While cash transfers provide immediate financial support, they might not necessarily lead to long-term “agency” in a woman or her economic empowerment. Participation income, on the other hand, encourages women to engage in economic activities

The recent policy announcement by Prime Minister Narendra Modi regarding a ₹10,000 cash transfer to …

Fiscal rules focus on debt-to-GDP ratios, but overlook debt maturity structure, crucial for managing refinancing risks. India's subnational governments exhibit varied maturity strategies, with longer maturities offering stability amid fiscal pressures

In an era of burgeoning public debt—now at above 235 percent of global gross domestic product, as per IMF …

Gender budgeting is a crucial public financial management (PFM) tool that promotes fiscal transparency and accountability, ultimately driving gender equality outcomes. This approach is particularly significant in the context of Viksit Bharat@2047, where it can play a pivotal role in achieving inclusive and sustainable development. By applying a gender lens …

(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 …

The Union Budget 2025-26 aims to balance fiscal consolidation, growth, climate change commitments, and the challenges of demographic transition. Key focuses include green bonds, climate fiscal instruments, boosting female labour force participation, and addressing the care economy and digital infrastructure needs.

The Union Budget 2025-26, in the context of macroeconomic …