To a large section of the Indian public Lokanathan became known as editor of the Eastern Economist which he joined after he worked as editor of the Hindustan Times, also in New Delhi.
While he was still at Madras University, he became a member of the consultative Committee of Economists to the Indian Government; he was also appointed a member of the Labour Advisory Board of the Madras Government, and he was a president of the Economic Association of India.