Ecowrap, SBI’s flagship research note, is led by Soumya Kanti Ghosh, who also serves on the Finance Commission and the Prime Minister’s Economic Advisory Council. Responding to the allegations, the SBI research team dismissed them as “sensational.” Team member Tapas Parida defended the group’s methodology as independent of the RBI’s and said their data tables cited sources such as “RBI, NSO, and SBI Research.”
In two LinkedIn posts, Parida said similarities across research reports are natural in economics because the field often explores common datasets and questions. Addressing the charge that the July 2025 Ecowrap copied the RBI’s April 2025 report on spatial price convergence, he acknowledged the depth of the central bank’s study but said SBI’s analysis focused on one-year data to capture the latest inflation trends influenced by recent economic disruptions.
Parida said the Ecowrap’s reference to β-convergence was drawn from established economic literature. He added that SBI’s research was transparent, with its equations and analytical framework published and distinct from those used by the RBI.
On claims that the October 2025 Ecowrap mirrored the RBI’s October 2025 MPR, Parida said both reports relied on publicly available data from the Ministry of Statistics and Programme Implementation (MOSPI). He said SBI updated the analysis using the latest MOSPI data and acknowledged the RBI as a source, sharing documentation to support his statement.
