Commentary

India’s massive free foodgrain scheme has eased the cost of living for more than half of all households, but it also raises a tricky question: Should the consumer price index be revised accordingly? Or should our most important statistics reflect conceptual clarity?

NSE IPO rekindles debate over exchange ownership, profit motive and Sebi’s deep regulatory control

Developing a deep corporate bond market requires the political will to relinquish control over credit, not technical fixes

Abolishing Revenue Deficit Grants: A Sound Idea in Theory with an Uneven Landing in Practice. States bearing the greatest adjustment burden are not always those with the weakest fiscal records.

It’s very important to anchor our fiscal policy in terms of debt, because debt does matter. Higher debt is associated with higher debt servicing costs, and that can have opportunity costs and other consequences

The budget’s significance extends beyond immediate fiscal arithmetic. As a statement of financial accounts, it reflects the government’s priorities and reveals its theory of economic development. What’s striking is what this budget doesn’t do: it avoids grand claims about external conditions or global headwinds. Instead, it keeps its head down and focuses on the painstaking process and institutional reforms that are essential to sustaining India’s growth momentum.