An autonomous research institute under the Ministry of Finance


Subsidies, merit goods, and fiscal space - II


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(Co-authored with Satadru Sikdar)
In Part I of this two-part series, the authors presented their estimates of total budget subsidies, and their merit and non-merit components. In this part, they discuss the relationship between subsidies and the delivery of specific public services, the comparative efficiency of subsidy use by ...

A missed opportunity


(Co-authored with Rishab Bailey)
The Gopalakrishnan Committee Report does not adequately address governance frameworks around government data sets
The Committee of Experts on the Non-Personal Data Governance Framework has recommended in their report, among other things, making privately held non-personal data “open”. The objective is to make such ...

An Augmented Flexible Inflation Targeting Framework for India with an Unconventional Fiscal-Monetary Coordination Strategy


1. The Context
The inflation targeting framework adopted in India in 2016 is coming up for review in 2021. Critiques of this framework have argued that there are a number of reasons why some aspects of this framework needs to be changed. These include the inappropriateness of the current ...

Subsidies, merit goods, and fiscal space: An aspect of public expenditure in India - I


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(Co-authored with Satadru Sikdar)
Large fiscal deficits and even larger public-sector borrowing requirements are a regular feature of the fiscal landscape in India. In this context, this article argues that rationalisation of the prevailing large volume of non-merit subsidies should constitute a major component of deep fiscal reforms. Doing ...

Monetary policy in the pandemic


There is a great deal of concern about the path of monetary policy, given that headline inflation has breached the required range, from 2 to 6 per cent CPI inflation, in 7 of the latest 8 months. The inflation data, however, reveals a surge in prices in April 2020, which ...