Axis Bank’s Neelkanth Mishra appointed part-time chairperson of UIDAI

Neelkanth Mishra is UIDAI’s part-time chairperson.

The Unique Identification Authority of India (UIDAI), the nodal body in charge of issuing Aadhaar numbers, has appointed Neelkanth Mishra as its part-time chairperson. Mishra is the Chief Economist and Head of Global Research at Axis Bank Ltd.

Prior to Axis Bank, Mishra worked for two decades at Zurich-based Credit Suisse, where his roles included Co-head of APAC Strategy, India Equity Strategy Head, and Head of Research, India. He specialises in metals and mining, Indian pharmaceuticals, Taiwan IC design, semiconductor foundries, and Asian tech strategy research.

The UIDAI board consists of a chairperson, two part-time members, and the CEO, who also serves as the member-secretary.

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Aadhar, the brainchild of Infosys co-founder Nandan Nilekani, revolutionised the issuance of unique identification for Indians, and quickly became the backbone of several government and private sector initiatives, including targeted schemes for needy citizens.

However, issues relating to safety and data security have marred the system. Mishra’s expertise, which spans across technology and economic policy, would help the agency fortify its processes.

Known for his unique perspectives on economic policy and market strategy, Mishra has been an advisor to many government committees, and also been a member of the economic advisory council to the 15th finance commission. His views on government policies are well known through his regular articles in newspapers and online publications.

Mishra was one of the first analysts to point out the uneven K-shaped economic recovery post-Covid. In one of his early articles, Mishra noted that the consumption slump is driven by the top percentile of the people with the highest disposable income. He also said that once the economy re-opens, the consumption surge would be significant. At that time, as India strategist at Credit Suisse (where he spent two decades), Mishra estimated the economic loss due to the pandemic-triggered lockdown to be Rs 20 lakh crore.

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Mishra has been a strong advocate of the government’s production-linked incentive (PLI) schemes and believes they would help boost manufacturing. He also supports tax policy certainty and targeted government subsidies  — the latter made possible thanks to Aadhar.

Mishra is assessing proposals for the India Semiconductor Mission, and he shared his insights during the Semicon India, 2023, conference in Gandhinagar last month. He likened the proposals to seed-stage venture capital investments and highlighted the need for clear leadership and business plans, especially for new companies without prior semiconductor manufacturing experience.

Mishra, a gold medallist in computer science from IIT-Kanpur, believes India’s digital progress would be a key factor in driving its growth amid a decelerating global economy. Mishra has often flagged both the pros and cons of the technological shifts that enhanced the ease of doing business.