An autonomous research institute under the Ministry of Finance


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 ...

Carrying the ideas of New Education Policy to execution


In fields like education and health care, there is a tension between government as producer versus government as regulator versus government as a funder. The New Education Policy makes a beginning in proposing a separation between these `pillars of intervention'. A lot of mainstream knowledge in the field of state ...

Ideas of India: Libertarianism by Necessity


Shruti Rajagopalan talks to Ajay Shah about when a market failure justifies state intervention
Ideas Of India is a new podcast where Mercatus Senior Research Fellow Shruti Rajagopalan examines the academic ideas that can propel India forward. You can subscribe to the podcast on Apple, Spotify, Google or the ...

It is not too late, but it soon will be


This is the last column I will be writing as director of the National Institute of Public Finance and Policy. I will focus on the gravity of India’s fiscal situation, which I have been pointing out since 2016. The fragility of central government finances is partly legacy, part refusal to ...

The Indian corporate bond market: From the IL&FS default to the pandemic


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(Co-authored with Harsh Vardhan)


The banking sector is the most important financial intermediary in India’s debt market. Over the last few years the bond market has emerged as an alternative to the banking sector especially for the top rated firms. This trend has been pronounced ever since the banking ...