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 …

(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 …

(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 …

(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, …

(Co-authored with Sri Hari Nayudu A.)

India’s federal structure is under stress on several grounds, particularly tax devolution between Centre and states, and among states. Finance Commissions play a critical role in the devolution process. However, a drawback in their approach has been the absence of an adequate level of …