Sonal Varma

Chief India Economist, Nomura

Sonal Varma is Nomura’s Chief India Economist based in Singapore. Her responsibilities include analyzing key economic trends in India and publishing in-depth reports on the Indian economy as part of Nomura’s Asia ex-Japan Global Markets Research team. She joined Nomura in October 2008 from Lehman Brothers, where she served as India Economist. She previously worked as an Economist at ICICI Bank and rating agency CRISIL.


Sonal was rated #1 on Research in India from 2012 to 2015 by The Asset Magazine, ranked the #1 forecaster for Indian economic data by Bloomberg in 2012 and 2013, and was among the Top 3 economists in India as ranked by the All-India Institutional Investor survey in 2013, 2014 and 2015. She was a member of the Indian government’s working group to construct the index of industrial production and her views are frequently published in the media.


Sonal holds a Bachelor’s degree in Economics from Delhi University, India, and a Master’s in Economics from the Delhi School of Economics, India.

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