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Macroeconomics

Why next-generation economic reforms are crucial for reviving investment

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The growing burden of state subsidies

Delivery of welfare benefits to citizens by state governments in India often takes the form of subsidies. Analysing budgetary data from seven Indian states for the period between 2018-19 and 2022-23, ...

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High public debt in India: 9 stylised facts

The Covid-induced surge in public debt in India was unique compared to its own history, but also bigger and driven by different factors relative to the average emerging market economy. In this post, M...

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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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India’s service-led economic growth

Structural transformation that involves a shift from agriculture straight to services, is a cause of concern to many scholars as an expanding service sector might be a pale substitute to technical pro...

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Business sentiments and labour markets

The Covid-19 pandemic and associated lockdowns have had a significant adverse impact on jobs and livelihoods. Using 2006-2021 data from a survey on business sentiments, this article examines fluctuati...

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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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From abundant global liquidity to selective lending: How corporate finance has changed

Global credit has experienced significant changes in the last two decades. Analysing data on 1,160 Indian firms for the 2000-2017 period, this article shows that in the period following the global fin...

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Growth in India: Narratives and evidence

There are various narratives on the trajectory of India’s economic growth, and its key determining factors. This article analyses the recently released GDP data series at 2011-12 prices, extending b...

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De-globalisation driven by global crises

Concerns associated with the Covid-19 pandemic have led to new rationales of protectionism, with renewed emphasis on domestic production and sourcing. In this post, Assaf Razin compares the current ec...

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A world of no lockdowns: The case of South Korea and Sweden

While most of the world was under lockdown during the Covid-19 pandemic of 2020, two countries, Sweden and South Korea, decided to keep their economies open. In this post, Bhatia et al. use a metric o...

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Of twists and turns: Monetary policy and ‘term premium’

As India’s economic growth slowed down in recent years, the reliance on monetary policy to stimulate growth increased significantly – especially during the pandemic. Analysing data from 2018-2020,...

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Inflation targeting in India: An interim assessment

Inflation targeting in India is a work-in-progress, with a five-year review due by March 2021. This article presents an interim assessment suggesting that significant progress has already been achieve...

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Budget 2021-22: A political economy perspective

Examining the 2021-22 Union Budget with a political economy lens, Yamini Aiyar contends that the policy choices reflects Government of India’s propensity to centralise rather than to devolve, and a ...

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Budget 2021-22: Does it address structural issues?

Highlighting some of the key features of the 2021-22 Union Budget, Sarthak Agarwal contends that although this Budget was presented in an exceptionally difficult period for the Indian economy, policym...

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Budget 2021-22: A passing grade

Assessing the 2021-22 Union Budget, Bhaskar Dutta argues that while there are several positive features, the overall thrust is disappointing because it does not address the needs of the poor.

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Shishir Gupta

Centre for Social and Economic Progress (CSEP)

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Rishita Sachdeva

Centre for Social and Economic Progress (CSEP)

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Kishan Narayan

Northeastern University

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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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University of Southern California

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Linköping University, Sweden

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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...

  • Articles