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Latest posts
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How courts choose arbitrators
by Animesh Bordoloi and Prashant Narang . A court hearing an application under section 11 of the Arbitration and Conciliation Act 1996 must answer two questions. Should an arbitrator be appointed? If so, who should it be? Indian arbitration law has paid far more attention to the…
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A District-Level Dataset of Building Volume and Nighttime Lights
by Ayush Patnaik and Kapilan Mahalingam. How fast is Pune growing, compared with Nagpur? Is Coimbatore catching up with Chennai? In India, these simple questions are surprisingly hard to answer. The official statistics that describe the Indian economy are, for the most part,…
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Better public procurement for IT in India
by Ashok Pal Singh, Karthik Suresh , and Susan Thomas . Information technologies (IT) are now ubiquitous in government. The Government of India has more than tripled its expenditure in real terms on large-scale "mission mode projects" over the last fifteen years. Yet, we see…
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Spending as Planned: Efficiency of Drug Procurement in Tamil Nadu
by Pavithra Manivannan , Aakriti Narang, and Susan Thomas . Introduction A robust public financial management (PFM) system ensures that resources allocated in the budget are deployed as planned. One way to test this is the spending gap: the difference between what a state…
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Supply, stress and shortfalls: How India met its high electricity demand in September 2026
by Upasa Borah and Renuka Sane . India has been touching new electricity demand peaks this year: 256.1 GW on 25th April , 265 GW on 20th May, and an all-time peak of 270.8 GW on 21st May . This demand has also been higher than the levels projected by the Central Electricity…
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Solar and batteries have beaten coal pricing in coal's game: Frequently asked questions
by Nikit Abhyankar, Amol Phadke and Ajay Shah. We recently published three articles, triggered by the remarkable SECI tender for thermal-mimicking power, where solar power and batteries achieved a lower price than new coal: Shah, Ajay. 2026. " Consequences of cheap electricity…
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Cross-Border Frictions in India and Impact on Growth - A practitioner's View
by G. Padmanabhan. Abstract Since 1991, India has sought to integrate more closely with the world economy. The scale of this engagement is now substantial. In 2025–26, exports of goods and services were over USD 863 billion, including USD 421 billion of services exports.…
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Is Kerala really credit-deficient?
by Abhilash S. Kerala carries a familiar label: "deposit-surplus, credit-deficient." Deposits in its banks exceed what those banks lend, and its credit-deposit (CD) ratio runs below the national figure. The charge has been repeated in the state legislature and at State Level…
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"Fairy Tales of Western Development" by Yuen Yuen Ang: A review
by Anirudh Burman . Introduction Yuen Yuen Ang's "Fairy Tales of Western Development: The Non-Democratic Origins of Fiscal Capacity in Britain, the US, and China" challenges an influential account of fiscal-state formation. According to her, this prevailing account explains that…
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Announcements
Call for papers: Finance for the Clean Energy Transition Date: 16th November 2026 Organisers: XKDR Forum Venue: XKDR Forum, Mumbai, India Mode : Hybrid Overview XKDR Forum invites submissions for its upcoming conference, Finance for the Clean Energy Transition. The conference…
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Renewable Energy with Storage Can Match Coal’s Reliability and Operating Profile at a Lower, Fixed Price: Evidence from India's Market Test
by Amol Phadke, Nikit Abhyankar, and Umed Paliwal. Despite dramatic declines in clean-energy costs, more than \$1 trillion investments in new coal and gas plants is under consideration worldwide, largely because conventional plants are assumed to be the only economical way to…
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Regulating the regulators: Assessing regulation-making frameworks in India's financial sector
by Natasha Aggarwal and Renuka Sane . Indian regulators, like the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI), routinely wield quasi-legislative powers. For example, Section 30 of the Securities and Exchange Board of India Act, 1992 empowers…
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Envisioning the INR as a floating exchange rate
by Rounak Hande, Rajeswari Sengupta and Ajay Shah. The Question A central question in macroeconomic policy is the exchange rate regime. In the long-run, India's economic strategy should move to a combination of inflation targeting, floating exchange rate and an open capital…
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The curious case of definition and adjudication of front running in India
by Natasha Aggarwal , Amol Kulkarni and Bhavin Patel . One of the core legislative mandates of the Securities and Exchange Board of India (SEBI) is to prohibit fraudulent and unfair trade practices (FUTP) relating to securities markets. A practice commonly classified as FUTP is…
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Reassessment after the Finance Act, 2021: from "reason to believe" to jurisdictional gates
by Laveesh Bhandari, Prashant Narang and Aryan Pandey. Tax statutes globally provide for reassessment power to an Assessing Officer (AO) enabling them to relook at a filed assessment. Reassessment powers are contested because they strike at the heart of finality and certainty…
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Foreign equity investment in India: A stall, not a reversal
by Sanjuktha Athreya. In 2026, many have expressed concern about the flight of foreign portfolio investors from India. Examples of this alarm are found here , here , here , here , here and here . Capital flow reversals are an important concern in the literature on international…
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What happens when the CCI decides not to investigate?
by Natasha Aggarwal , Amol Kulkarni, Shruti Aji Murali, Bhavin Patel , and Vishnu Suresh. The Competition Commission of India’s (the “CCI’s”) orders under Section 26(2) of the Competition Act, 2002 (the “Act”) are an important part of it’s preliminary screening function: they…
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Using Land for Economic Development: India's Land Problem Is Also a Public-Finance Problem
by Anirudh Burman . Policy makers have traditionally considered the state's use of land for economic development as only a property rights problem. Using land for economic development is one of the main ways in which Indian cities are built and expanded. Roads, metros, housing,…
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What do we observe about GST at the firm level?
by Ajay Shah and Atibhi Sharma. The introduction of the Goods and Services Tax (GST) in 2017, was an important milestone in the evolution of Indian tax policy. By consolidating a fragmented web of central excise, state value added taxes (VATs), and local entry taxes, the reform…