An autonomous research institute under the Ministry of Finance

 

Gender Budgeting for Viksit Bharat@2047

27/08/2025

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Gender budgeting is a crucial public financial management (PFM) tool that promotes fiscal transparency and accountability, ultimately driving gender equality outcomes. This approach is particularly significant in the context of Viksit Bharat@2047, where it can play a pivotal role in achieving inclusive and sustainable development. By applying a gender lens …


Record RBI Dividend: A Windfall, Not a Fiscal Panacea

30/07/2025

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A rate cut by the Reserve Bank of India on 6th June last month— bringing the repo rate down to 5.5%—could cast a long shadow on next year’s surplus, potentially reducing the size of the FY26 dividend and, with it, the government’s fiscal headroom. This possibility adds a layer of …


From Banks to AIFs and back: Analysing RBI’s regulatory responses to evergreening

24/06/2025

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(co-author : Abhijeet Singh, Lawyer and Research Fellow, NIPFP)


Alternative Investment Funds (AIFs) are pooling vehicles that provide an opportunity to invest in unlisted securities and to diversify portfolio. While these offer new avenues for investment, there are liquidity and volatility risks unique to the asset class. Although AIFs have …


Bridging the Gap: Examining the Revenue Challenges in RLBs and the Role of States

05/06/2025

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(co-author with Amarnath HK)

The latest RBI Report on the “Finances of Panchayati Raj Institutions 2020-21 to 2022-23” sheds some light on the powers and functional responsibilities of the most localized level of governance, i.e., Panchayati Raj Institutions (PRIs) and addresses a critical gap in their revenue needs. A study …


Bilateral Investment Treaties and Tax Sovereignty

19/05/2025

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(co-authored with Chetan Rao)

Bilateral Investment Treaties (BITs) evolved as important legal instruments for capital-exporting countries to ensure legal stability for their investments. In a world where there was once a clear division between capital exporters and importers, the objectives of investment protection and promotion served both sides. Over time, …