Suyash Rai is a deputy director and fellow at Carnegie India. His research focuses on the political economy of economic reforms, and the performance of public institutions in India. His current research looks at the financial sector, the fiscal system, and the infrastructure sector.

Rai seeks to understand the workings of the Indian state through the lens of political economy, ideological contestation, institutional design, administrative processes, and economic analysis. He further aims to situate his research in the context of the politics of modernization of Indian society, polity, and economy.

Rai has published papers in the areas of fiscal policy, financial reforms, banking regulation, and infrastructure policy. He has also published several essays and opinion pieces in various popular media outlets.

Prior to joining Carnegie India, Rai was a fellow at the National Institute of Public Finance and Policy (NIPFP), where he worked in the areas of financial regulation, infrastructure regulation, fiscal management, and public administration. He has held consulting positions with the Consultative Group to Assist the Poor (CGAP) of the World Bank, and with the Ministry of Finance of the Government of India. Additionally, he served as a member of the committee on framing a code on resolution of financial firms of the department of economic affairs at the Ministry of Finance, and the committee on pricing of Aadhaar-based services of the Unique Identification Authority of India (UIDAI).

Rai previously worked at the Dvara Trust (then, the IFMR Trust), and as a manager for ICICI Bank. He holds a postgraduate diploma in management and an undergraduate degree in computer science. He has also received training certifications in risk management and business valuation.