An autonomous research institute under the Ministry of Finance


The economy of relationships as opposed to the economy of contracts


A sophisticated economy is one in which business relationships are defined by formal legal contracts. When extreme events -- such as Covid-19 -- impact upon such an economy, there is a greater disruption. In India, a large part of the economy is held aloft by family relationships or friendship, and the good ...



(Co-authored with Rajesh Raj S.N. and Kunal Sen)
The possibilities of a global economic reorganisation in a post-Covid-19 world has brought the attention of the Indian government back to their flagship ‘Make in India’ programme. Speaking to his council of ministers during the lockdown, Prime Minister Modi has ...

Challenges of levying taxes on digital services


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Recently, the United States declared that its trade representative will pursue an investigation under section 301 of the Trade Act, 1974, against Austria, Brazil, the Czech Republic, the European Union, India, Indonesia, Italy, Spain, Turkey and the UK for implementing digital services tax. The investigations come at a time when ...

Estimating customer complaints using Twitter feeds


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(Co-authored with Vimal Balasubramaniam, Kusan Biswas, and Mithila A. Sarah)
The lockdown that began in the last week in March 2020 has affected people from all walks of life. Frictions faced by several sectors and stakeholders such as essential service suppliers, farms, factories, migrant labourers have been widely reported ...

Holding their breath: Indian firms in an interruption of revenue


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(Co-authored with Anjali Sharma)
India is in a state of lockdown with only essential goods and services getting exemption. This has given a teachable moment on the role of liquid cash in corporate financial policy.
Most firms will see a varying degree of a revenue shock. Expenses such ...