It is almost a decade since India transited to formal Inflation Targeting (IT) regime on 20 February 2015 through an agreement between the Ministry of Finance and Reserve Bank of India, with the commitment to achieve CPI inflation of 4 percent with a band of +/− 2 percent in the medium term.  Conceptually, under this rule-based monetary policy regime, forward-looking expectation plays the pivotal role for transmitting monetary policy shock to the real side of the economy. In an inflationary scenario, when the central bank hikes its policy rate under the IT regime, households and firms knowing that central bank’s action will stabilize the inflation rate at the target in near future, also moderate their future perception about inflation in the economy, thereby reducing the current inflation rate (Gali and Gertler, 2007; Gali, 2008). Hence the success of the IT regime crucially depends on the existence of expectation channel of monetary policy transmission (MPT) in an economy. This study intends to investigate whether monetary policy shock, under both conventional and unconventional monetary policy tools, transmits to the real side of the economy via the expectations channel. The Reserve Bank of India’s survey-based household inflation expectation captures this channel in our analysis. 

Some Indian States are facing high debt-GSDP ratios and in that regard using time series analysis this paper attempts to understand the factors driving the debt positions of states in India. 

The evolution of gender budgeting in India has been marked by significant milestones and challenges. India formally adopted a Gender Budgeting policy in 2005-06, introducing the Gender Budget Statement (GBS) to track gender-sensitive allocations. The status of gender budgeting in India reflects continuous progress and institutionalization. As a first step towards assessing gender budgeting in the Indian context, this study develops an analytical approach to evaluate the effectiveness of government schemes from a gendered lens.

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.