An autonomous research institute under the Ministry of Finance


The government must loosen its purse strings


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(Co-authored with Emmanuel Thomas)


Given the limitations of monetary policy, a fiscal push is crucial for sustained growth recovery.
That the Indian economy has managed to exit a “technical recession” to grow at 0.4 per cent in the third quarter is heartening indeed. However, as compared to ...

A gender lens on recovery packages


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Exuberance in financial markets alone is no indicator of recovery. Sans response in terms of gender equality, recovery will be unsustainable
The United Nations Secretary General has called for an emergency pandemic response package, with a threshold of 10% of the GDP. A Policy Support Tool on “How to ...

Budget FY22: Getting health spending right


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Spending ‘health & wellbeing’ allocation dependent on third tier of govt; capacity of local bodies must be stepped up
The presentation of the Budget every year is followed by a series of critical reviews on changes in inter-sectoral allocations. Subsequently, not much attention is paid to how these allocations ...

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 ...