This study aims to provide insights on how subnational governments respond to increased transfers for health from the Central Government. Specifically, it tries to examine whether State Governments have reoriented the composition of their own health spending with the introduction of the National Health Mission. The study is based on an analysis of six States over the period 2005-06 to 2022-23.

The study proposes to assess the financial impact of reworking some provisions which determine the terminal and periodic benefits of workers superannuating/retiring from the Government. A reform agenda would be devised to adhere to the legal canons while retaining focus on the core objectives for a pension system. The agenda could identify provisions that are clearly indefensible and suitable for complete elimination as they may be in direct conflict with the objectives for the pension system or with other desirable objectives for decent work. The study would also assess the value of some suitably defined and chosen parameters of the pension system related to dependency, replacement, and passivity for regular monitoring, and that may have a direct bearing on the sustainability of associated expenditure.

This paper assesses the effectiveness of macroprudential policy (MPP) tools in shielding Emerging Market Economies (EMEs) from global financial shocks. Using a state-dependent local projection method, it found that MPP tightening helps moderate the adverse effects of VIX shocks on GDP, exchange rates and portfolio inflows, while also reducing the spillover of US monetary policy into EMEs’ monetary and inflation dynamics. However, not all tools are equally effective — capital buffers and SIFI restrictions show strong stabilizing effects, whereas liquidity buffers and LTV restrictions may initially exacerbate volatility. Overall, the results support MPPs as vital tools for macro-financial stability in EMEs.

The objective of the project is to update the adaptation spending by the Union Government for the Budgets 2024-25 and 2025-26. This is in continuation with the previous studies on climate spending for adaptation activities by the Union Government.

The study involves designing a performance-based grant system (PBGS) for 13 Municipal Corporations in Punjab under the World Bank co-financed Building Fiscal and Institutional Resilience (BFAIR) Project. The PBGS design will aim to incentivize improved governance and service delivery across the 13 corporations in Punjab.