•  monika.gupta@spjimr.org

Monika Gupta

Assistant Professor, Finance & Economics

Monika Gupta holds a doctorate degree in Economics and Business Environment from the Indian Institute of Management (IIM), Lucknow. She obtained her Master’s as well as Bachelor’s degree from Lucknow University, majoring in Economics. She embarked on her career in academics in 2009.

The depth of her research passion is anchored on topics that include Environmental Economics and Policy, Energy Economics and GHG Emissions, Transport Economics, and Behavioural Economics. Her research expertise is reflected through a series of publications in financial, economic, and business-related peer-reviewed journals.

She has also presented her intellectual contributions at various national and international conferences. Her research excellence has been recognised and awarded as ‘best paper’ by Xavior University Bhubaneswar. Her ongoing research focuses on Environmental Quality and Estimation for Carbon tax.

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Indian Institute of Management, Lucknow

FPM (Ph.D.), 2017
Focus: Economics and Business Environment

Lucknow University

MA, 2009
Major: Economics

Lucknow University

BA, 2007
Major: Economics and English



    Environmental Economics and Policy

    Energy Economics and GHG Emissions

    Transport Economics

    Behavioural Economics

    System Dynamics


    Doğan, B., Ferraz, D., Gupta, M., Huynh, T. L. D., & Shahzadi, I. (2022). Exploring the effects of import diversification on energy efficiency: Evidence from the OECD economies. Renewable Energy, 189, 639-650. https://doi.org/10.1016/j.renene.2022.03.018

    Lu Z, Mahalik MK, Padhan H, Gupta M and Gozgor G (2021) Effects of Age Dependency and Urbanization on Energy Demand in BRICS: Evidence From the Machine Learning Estimator. Front. Energy Res. 9:749065. https://doi.org/10.3389/fenrg.2021.749065

    Gupta, M. (2021). A Fuzzy Decision-making Approach to Evaluate CO2 Emissions Reduction Policies. Global Business Review, 0(0). https://doi.org/10.1177/09721509211014000

    Mahalik, M. K., Villanthenkodath, M. A., Mallick, H., & Gupta, M. (2021). Assessing the effectiveness of total foreign aid and foreign energy aid inflows on environmental quality in India. Energy Policy, 149, 112015. https://doi.org/10.1016/j.enpol.2020.112015

    Sinha, A., Gupta, M., Shahbaz, M., & Sengupta, T. (2019). Impact of corruption in public sector on environmental quality: Implications for sustainability in BRICS and next 11 countries. Journal of Cleaner Production, 232, 1379-1393. https://doi.org/10.1016/j.jclepro.2019.06.066

    Gupta, M., Bandyopadhyay, K. R., Singh, S. K. (2019). Measuring Effectiveness of Carbon Tax on Indian Road Passenger Transport: A System Dynamics Approach. Energy Economics, 81, 341-354. https://doi.org/10.1016/j.eneco.2019.03.013

    Gupta, M. (2019). Decomposing the Role of Different Factors in CO2 Emissions Increase in South Asia. Studies in Business and Economics, 14(1), 72-86. https://doi.org/10.2478/sbe-2019-0006

    Gupta, M., Minai, M. H. (2019). An Empirical Analysis of Forecast Performance of the GDP Growth in India. Global Business Review, 20(2), 368-386. https://doi.org/10.1177/0972150918825207

    Link to Google Scholar


    George, P., and Gupta, M. (2023). Sri Lanka’s macroeconomic crises: The tale of twin deficits. Ivey Publishing.


    Gupta, M. (Author & Presenter). How economic development affects ecological footprint: a comparative analysis of developed vs. developing economies” accepted for presentation at 18th International Association of Energy Economics (IAEE) European Conference to be held at Bocconi University, Milan, Italy.

    Gupta, M. (Author & Presenter). NACRA, 2022 Conference, “Sri Lanka: From South Asia’s El Dorados to First Asia Pacific Debt Defaulter”, North American Case Research Centre. (October 6, 2022)

    Gupta, M. (Author & Presenter), Sinha, A. (Author & Presenter), IAEE International conference, “Modelling the impact of Weather Conditions on Passenger Mobility,” IAEE. (June 9, 2021)

    Gupta, M. (Presenter), NACRA, 2019 Conference, “Clean Environment Cess in India: Cess or Mess,” North American Case Research Centre, Tempe, Arizona, USA. (October 2019)

    Gupta, M. (Presenter), 27th EBES International Conference, “Environmental and Economic Implications of British Columbia’s Carbon Tax for India,” Eurasia Business and Economics Society (EBES) and Faculty of Economics and Business, Universitas Sebelas Maret (FEB- UNS) in Indonesia with the support of the Istanbul Economic Research Association, Bali, Indonesia. (January 2019)

    Gupta, M. (Presenter), 41st IAEE International Conference, “Measuring Effectiveness of Carbon Tax on Indian Road Passenger Transport: A System Dynamics Approach,” International Association for Energy Economics, Groningen, Netherlands. (June 2018).

    Gupta, M. (Presenter), 2nd XUB Sustainability Summit, “Decomposing the CO2 Emission Increase from Road Passenger Transport in India Bhubaneswar,” Xavier University Bhubaneswar at Xavier Institute of Management, Bhubaneswar (XIMB), Bhubaneswar. (August 2016).

    Gupta, M. (Presenter), Winter School 2015, “A Review on Implementation of Carbon Tax in Mitigating CO2 Emissions from Road Transport Sector: A Contingent Valuation Approach,” Delhi School of Economics, New Delhi. (December 2015).

    Gupta, M. (Presenter), 2nd Pan-IIM World Management Conference, “Forecast Performance of GDP growth in India,” Indian Institute of Management Kozhikode, Kerala. (November 2014).

    Gupta, M. (Presenter), 7th Urban Mobility India Conference and Expo 2014, “Contingent Valuation Method and Carbon Tax in Mitigating CO2 Emissions from Road Transport Sector: A Literature Review,” Ministry of Urban Development, GoI and Institute of Urban Transport, New Delhi. (November 2014).

    Gupta, M. (Presenter), XLRI Doctoral Consortium, “Determinants of India’s Current Account Deficit and its Relationship with Fiscal Deficit in India”,” Xavier Labor Relations Institute (XLRI), Jamshedpur. (October 2014).

    Gupta, M. (Presenter), Annual European Conference on Sustainability, Energy, and the Environment, “An Empirical Analysis of Determinants of Carbon Dioxide Emissions in South Asia,” The International Academic Forum, Brighton, United Kingdom. (July 2014).

    Gupta, M. (Presenter), AIB India-MENA 2014, “An Empirical Study of Cartelization in Indian Cement Industry,” Indian Institute of Management Udaipur, Udaipur. (February 2014).


    Gupta, M., (2023). Contrasting approaches of developed and developing countries on ecological footprints. ET Energyworld.com.

    Gupta, M. & Pattnaik, R (2021). Maharashtra Budget 2021– 22: Expectations in the aftermath of the Pandemic in the Maharashtra Economic Development Council (MEDC). Economics Digest.

    Gupta, M. & Alok, VN (2019). Is it time to impose a carbon tax? Financial Express.


    “Does weather condition affect passenger mobility? A case of Mumbai Suburban Railway”.

    ”How Economic Development affects Ecological Footprint: A comparative analysis of Developed vs. Developing Economies”

    “Criticality of Fiscal Marksmanship in Improving Fiscal Integrity of Indian States”

    “Analysing the impact of Collaborative Community: A case of Koli community in India”

    “Demand Curve Estimation for a Carbon Tax in Road Passenger Transport”

    “An Empirical Study of Rebound Effect Estimation for the Transport Sector in India”



    Managerial Economics

    Principles of Economics

    Public Finance: Theory and Policy

    Economic Environment of Business

    System Thinking using System Dynamics

    Macroeconomic and Business Environment



    Paul R. Lawrence Fellowship ($2275) by North American Case Research Association (NACRA) to attend a program on case research, writing, and teaching during the Annual Meeting and Conference of NACRA held in Arizona, USA in October 2019

    Ecomod Scholarship Award ($1500) to attend EcoMod Modeling School organized by EcoMod Modeling School in cooperation with National University of Singapore (NUS) in January 2018

    Awarded with a scholarship ($2000) from PwC and System Dynamic Society to attend System Dynamics Summer School at MIT Sloan School of Management in July 2017

    WIPRO-XUB Best Paper Award at 2nd XUB Sustainability Summit organized by Xavier University Bhubaneswar at XIMB in 2016

    Awarded with Junior Research Fellowship (JRF) in Economics by University Grants Commission in December 2009

    Qualified National Eligibility Test (Economics), a national level test to determine eligibility for college and university level lectureship

    Qualified for the post of Assistant Manager in Central Bank of India (Public Sector Bank) in 2010

    Gold Medal for standing the first rank in M.A. Economics at Lucknow University

    Gold Medal for obtaining the highest percentage of marks at M.A. part 2 Examination 2009 in Economics

    Gold Medal for being the best student in M.A. in the Economics & Sociology department in 2009

    Awarded with Bronze Medal in graduation first year for obtaining third highest marks in the college



    Indian Economy

    Managerial Economics

    International Economics

    Econometric Methods

    Environmental Economics and Policy

    Behavioural Economics


    Academic Faculty

    Assistant Professor, Economics area, S. P. Jain Institute of Management and Research. (Jan 2020 – Present)

    Assistant Professor, Economics and Finance Department, Birla Institute of Technology & Science (BITS) Pilani, Pilani Campus. (Apr 2017 – Jan 2020)

    Visiting Faculty, Economics and Finance Department, Birla Institute of Technology & Science (BITS) Pilani, Pilani Campus. (Jul 2016 – Apr 2017)

    Academic Assistant, Economics and Finance Department, Indian Institute of Management (IIM) Lucknow. (Jul 2015 – Nov 2015)

    Assistant Professor, Isabella Thoburn College. (Apr 2010 – Nov 2010)

    Lecturer, Bhartiya Vidya Bhavan Girls Degree College, Lucknow. (Jul 2009 – Feb 2010)

    Professional Experience 

    Short-Term Consultant (Research), World Bank, (April 2023 – Present)


    Academic – Research Project, BITS Pilani. (April 2017 – April 2019)


    Workshops and Professional Training

    Faculty Development Programme (FDP) on Applied Econometrics, 4th and 5th May, 2023 organised by SPJIMR

    Faculty Development Programme (FDP) on “Crafting an Effective Student Learning Experience” 5-7, 11-12,16 January 2021 organised by SPJIMR

    SIMS Workshop – Experiencing, teaching with, and researching the impact of Simulations in the classroom, 27th – 29th and 30th July 2020 organised by SPJIMR

    Admission interview & selection process training, 7th July 2020 and Admissions Workshop, 8 Jan 2021

    Case-Based Learning (CBL), Feb 27th, 2020, organised by SPJIMR

    Workshop on Social Network Analysis organised by SPJIMR and conducted by Prof. Israr Qureshi in February 2020

    A program on case research, writing, and teaching during the Annual Meeting and Conference of NACRA held in Arizona, USA in October 2019

    A Course on Energy and Environmental CGE Modeling with GAMS organised by EcoMod Modeling School in cooperation with the Singapore Institute of Statistics c/o Dept of Statistics and Applied Probability, National University of Singapore (NUS)

    System Dynamics Summer School at Massachusetts Institute of Technology (MIT) in July 2017

    Teaching Learning Workshop (part 1 and 2) on pedagogical tools at BITS Pilani

    Workshop on Team-Based Learning conducted by Dr. Preman Rajalingam from Nanyang Technological University (NTU) and organised by BITS Pilani in March 2019

    Industrial Exposure

    Selected as students’ co-instructor and industry coordinator during the Practice School Programme

    • For three firms – Bombay Stock Exchange (BSE), Mumbai Rail Vikas Corporation and WAT Consult. Location: Mumbai, Duration: 60 days (May-July)
    • For Tata Steel BSL Ltd. Location: Delhi NCR, Duration: 60 days (May-July)

    Theoretical Economics Letters

    International Journal of Sustainable Transportation

    Transportation in Developing Economies

    Case Studies on Transport Policy

    Management of Environmental Quality

    Management and Labour Studies

    Metamorphosis – A Journal of Management Research

    Technology in Society and Environmental Science and Pollution Research.


    Committee Head (2020-21, 2021-22) of Business Environment and Policy Committee, SPJIMR

    Students’ co-instructor during Practice School Programme at Indian Institute of Public Administration (IIPA), SPJIMR

    Chaired a session in 3rd International Conference on Evidence-Based Management (ICEBM)- 2019, BITS Pilani

    Member of Department Research Committee (DRC), BITS Pilani


    Member, International Association of Energy Economics. (Nov 19, 2019 – Present)

    Member, The Indian Econometric Society. (Sept 2014 – Present)

    Member, Eurasia Business and Economics Society. (Jan 2019 – Jan 2020)


    Received Research Initiation Grant from BITS Pilani for the project: “Environmental and Economic Implications of British Columbia’s Carbon Tax for India” (Completed).

    Role: Primary Invigilator; Amount: INR 2,00,000; Funding agency: BITS Pilani; Duration: 2017-2019.

    Seed Money Grant from SPJIMR for the project: “Criticality of Fiscal Marksmanship in Improving Fiscal Integrity of Indian States” (Ongoing).

    Large money grant from SPJIMR corresponding to the project: “Analysing the impact of Collaborative Community: A case of Koli community in India” (Ongoing).

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