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(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 …
A new fiscal consolidation roadmap
24/03/2025
(Co-authored with Abhishek Singh)
In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman reaffirmed the government's commitment to fiscal consolidation by setting a target of reducing the debt-to-GDP ratio to 50% (±1%) by 2030-31. This target is part of a new fiscal consolidation strategy for the five-year …
A Budget amidst macroeconomic uncertainties
07/03/2025
The Union Budget 2025-26 aims to balance fiscal consolidation, growth, climate change commitments, and the challenges of demographic transition. Key focuses include green bonds, climate fiscal instruments, boosting female labour force participation, and addressing the care economy and digital infrastructure needs.
The Union Budget 2025-26, in the context of macroeconomic …