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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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Growth, well-being and distribution in the last decade – II

In the first part of this two-part series, Balakrishnan and Parameswaran presented an assessment of the performance of the Indian economy on macroeconomic indicators. In this post, they focus on well-...

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Budget 2021-22: Over-reliance on infrastructure investment to spur growth?

Commenting on the strong infrastructure push in the 2021-22 Budget, Sarmistha Pal argues that an emphasis on investment in infrastructure may not necessarily bring India out of the current economic re...

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Budget 2021-22: Missed opportunity for increasing tax collection

Examining income tax announcements of Budget 2021-22 with a broader perspective, Gurbachan Singh highlights the need to increase tax collection in India in a gradual and careful but sustained manner. ...

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Budget 2021-22: A gender lens

Examining the 2021-22 union budget through a gender lens, Nalini Gulati discusses what the budget does – and does not do – for women in the Indian economy, particularly with respect to the digital...

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An assessment of policy performance under the current regime

Commenting on the recent policy paper by Subramanian-Felman, Maitreesh Ghatak discusses why – looking at the same numbers – he would tend to be less generous in his grades for the performance of p...

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Fiscal rules during the Covid-19 pandemic

Several countries have amended their fiscal rules to provide for additional public spending, in order to revive their economies that have been adversely hit by the pandemic. This post examines the fis...

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The Indian economy and policymaking: Towards ‘openness’

Providing his perspective on the recent policy paper by Subramanian and Felman, Nirvikar Singh contends that more emphasis is needed on financial reforms and innovation, addressing India’s export sl...

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State of the Indian economy: Diagnosis and recommendations

Arvind Subramanian (India’s former Chief Economic Adviser) and Josh Felman (former IMF Resident Representative to India) have brought out a new policy paper, offering a diagnosis of the Indian econo...

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“New Welfarism”: Old wine, new bottles?

Commenting on the recent policy paper by Subramanian and Felman, R Nagaraj contends that the authors imaginative re-branding of the erstwhile ‘populist schemes’ as “New Welfarism of the Right”...

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Evaluating inflation targeting in India

In March 2021, India will complete five years since the adoption of the inflation targeting framework by the government and RBI. Analysing inflation data since 1996 using alternative models, this arti...

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Inflation targeting and capital flows

Current law in India mandates a review of the target inflation rate by 31 March 2021 for a five-year period. Several critics have called for abandoning the flexible inflation targeting regime altogeth...

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Covid-19 crisis: Response should not undermine institutions

The unprecedented economic crisis triggered by the Covid-19 pandemic has resulted in calls for drastic actions on part of the government and RBI. In this post, Sengupta and Vardhan content that these ...

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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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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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