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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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Aatmanirbhar Bharat: Foreign trade, capital flows, and India’s growth

The Atmanirbhar Bharat (self-reliant India) policy was announced by the central government, along with the economic package, as a response to the crisis triggered by the Covid-19 pandemic. In this pos...

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Covid-19 lockdown and migrant workers: Survey of vocational trainees from Bihar and Jharkhand

The nationwide lockdown in India hit migrant workers particularly hard and once travel restrictions were lifted, 11 million interstate migrants returned home. In this note, the authors present key fin...

  • Notes from the Field

A ten-point programme for economic recovery

The Indian economy has been experiencing a slowdown in growth of GDP in general and investment in particular, with the Covid-19 crisis being the last (big) straw. In this post, Gurbachan Singh present...

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Which jobs were ‘lost’ during India’s Covid-19 lockdowns? Evidence from online vacancy postings

Covid-19 and associated lockdowns across countries have had a devastating impact on the global economy and labour markets. In India, recent data show a historic economic contraction by 23.9% over the ...

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Covid-19: Assessing fiscal position of government in first quarter of 2020-21

In this post, Pandey and Raju analyse the trends in the revenue, expenditure, and borrowings of the Government of India in the first quarter of 2020-21, based on data released by the Controller Genera...

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Subsidies, merit goods, and fiscal space - II

In Part I of this two-part series, the authors presented their estimates of total budget subsidies, and their merit and non-merit components. In this part, they discuss the relationship between subsid...

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Subsidies, merit goods, and fiscal space - I

Mundle and Sikdar argue that rationalisation of the prevailing large volume of non-merit subsidies should constitute a major component of deep fiscal reforms in India. Doing so could free up the fisca...

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What would make India’s growth sustainable?

Much of the discussion on the economic slowdown in India in recent years – as well as on the government’s measures to tackle the present economic crisis due to the Covid-19 lockdown – is focused...

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Covid-19: Assessing vulnerabilities faced by microenterprises

In India, where microenterprises form a crucial foundation for livelihoods and employment, the effects of the Covid-19 lockdown can potentially be significant. Based on the first wave of a dynamic, mu...

  • Notes from the Field

Covid-19: Recession in India, and policy lessons from other countries

Given the prevailing economic situation in India and following the past experience of several developed countries, there is a clamour for accepting much larger fiscal deficits, and adopting unconventi...

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Covid-19: Conditions on state borrowing need a rethink

States have been in the firing line in the battle to save lives and livelihoods from the impact of Covid-19. However, the loss of economic activity following the nationwide lockdown, has wreaked havoc...

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Does easing controls on foreign borrowing boost firm performance?

The literature shows that rigid capital-control policies adversely influence international trade, but overlooks the relationships among access to external financing, firm-level productivity, and expor...

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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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