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


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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 ...

A Way Out For The Bank


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(Co-authored with D Priyadarshini)
Recent news reports suggest the upcoming budget may include proposals for a Bank Investment Company (BIC) anchoring the government’s shareholding in its banks. With a predominantly bank-led growth strategy, banks face the daunting task of managing the pandemic’s impact on their balance sheets while spearheading ...

A Shadow Pandemic: Growing VAW is one of the greatest human rights violations


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Violence against women (VAW) is now acknowledged as a global problem with substantial macroeconomic costs. This is a “shadow pandemic”. Prior to the global contagion of Covid-19, the global cost of VAW had been estimated at approximately $1.5 trillion.
Growing VAW is one of the greatest human rights ...

The Cyber Tax Conundrum


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Taxation of digital companies has been a key concern for G20 countries. The agenda to reform international tax law so that digital companies are taxed where economic activities are carried out was formally framed within the OECD’s base erosion and profit shifting programme. Seven years since its inception, it is ...