Introduction

Integrating a gender lens in a federal budget of an emerging country context is not easy, as it is a clarion call to go “beyond the gross domestic product (GDP)” paradigm. Gender budgeting, a macro-fiscal tool to tackle gender inequalities, has been increasingly recognized for its efficacy for fiscal …

India’s fiscal federalism is at a crossroads. On November 17, 2025, the 16th Finance Commission (FC), chaired by Professor Arvind Panagariya, submitted its report to President Droupadi Murmu. Covering the period 2026–31, this quinquennial exercise will determine how the world’s largest democracy allocates resources between the central government and its …

(Co-authored with Lekha Chakraborty)

In 2015, at the time of adoption of Sustainable Development Goals (SDGs), it was estimated that a total annual investment of USD 3.9 trillion will be required to achieve the goals by 2030.¹ The level of investment in key SDG-related sectors was estimated to be …

(Co-authored with Lekha Chakraborty)

The influence of Net Interest Margin¹ (NIM) on credit lending² has long been a widely discussed topic. A consistently healthy NIM is vital because it provides banks with the necessary buffer to absorb credit risk, thus encouraging a greater capacity and willingness to lend, …

The decision to simplify India's Goods and Services Tax (GST) into a primary two-slab system of 5% and 18% is a huge win for tax reform^1. This highly anticipated shift replaces a complex, multi-tiered architecture and is expected to boost the economy by making compliance easier, globally competitive, …