An autonomous research institute under the Ministry of Finance


Indo-US relations: Time to step up on trade and investment


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(Coauthored with Emmanuel Thomas)


After US President Donald Trump’s visit to India, attention has shifted to the enormous bilateral defence deal worth $3 billion from the ‘deficits and tariffs’ debate in the India-US economic diplomacy discourse. His reiteration of India as a ‘tariff king’ was striking, especially as he ...

Data fundamentalism: The rise of data self-censorship thresholds in India


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The data fundamentalism relates to the suppression of data over ‘adverse’ inferences or inferior data.


Thomas Piketty’s magnum opus ‘Capital in the Twenty-First Century’ and his later works popularised the notion of ‘top 1% income quintile’ and estimated income inequality in the context of India. He used a combination ...

What distinguishes welfare measures from freebies?


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[ In conversation with Jayant Sriram of The Hindu. ]

Adequate fiscal space and socioeconomic context should be the basis for welfare policies

There is an overwhelming consensus that a slew of welfare policies initiated by the Aam Aadmi Party (AAP) government in its previous term secured the party’s victory in the ...

Gender budgeting takes a giant leap in India with 15th FC's report


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“15th Finance Commission’s decision to give 12.5 per cent weightage to “demographic performance” is laudable.


India has made history as the first country ever to integrate gender in the intergovernmental fiscal transfers (IGFT) formula. The 15th Finance Commission has taken this bold decision — during its transition to ...

Sitharaman Misses the Chance to Exploit the Full Potential of a Higher Fiscal Deficit


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IT remains a genuine confusion as to whether invoking “escape clause” to deviate from the fiscal consolidation path is in response to the unanticipated outcome of structural policy announcements or whether it is for increasing capital spending.
Economists often push the idea that strict adherence to fiscal rules is ...