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(Coauthored with Lekha Chakraborty and MD Azharuddin Khan)
Karnataka is the first state in the country to have introduced a fiscal rules framework, even before the central government had enacted the Fiscal Responsibility and Budget Management (FRBM) Act, 2003. The Karnataka Fiscal Responsibility Act (KFRA) was …
Challenges to Indian Fiscal Federalism
03/05/2019
Countries are organized either as “Unitary ” (France) or as “Federations” (India, Brazil, the United States). In the first group, a national, or a central, government, makes the economic decisions for the whole country’s territory. In the second group, a Constitution has generally assigned various government’s economic functions between …
The economic agenda for 2019
07/01/2019
The focus has to be on reforming public sector banks and on managing the fiscal situation, at the Centre as well as in states. There may not be any reforms until the elections are over. Hopefully, the year will see significant resolution of the bad loan problem and …
The Calculus of Consent: Why do we vote?
29/11/2018
(Co-authored with Lekha Chakraborty)
Does democracy determine public expenditure decisions? With Nobel laureate Hurwicz’s revelation that it is impossible to have simultaneously a balanced budget, Pareto optimality (“you are better off without making anyone worse off”) and an incentive compatibility between Government and the citizens, …
(Co-authored with Lekha Chakraborty)
The Terms of Reference of Finance Commissions have expanded over the years, but concerns arising out of gender inequality have never been a part of ToR. This has happened in spite of the growing realisation that it is necessary to deal …