocations (Dec 16, 2014), MINT
  • India’s trouble with gold demand (Dec 08, 2014), MINT
  • Solar power: truth versus hype (Jan 19, 2016), MINT
  • India’s solar mission can cause new debt problems (May 09, 2017), MINT
  • India in the spotlight: A complex clean energy revolution (Feb 6, 2019), Economic Times EnergyWorld
  • Decoding Clean Energy Transitions: Some Bitter Truths (Oct 14, 2023), Financial Express
  • Renewable energy's dirty secrets: Hidden cost of going green (14 Feb 2025), Indian Express