Projects
Past projects
- 2025
- 2024
- 2023
- 2022
- 2021
- 2020
- 2019
- 2018
- 2017
- 2016
- 2015
- 2014
- 2013
- 2012
- 2011
- 2010
- 2009
- 2008
- 2007
- 2006
- 2005
- 2004
- 2003
- 2002
- 2001
- 2000
- 1999
- 1998
- 1997
- 1996
- 1995
- 1994
- 1993
- 1992
- 1991
- 1990
The Term Structure of Interest Rate and RBI monetary policy stance
- Start date जनवरी., 2023
- Completion date अक्टूबर, 2024
- Sponsor Self-Initiated
- Project leader Lekha Chakraborty and Nehla K Shihab
- Consultants/Other authors Prasanth C, Nehla K Shihab
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The project intends to examine the term structure of interest rates in India against the backdrop of RBI new monetary policy stance.
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See details
The Term Structure of Interest Rates in India: Analysing the Post-Pandemic Monetary Policy Stance
Analysing the determinants of Intergovernmental Fiscal Transfers (IGFT)
- Start date जनवरी., 2024
- Completion date सितम्बर., 2024
- Sponsor Self-Initiated
- Project leader Lekha Chakraborty
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The project examines the determinants of intergovernmental fiscal transfers and suggests counterfactual exercises by integrating plausible variables to achieve the dual objectives of equity and efficiency.
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Medium-Term Fiscal Plan for Sikkim 2024-25 to 2026-27
- Start date जून, 2024
- Completion date अग., 2024
- Sponsor Sikkim Goverment
- Project leader Pratap Ranjan Jena
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The report presented the Medium-Term Fiscal Plan (MTFP) for the Government of Sikkim for the years 2024-25 to 2026-27. The MTFP provides fiscal policy objectives and projected fiscal targets in the ensuing budget year and two outward years. The report was prepared based on existing macro-fiscal environment and taking into consideration the requirements of the FRBM Act in Sikkim. The report projected the fiscal variables for three years, including the budget year, aligning with the stipulation of the FRBM Act. (Report Submitted to Sikkim Government)
Stock-taking on Management of Public Investments in Selected States (Odisha and Tamil Nadu)
- Start date मार्च, 2023
- Completion date जून, 2024
- Sponsor World Bank
- Project leader Supriyo De, Lekha Chakraborty,
- Other faculty R. Kavita Rao, Piyali Das
- Consultants/Other authors Mayurakshi Sinha, Seema Maurya and Divya Rudhra
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The Government of India (GoI), recognizing that the primary growth constraint is lack of robust infrastructure, is implementing multiple initiatives to close the infrastructure gap. Given the challenging economic environment, fiscal consolidation is expected to continue leaving little room to expand infrastructure spending. Consequently, it is critical to maximize efficiency of public investments and mobilize private investments in infrastructure to scale up infrastructure investments. To facilitate a comprehensive approach to address this challenge, diagnostic work is proposed by World Bank to contribute to the analytical base for engagement on this topic. A stocktaking on management of public investments in selected States is proposed. It will be done based on a questionnaire and analytical methodology tailored to the Indian context highlighting good practices and lessons from the States and also leveraging international best practices.
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Study of Madhya Pradesh State Economy on Tax Collection, Revenue and Various Other Parameters
- Start date मार्च, 2024
- Completion date जून, 2024
- Sponsor Government of Madhya Pradesh
- Project leader Sacchidananda Mukherjee
- Consultants/Other authors Shivani Badola and Vivek Jadhav
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In this study, we focus on the following research questions: a) How to increase the tax base in the Goods and Services Tax (GST); b) How to improve tax efficiency in GST; and c) How to utilize Artificial Intelligence or other Analytical Tools to enhance Tax Collection under GST. (Report submitted to Government of Madhya Pradesh for approval)
Gender and Macroeconomics
- Start date मई, 2024
- Completion date मई, 2024
- Sponsor UN Women
- Project leader Lekha Chakraborty
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The project aims at giving training to UN officials on Gender and Macroeconomics, including fiscal and monetary policies and measuring unpaid care economy at UN Bangkok and online.
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Public Sector Borrowing Requirements of States
- Start date सितम्बर., 2023
- Completion date अप्रैल, 2024
- Sponsor The Foreign, Commonwealth and Development Office (FCDO) of the Government of the United Kingdom support for the study of India’s fiscal issues for the Sixteenth Finance Commission under Project No. 400047
- Project leader Manish Gupta, Malvika Mahesh and Sk Md Azharuddin
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The study attempts to develop a mechanism of data gathering for a more comprehensive and realistic assessment of the total public sector borrowings by select States in India. It also provides estimates of total public sector borrowings by the selected States. In doing so, it quantifies off-budget liabilities of these States and examines the guarantees given by them in light of the provisions of their respective FRBM Acts.
Evaluation of Compliance to FRBM Act (2019-20 and 2020-21) – Madhya Pradesh
- Start date जनवरी., 2024
- Completion date मार्च, 2024
- Sponsor Government of Madhya Pradesh
- Project leader Pratap Ranjan Jena
- Consultants/Other authors Abhishek Singh
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This evaluation report was prepared and submitted as part of an independent review of the State’s finances and its adherence to the FRBM Act. It summarizes the key findings and lessons from the fiscal management practices over the past two years. In addition to evaluating the State’s compliance with the fiscal targets set under the FRBM Act, the report also examines broader trends in fiscal governance. Budgetary projections related to revenue and expenditure are analysed in the light of actual outcomes to assess the Government’s capacity to implement its budgetary plans effectively.
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See details
Report Of Compliance MP FRBM Hindi English submitted to Govt. of Madhya Pradesh
Revenue Mobilisation from Taxes on Alcoholic Beverages
- Start date सितम्बर., 2023
- Completion date मार्च, 2024
- Sponsor The Foreign, Commonwealth and Development Office (FCDO) of the Government of the United Kingdom support for the study of India’s fiscal issues for the Sixteenth Finance Commission under Project No. 400047
- Project leader R. Kavita Rao, Sacchidananda Mukherjee
- Consultants/Other authors Shivani Badola and Vivek Jadhav
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State excise is the third largest source of the States’ own tax revenue (OTR), after State goods and services tax (GST) and sales tax/value-added tax (VAT) on items that are presently not attracting GST (viz., petrol, diesel, aviation turbine fuel, or ATF, crude petroleum, natural gas, and alcoholic beverages for human consumption). The tax base of state excise is the consumption of alcoholic beverages (viz., Indian manufactured foreign liquor, or IMFL, country liquor, beer) and other narcotics (opium, Indian hemp, and other narcotic drugs and narcotics) in a State. Some States also collect sales tax on alcoholic beverages in addition to State excise. Combined revenue from the State excise and sales tax on alcoholic beverages constitutes a major share of OTR. Therefore, this study could be useful for States to understand the factors influencing State excise collection from alcoholic beverages.
Revenue Potential of Passenger and Goods Tax (PGT) across Indian States
- Start date सितम्बर., 2023
- Completion date मार्च, 2024
- Sponsor The Foreign, Commonwealth and Development Office (FCDO) of the Government of the United Kingdom support for the study of India’s fiscal issues for the Sixteenth Finance Commission under Project No. 400047
- Project leader R. Kavita Rao, Sacchidananda Mukherjee
- Consultants/Other authors Shivani Badola and Vivek Jadhav
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In this study, we estimate the revenue potential of States in the Passenger and Goods Tax (PGT) collection based on available information in the public domain. Taxes on Goods and Passengers (also known as Passenger and Goods Tax or PGT) is a tax on goods and passengers carried on road or inland waterways. This tax is not subsumed into the GST, except that under Entry 52 of the State List (List II of the Seventh Schedule of the Indian Constitution) “Taxes on the entry of goods into a local area for consumption, use or sale therein” has been subsumed into GST, as per the Constitution One Hundred and First Amendment Act, 2016.
How Much Debt is Optimal for the Major Indian States? Economic Growth vs. Debt Sustainability
- Start date अप्रैल, 2023
- Completion date मार्च, 2024
- Sponsor The Foreign, Commonwealth and Development Office (FCDO) of the Government of the United Kingdom support for the study of India’s fiscal issues for the Sixteenth Finance Commission under Project No. 400047
- Project leader Rudrani Bhattacharya, C. Prasanth and R. Kavita Rao
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FRBM Act 2003, amended vide the Finance Act 2018 allowed states to hold public debt up to 20 percent of GDP. In this context, the present study explores an optimal range of debt to output ratio which is conducive to economic growth and appropriate for fiscal sustainability, considering the State-level variations in economic and fiscal conditions. Based on the evidence for the period 2001-02 to 2019-20, overall, for the 18 major States in India, public debt is sustainable up to an optimal debt-GSDP ratio of 25 percent. Public debt financed spending can contribute to real economic growth beyond a threshold of 22 percent of debt-GSDP ratio and a threshold of 2 percent capex spending to GSDP ratio. The growth enhancing effect of increasing debt-GSDP ratio from the stipulated 20 percent to 25 percent would be higher in low economic growth States compared to the high economic growth States. It would raise economic growth in high social spending States, while it would not have any impact on economic growth in the low social spending States. The growth enhancing effect of increasing debt-GSDP ratio would be same for the States with both low and high share of spending on economic services.
Analysis of States’ Debt and Bond Markets
- Start date सितम्बर., 2023
- Completion date मार्च, 2024
- Sponsor The Foreign, Commonwealth and Development Office (FCDO) of the Government of the United Kingdom support for the study of India’s fiscal issues for the Sixteenth Finance Commission under Project No. 400047
- Project leader Radhika Pandey, Utsav Saksena, Madhur Mehta, Bency Ramakrishnan, Nipuna Varman and Kriti Wattal
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The report titled ‘Analysis of States’ Debt and Bond Markets’ seeks to examine issues pertaining to the State bond market in India. On the qualitative side, it explores the legislative and regulatory frameworks governing State borrowings, along with discussion around the various institutions involved, including the State Governments, the Reserve Bank of India (RBI) (States’ debt manager), the Finance Commission (FC), as well as internal departments for debt management. On the quantitative side, the report presents key stylized facts around State Development Loan (SDL) markets, including the liability profile of States (deficits and debts), ownership pattern of State Government bonds, issuances, cost of existing and new debt, andliquidity of SDLs.Some of the issues identified revolve around liquidity in the SDL market, lack of adequate variation between the cost of borrowing based on fiscal health of States, and concentrated SDL borrowings. Based on the analysis of the above issues, the report proposes some policy reforms to improve the State Government debt market and the required regulatory framework for a more efficient and functional market for State securities in India.
Defining Explicit Subsidies and Fiscal Space in the Context of Fiscal Health of States
- Start date सितम्बर., 2023
- Completion date मार्च, 2024
- Sponsor The Foreign, Commonwealth and Development Office (FCDO) of the Government of the United Kingdom support for the study of India’s fiscal issues for the Sixteenth Finance Commission under Project No. 400047
- Project leader Amarnath H.K.
- Consultants/Other authors Smriti Banati and Meena
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India’s stagnant revenues and increasing expenditures at the State level have been a major fiscal concern. Increasing welfare expenditures and explicit subsidies is an issue of debate of State finances in recent past. With Government of India’s stress on need for significant spending on infrastructure and capital expenditure, there is a need to look at the concepts of committed expenditure, fiscal space and explicit subsidies. It is so important that ‘subsidies’ is always substituted with expenditures on schemes or bypassed in the form of assistance or grants-in-aid in government accounting system. Shrinking fiscal space and continued Covid-19 pandemic-induced welfare expenditure and explicit subsidies are major factors which affect the deterioration of fiscal health of the States. This paper attempts to define the committed expenditure in a structural way and define explicit subsidies so as to include similar expenditures that are like subsidies but not classified as subsidies. Overall analyses show that those States which have revenue deficit need to think of not only restricting committed expenditure but also rationalizing subsidies. Financing subsidies and welfare expenditure through borrowing is not sustainable in the long run and also result in reduction of expenditure on infrastructure. Thus, there is a need for improving the fiscal space and rationalizing the subsidies including in the form of freebies.
Rationalization of Explicit Budgetary Subsidies at State Level
- Start date नवम्बर., 2023
- Completion date मार्च, 2024
- Sponsor NITI Aayog
- Project leader Amarnath H.K., Sri Hari Nayudu A.
- Consultants/Other authors Mitali Gurdatta, Kishan, Aashish Raj and Rohit Dutta
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We defined the explicit subsidies and estimated the burden of explicit subsidies on State Finances for eight selected States.
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NIPFP-DEA Research Programme (April 2022 - March 2024)
- Start date अप्रैल, 2022
- Completion date मार्च, 2024
- Sponsor Department of Economic Affairs, Ministry of Finance
- Project leader R. Kavita Rao
- Other faculty Amarnath H.K., Sri Hari Nayudu A. Pratap Ranjan Jena, Manish Gupta, Mukesh Kumar Anand, Bhabesh Hazarika
- Consultants/Other authors Radhika Pandey, Pramod Sinha, Rachna Sharma, Ashim Kapoor, Utsav Saksena, Ramya Rajasri Kumar, Ritika Singh, Simran Kaur, Radhika Agarwal, Madhur Mehta, Kriti Wattal, Anandita Gupta, Firdous Ahmad Malik, Latha Balasubramanian, Praveen Singh, S. Bhuvankaushik, Bency Ramakrishnan, Nipuna Varman, Yashovardhan Chaturvedi, Pulkit Sharma, Ankit Singh, Anukriti Choubey, Aashish Raj and Sushil Kumar Modi, Priyanshi Garg, Abhishek Singh, Pulkit Kumar Sharma, Ankit Singh
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The objective of this Memorandum of Understanding is to establish a collaborative work process, between the Department and the Institute, which will enhance capacity at the Department in its tasks of financial and monetary institution building. Providing research and consultancy to the Department on issues related to implementation of Financial Sector Legislative Reforms Commission (FSLRC) recommendations, financial markets including Sovereign Credit Rating, Study of Debt Sustainability, Cryptocurrency-related matters and Payment and Settlement Systems (PSS), Research on potential of internationalization of the Indian currency, framing of rules and regulations of the Resolution Corporation (RC), Comprehensive foreign investment law, and Research assistance for establishment-related aspects of setting up a Financial Data Management Centre.