An autonomous research institute under the Ministry of Finance


What to make of Budget 2021-22?


(Co-authored with Rudrani Bhattacharya)
Budget 2021-22 has now been tabled in parliament and there is no denying that it is an interesting attempt, combining a slew of institutional reforms in various sectors with a fiscally aggressive stance. Coming after a year of deep recession due to the pandemic, as ...

Understanding the Anatomy of India's High Fiscal Deficit


NIPFP blog author image
Extraordinary times require extraordinary policy responses. Against the backdrop of macroeconomic uncertainty in the time of the COVID-19 pandemic, finance minister Nirmala Sitharaman has presented a “significant” fiscal deficit number – which went upto 9.5% in FY21 – from a position of strength. Simultaneously, commencing a fiscal consolidation path ...