An autonomous research institute under the Ministry of Finance


Indian Fiscal Federalism: A Few Empirical Questions


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The book titled “Indian Fiscal Federalism” co-authored by Y V Reddy and G R Reddy is written from a “practioner’s perspective”. The simplicity of this book is appealing, especially when the content of the book is about a very complex set of rules and games between the Centre and the ...

The Political Economy of Justice


The second theorem of welfare economics posits that any desired income distribution can be achieved when an economy is at full potential by taxing those who earn more than society wishes and transferring these to those who earn less. I have previously argued that universal basic income proposals essentially genuflect ...

A tale of two disenchantments


Twenty five years ago, I argued in my doctoral thesis that fiscal policy could be used to map changes in state objectives. In essence that is what I am doing in this column. I contend that the Indian State, at both the central and state levels, is transitioning from being ...

Sharp fall in female labour force participation rate is not new, but is critical


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(Coauthored with Namita Jain)
Fewer women working is a big problem but if DeMo is cited as the reason for this, how do you explain an equally sharp fall in FLFPR over long periods in the past?
The media attention has been focused, over the last few weeks ...

Govt's shrinking fiscal space


Election year should be a time when we seriously reflect on the medium term structure of fiscal policy. But election year also involves an interim budget which, by definition, should not take up much analytical space. But unfortunately, it does, distracting attention from medium term fiscal issues. 
There ...