An autonomous research institute under the Ministry of Finance


Rethinking work, home and office


When the pandemic subsides, some of the old ways will return, but a significant change in the organisation of work is likely to remain. Real estate faces important shifts. In this article, we speculate about how this might pan out. Interaction-intensive consumer-facing services will demand less real estate. The impact ...

Pricing education: An example from Uttar Pradesh


blog author image

(Co-authored with Shubho Roy)


School shutdowns across the country have sparked disagreements between parents and schools about fees. Parents filed a plea in the Supreme Court seeking more time to pay schools due to COVID-19. The Supreme Court refused to hear the petition, arguing that it had to be ...

Re-imagining MSME lending


blog author image
(Co-authored with Amrita Pillai)
The government’s initiatives under the stimulus package have been geared towards helping Indian MSMEs maintain liquidity and ensuring greater credit availability. The emergency credit line, subordinate debt provision and the equity infusion measure, apart from the long-awaited reform to the MSME definition, have been significant ...

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 ...