An autonomous research institute under the Ministry of Finance


Ongoing projects

State of the Economy: Quarterly Assessment and Growth Outlook Report to the EAC-PM

  • Start date Nov., 2020
  • Completion date Oct., 2021
  • Sponsor Economic Advisory Council to the Prime Minister (EAC-PM)
  • Project leader Pinaki Chakraborty
  • Other faculty R. Kavita Rao, Lekha Chakraborty, Sabyasachi Kar, P.R. Jena, Manish Gupta, Rudrani Bhattacharya, Amey Sapre
  • Focus

    A note on the quarterly assessment of the state of the economy, covering trends in growth, inflation, trends in tax collection of Central and state governments, developments in monetary and fiscal policy. 

Assessment of Revenues, Expenditure and Budget Allocation to Union Territories (Draft report submitted in October 2020)

  • Start date April, 2019
  • Sponsor Ministry of Home Affairs, Government of India
  • Project leader Mita Choudhury, Amey Sapre
  • Focus

    The study on revenue and expenditures of Union Territories (UTs) — with and without legislature — has several fiscal dimensions as the expenditures of most UTs are borne directly by the Central Government, through the budget of the Ministry of Home Affairs. The study has undertaken a comprehensive analysis of the revenue and expenditure position of UTs and has proposed a budget allocation mechanism that will bring objectivity in fund allocation to them, particularly those without legislatures. The study has relevance for the Ministry of Finance as it addresses an important aspect of fund allocation to UTs and identifies areas for improving fiscal management in them.

Bi-annual Review of the Compliance of the Provisions of the Madhya Pradesh FRBM Act, 2017-18 and 2018-19

  • Start date Feb., 2021
  • Completion date Sept., 2021
  • Sponsor Government of Madhya Pradesh
  • Project leader Pratap Ranjan Jena
  • Focus

    The study involved assessing the fiscal performance of the Government of Madhya Pradesh and its compliance with the provision of the FRBM Act during in 2017-18 and 2018-19. The study proposes to undertake a detailed assessment of state finances that includes revenue performance, spending priorities, budget management systems. The study will evaluate compliance with provisions of the FRBM Act. The study will be placed before the state legislature.

Issues before Tamil Nadu Sixth State Finance Commission

  • Start date Dec., 2020
  • Sponsor Sixth State Finance Commission, Government of Tamil Nadu
  • Project leader Pinaki Chakraborty
  • Other faculty Manish Gupta
  • Consultants/Other authors Sampreet Kaur
  • Focus

    The study highlights the issues and challenges faced by the Sixth State Finance Commission of Tamil Nadu in addressing its Terms of Reference in light of the Covid-19 pandemic, which adversely affected the finances of local governments, and the local body grants recommended by the Fifteenth Finance Commission. The Fifteenth Finance Commission, in its final report of the period 2021-22 to 2025-26, recommended a substantial increase in local body grants. However, to avail these grants, the state has to meet a number of entry-level conditions. Additionally, a sizable proportion of its grants were tied grants.

Revising Manual for Indian Public Finance Statistics

  • Start date Jan., 2020
  • Completion date Aug., 2021
  • Sponsor Department of Economic Affairs, Ministry of Finance
  • Project leader H. K. Amar Nath
  • Other faculty Manish Gupta, Srihari Nayudu
  • Focus
    In view of the recent changes in Central transfers to states, Central support to states’ budgets, tax structures (introduction of GST) and discontinuation of Plans, the contents of Indian Public Finance Statistics (IPFS) need changes. There is a need to discontinue certain sections while others needs restructuring. The study would: 
    examine the chapters/sections/tables which can be discontinued; 
    examine where additional information needs to be included in the context of recent developments;  
    suggest additions or deletion in the existing table formats; and 
    prepare a format and fill in the data for two years.