An autonomous research institute under the Ministry of Finance

 

From Banks to AIFs and back: Analysing RBI’s regulatory responses to evergreening

24/06/2025

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(co-author : Abhijeet Singh, Lawyer and Research Fellow, NIPFP)


Alternative Investment Funds (AIFs) are pooling vehicles that provide an opportunity to invest in unlisted securities and to diversify portfolio. While these offer new avenues for investment, there are liquidity and volatility risks unique to the asset class. Although AIFs have …


Bridging the Gap: Examining the Revenue Challenges in RLBs and the Role of States

05/06/2025

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(co-author with Amarnath HK)

The latest RBI Report on the “Finances of Panchayati Raj Institutions 2020-21 to 2022-23” sheds some light on the powers and functional responsibilities of the most localized level of governance, i.e., Panchayati Raj Institutions (PRIs) and addresses a critical gap in their revenue needs. A study …


Bilateral Investment Treaties and Tax Sovereignty

19/05/2025

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(co-authored with Chetan Rao)

Bilateral Investment Treaties (BITs) evolved as important legal instruments for capital-exporting countries to ensure legal stability for their investments. In a world where there was once a clear division between capital exporters and importers, the objectives of investment protection and promotion served both sides. Over time, …


Finance Commission’s workings need a greater degree of transparency

26/03/2025

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(Co-authored with Sri Hari Nayudu A.)

India’s federal structure is under stress on several grounds, particularly tax devolution between Centre and states, and among states. Finance Commissions play a critical role in the devolution process. However, a drawback in their approach has been the absence of an adequate level of …


A new fiscal consolidation roadmap

24/03/2025

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(Co-authored with Abhishek Singh)
 
In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman reaffirmed the government's commitment to fiscal consolidation by setting a target of reducing the debt-to-GDP ratio to 50% (±1%) by 2030-31. This target is part of a new fiscal consolidation strategy for the five-year …