The revenue shortfalls are offset by expenditure compression, keeping the headline deficit on target.

Fin­ance Min­is­ter Nirmala Sithara­man presen­ted the Budget for 2026-27 at a moment of heightened global uncer­tainty. Trade ten­sions, shift­ing mon­et­ary policy in advanced eco­nom­ies and per­sist­ent sup­ply-chain fra­gil­it­ies all loom large.

Mar­kets showed a short-term “ran­dom-walk” …

There is a shadow of 16th Finance Commission on Union Budget 2026-27 presented today.

The Sixteenth Finance Commission (FC-16) report, tabled in Parliament today, covering the period 2026-31, retains the magnitude of tax transfers at 41 percent amidst the grand bargain by the states. It offers a balanced yet cautious …

It is suggested that Indian investors have taken a liking to the Indian stock market¹. As retail investors and individual traders enter the market regulators and experts worry about the implications of the trend. A significant aspect of this trend is the income profile of investors and their …

(Co-authored with Lekha Chakraborty)

India’s commitment to net-zero emissions by 2070 demands transformative investments across energy systems, infrastructure, and climate resilience. Recent estimates suggest an annual requirement of around US$250 billion to scale low-carbon technologies and build climate resilience (Department of Economic Affairs 2025).

In May 2025, the Department of …

(Co-authored with Lekha Chakraborty)

Artificial intelligence (AI) is rapidly emerging as a general-purpose technology with the potential to drive significant productivity growth and reshape labour markets worldwide. Yet, as historical technological shifts have shown, its benefits are often unevenly distributed—both across countries and within them. In G20 economies, nations that …