An autonomous research institute under the Ministry of Finance


A missed opportunity


(Co-authored with Rishab Bailey)
The Gopalakrishnan Committee Report does not adequately address governance frameworks around government data sets
The Committee of Experts on the Non-Personal Data Governance Framework has recommended in their report, among other things, making privately held non-personal data “open”. The objective is to make such ...

An Augmented Flexible Inflation Targeting Framework for India with an Unconventional Fiscal-Monetary Coordination Strategy


1. The Context
The inflation targeting framework adopted in India in 2016 is coming up for review in 2021. Critiques of this framework have argued that there are a number of reasons why some aspects of this framework needs to be changed. These include the inappropriateness of the current ...

Subsidies, merit goods, and fiscal space: An aspect of public expenditure in India - I


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(Co-authored with Satadru Sikdar)
Large fiscal deficits and even larger public-sector borrowing requirements are a regular feature of the fiscal landscape in India. In this context, this article argues that rationalisation of the prevailing large volume of non-merit subsidies should constitute a major component of deep fiscal reforms. Doing ...

Monetary policy in the pandemic


There is a great deal of concern about the path of monetary policy, given that headline inflation has breached the required range, from 2 to 6 per cent CPI inflation, in 7 of the latest 8 months. The inflation data, however, reveals a surge in prices in April 2020, which ...

Do stamp duties affect transaction volumes? A study of real estate transactions in Mumbai


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The real estate market in India has many factors that cause price inefficiencies. The outcome is that investors will stay away from real estate markets as long as these inefficiencies exist. So how can market efficiency and thereby participation be increased? The Coasian answer is that a market will yield ...