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Macroeconomics

The growing burden of state subsidies

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Union Budget 2025-26: Many small measures but lacks big ideas

The Finance Minister recently presented the Union Budget for 2025-26. In this post, Rajeswari Sengupta notes that the most significant aspect of this Budget is the fiscal stimulus aimed at middle-clas...

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Uneven resilience: Why some emerging markets better navigate US monetary policy cycles

As the US dollar and monetary policy continue to have a significant impact on global financial dynamics, some emerging markets are observed to be more resilient than others to the policy cycles. Analy...

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Economic development of Punjab: Prospects and policies

While the north Indian state of Punjab topped per-capita income rankings within the country until year 2000, its position fell consistently thereafter. This article discusses the current state of Punj...

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Forecasting long-run Indian GDP using high-dimensional big data

This article describes an attempt to forecast of India's long-run GDP, which uses using quarterly data on macroeconomic variables from 1996-2021, and a dynamic factor model to establish long-run trend...

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Effect of food prices on inflation: Is monetary policy an effective tool?

With rising inflation becoming a global concern, Balakrishnan and Parameswaran discuss some explanations for the high inflation in India. They find that inflation was driven by a domestic rise in food...

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India’s debt dilemma

In the fifth article in the Ideas@IPF2023 series, Eichengreen, Gupta and Ahmed reveal how high levels of debt in India limit the resources available for other priorities. At the same time, they predic...

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Priorities for the G20 Finance Track

Considering the macroeconomic challenges faced by emerging markets, Eichengreen and Gupta outline a few key aspects of the financial agenda that G20 members could address. They discuss seven areas of ...

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Budget 2023-24: Fiscally conservative but lacking economic strategy

The Indian economy’s recovery from the Covid-19 pandemic has not been all good news: employment creation has stagnated, and government capex allocation has not been successful in generating private ...

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Pre-election Budget 2023-24: Short on extravagance, long on substance

The Union Budget presented earlier this month was the last full-year budget before next year's general elections. Rajat Kathuria looks back to India's economic performance in 2014 and suggests that th...

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I4I@10 | Emerging from Covid-19: Challenges and solutions

As India emerges from the Covid-19 pandemic, economists will have to rethink how they understand the Indian economy in context of global volatilities. In this panel, moderated by Amartya Lahiri, Viral...

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Budget 2023-24: Some good and no harm

Following the budget speech, Deepak Mishra weighs in on the extent to which the three goals of higher growth, better distribution, and stability were met. He discusses the Finance Minister’s success...

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Budget 2023-24: A wish list of priorities

Ahead of the release of the Union Budget for FY2023-24, Chetan Subramanian reveals his expectations about the government’s key priorities and how they could balance multiple objectives. He discusses...

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What contributed to the slowdown of the Indian economy during 2019-20

This article analyses the sources and correlates of the economic slowdown in the Indian economy during 2019-20. It establishes that the slowdown was largely confined to one year, and to the manufactur...

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Little evidence for 'too much finance'

The current consensus that the finance-growth nexus is more complex than previously assumed has led to concerns about ‘too much finance’. Using a large panel dataset over six decades, this article...

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An illusory Phillips curve: Is now the right time for a rate hike?

The Phillips curve represents an inverse relationship between inflation and unemployment. In this post, Parantap Basu argues that the ‘illusory’ Phillips curve in western industrial nations is dri...

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Kishan Narayan

Northeastern University

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Rajeswari Sengupta

Indira Gandhi Institute of Development Research

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Prachi Mishra

Ashoka University

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Nikhil Patel

International Monetary Fund

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Joshua Aizenman

University of Southern California

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Gazi Salah Uddin

Linköping University, Sweden

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Jamel Saadaoui

University Paris 8

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Irfan Qureshi

Asian Development Bank

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Most Popular Macroeconomics Posts

Land in India: Market price vs. fundamental value

The Real Estate (Regulation and Development) Bill, 2015, is focused on protecting the few home buyers who can afford to buy homes but does not address the issue of high land prices, which is a very se...

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Land records and titles in India

Land ownership is broadly determined by access to a land title, which protects the rights of the title-holder, and impacts livelihoods, and industrial, economic, and social growth. However, land title...

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West Bengal’s economic performance relative to India over the last three decades

Against the backdrop of the ongoing elections in West Bengal, Maitreesh Ghatak examines how the state’s economic performance compares with that of the country as a whole, over the past three decades...

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