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CSEP Annual Report 2024-2025
Sunday, November 2
Domains
Growth, Finance, Health & Human Development
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Administration & Finance
Staff Directory
Vikram Singh Mehta
Chairman & Distinguished Fellow
Laveesh Bhandari
President and Senior Fellow
Rakesh Mohan
President Emeritus & Distinguished Fellow
Shivshankar Menon
Distinguished Fellow
Montek Singh Ahluwalia
Distinguished Fellow
Anoop Singh
Distinguished Fellow
Jaimini Bhagwati
Distinguished Fellow
N.K. Singh
Distinguished Fellow
Shishir Gupta
Senior Fellow
Rahul Tongia
Senior Fellow
Rajesh Chadha
Senior Fellow
Sandhya Venkateswaran
Senior Fellow
Janak Raj
Senior Fellow
Renu Kohli
Senior Fellow
Amarjeet Sinha
Senior Fellow
Constantino Xavier
Senior Fellow
Uday Singh Mehta
Visiting Senior Fellow
Indrani Gupta
Visiting Senior Fellow
Om Prakash Mathur
Visiting Senior Fellow
Sanjay Kathuria
Visiting Senior Fellow
T.G. Srinivasan
Visiting Senior Fellow
Shalabh Srivastava
Visiting Senior Fellow
Amaresh Dubey
Visiting Senior Fellow
Shreekant Gupta
Visiting Senior Fellow
Badri Narayanan Gopalakrishnan
Visiting Senior Fellow
Deepak Maheshwari
Senior Policy Advisor
Anuradha De
Senior Policy Advisor
Kiran Bhatty
Senior Policy Advisor
Bhaskar Chakravorti
Non-Resident Senior Fellow
Rajasekhar Devaguptapu
Fellow
Shyamasis Das
Fellow
Priyadarshini Singh
Fellow
Neethi Rao
Fellow
Pooja Vijay Ramamurthi
Fellow
Veda Vaidyanathan
Fellow
Prerna Prabhakar
Fellow
Utkarsh Patel
Fellow
Sharath Rao
Visiting Fellow
Daljit Singh
Visiting Fellow
Debarpita Roy
Visiting Fellow
Amrita Agarwal
Visiting Fellow
Vandana Vasudevan
Visiting Fellow
Yashika Singh
Visiting Fellow
Anirudh Shingal
Visiting Fellow
Abhishek Agarwal
Visiting Fellow
Smita Brunnermeier
Non-Resident Fellow
Jabin Jacob
Non-Resident Fellow
Anit Mukherjee
Non-Resident Fellow
Karthik Nachiappan
Non-Resident Fellow
Sahil Gandhi
Non-Resident Fellow
Ganesh Sivamani
Associate Fellow
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Associate Fellow
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Associate Fellow
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Associate Fellow
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Khushi Singh Rathore
Non-Resident Associate Fellow
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Uday Mehta
Ulrich Voltz
Umesh Kumar
Umika Chanana
Urvashi Sahni
Utkarsh Dalal
Utkarsh Patel
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Vaidehi Tandel
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Vrinda Gupta
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Year
All
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Publications : RESEARCH
Journals and Other Publications
Energy, Natural Resources & Sustainability
Environmental Backsliders, Repeat Offenders and Capital Markets: Evidence...
Authors Shreekant Gupta, Bishwanath Goldar, Shubham Dang, and Omer F. Baris ask whether financial markets distinguish between backsliding – a deterioration in environmental performance – and persistent underperformance.
Shreekant Gupta
,
Bishwanath Goldar
,
Shubham Dang
&
Omer F Baris
September 24, 2025
Journals and Other Publications
Growth, Finance, Health & Human Development
Digital Inclusion: Policy Pathways for Public-Private Partnerships
The digital divide persists, especially along gender, geographic and generational lines. By combining the convening power of the public sector with private sector entrepreneurship, well-designed and executed public-private partnerships (PPPs) may bridge such gaps says Deepak Maheshwari.
Deepak Maheshwari
September 19, 2025
Journals and Other Publications
Electricity
Renewable Energy and India’s Demand Growth
This study evaluates whether incremental RE can meet aggregate demand growth, examining time-of-day variations, asking if this can avoid higher fossil fuel use.
Rohit Vijay
&
Rahul Tongia
September 12, 2025
Journals and Other Publications
Climate Change
Seven Lessons for India’s Climate Finance Taxonomy
Response to the Department of Economics Affairs’ Public Consultation on the Draft Framework for India’s Climate Finance Taxonomy.
Kritima Bhapta
,
Juan Pablo Martínez
,
Alia Yusuf
,
Renu Kohli
&
Joseph Feyertag
September 12, 2025
Journals and Other Publications
Growth, Finance, Health & Human Development
Shifting power dynamics in global health governance – a challenge and an...
This commentary, emerging from the Regional World Health Summit in New Delhi (April 2025), examines how countries in South and Southeast Asia are responding to these pressures through enhanced regional cooperation. The authors identify five key pathways for strengthening collective health governance.
Neethi Rao
,
Priyanka Tomar
,
Illona Kickbusch
,
Helen Clark
,
Srinath Reddy
,
Priya Basu
,
Indu Bhushan
,
Jae Kyoun Kim
,
Sandhya Venkateswaran
&
Nadine Monteiro
August 21, 2025
Journals and Other Publications
Foreign Policy & Security
Global Gateway : Advancing EU-India Priorities in the Indo-Pacific
This policy brief by Riya Sinha and Giulia Tercovich examines how the EU’s Global Gateway and India’s regional connectivity vision can be aligned to advance shared priorities in the Indo-Pacific.
Riya Sinha
July 10, 2025
Journals and Other Publications
Fiscal Governance and Architecture
Capital Spending in India: Bridging the Data Gaps
Published in the Indian Public Policy Review journal, this paper extends the methodologies developed in earlier papers to critically examine capital expenditure (capex) reporting practices in India.
Anoop Singh
,
Radha Malani
&
Shruti Gupta
May 26, 2025
Journals and Other Publications
Foreign Policy & Security
India’s Institutional Cooperation on Climate Resilience in the Bay of...
The policy brief focuses on regional cooperation mechanisms, including the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) and the Bay of Bengal Large Marine Ecosystem Project (BOBLME), write Pooja Ramamurthi & Riya Sinha for the Institute of Peace and Conflict Studies.
Pooja Ramamurthi
&
Riya Sinha
March 26, 2025
Journals and Other Publications
Energy, Natural Resources & Sustainability
Compensating for the Fiscal Loss in India’s Energy Transition
India has committed to ambitious targets, aiming to achieve net-zero emissions by 2070; however, this transition away from fossil fuels presents significant fiscal and institutional challenges, that warrant careful examination.
Laveesh Bhandari
,
Rajat Verma
&
Dhruva Teja Nandipati
March 24, 2025
Journals and Other Publications
Foreign Policy & Security
India in a World Adrift: A Rising Power Takes its Place Among Rivals
The pace of change in Asian geopolitics is accelerating. What role will India play in a rebalanced Asian system? - Shivshankar Menon writes for the Lowy Institute.
Shivshankar Menon
March 17, 2025
Journals and Other Publications
Minerals & Mining
State of the Sector: Critical Energy Transition Minerals for India
This report is a collaborative effort by Council on Energy, Environment and Water (CEEW), Centre for Social and Economic Progress (CSEP), Indian Council for Research on International Economic Relations (ICRIER), International Institute for Sustainable Development (IISD) and Shakti Sustainable Energy Foundation (SSEF).
Rajesh Chadha
,
Karthik Bansal
&
Ganesh Sivamani
January 30, 2025
Journals and Other Publications
Financial Sector & Development
Recent Developments in Indian Central Banking: Flying Through Turbulence...
This paper was published in the Asian Economic Policy Review (AEPR), edited by Takatoshi Ito, Kazumasa Iwata, Colin McKenzie and Shujiro Urata. AEPR is the journal of the Japan Center for Economic Research.
Partha Ray
&
Rakesh Mohan
January 24, 2025
Journals and Other Publications
Foreign Policy & Security
Growth, Finance, Health & Human Development
South Asia’s Conundrum: Turning Potential Into Sustained Progress
This paper was published in the Asian Economic Policy Review (AEPR), edited by Takatoshi Ito, Kazumasa Iwata, Colin McKenzie and Shujiro Urata. AEPR is the journal of the Japan Center for Economic Research.
Sanjay Kathuria
January 24, 2025
Journals and Other Publications
Sambandh: Regional Connectivity Initiative
Building Bridges Across the Indian Ocean: Australia-India Cooperation for...
This report by Riya Sinha examines Australia and India’s engagement across various stages of port development in the Bay of Bengal, particularly in Sri Lanka, Bangladesh and Myanmar, extending beyond port construction and including port operations and logistics.
Riya Sinha
December 16, 2024
Journals and Other Publications
Renewable Energy & Clean Tech
Enabling Role of Policies to Make Public Charging Infrastructure...
The present paper is concerned with shedding light on the financial viability of setting up public charging infrastructure in a range of implementation situations in an Indian city and the possible role of policies and regulations to make charging business attractive.
Shyamasis Das
October 15, 2024
Journals and Other Publications
Sambandh: Regional Connectivity Initiative
Australia’s South Asia Connectivity and Infrastructure Engagement:...
Riya Sinha writes about the South Asia Regional Infrastructure Connectivity (SARIC) framework for the United States Studies Centre.
Riya Sinha
October 3, 2024
Journals and Other Publications
Health and Human Development
House Prices in India – How High, and for How Long?
In this EPW article, Shishir Gupta, Nandini Agnihotri and Annie George shed light on the state and dynamics of house prices in India by leveraging a unique dataset that gives house prices over the past 30 years.
Shishir Gupta
,
Nandini Agnihotri
&
Annie George
September 17, 2024
Journals and Other Publications
Health and Human Development
Economic Growth and Human Development in India –Are States Converging?
The paper examines the issues in adapting flexible inflation targeting (FIT) for emerging markets. This framework is crucial for analysing the evolution and performance of FIT in India.
Janak Raj
,
Vrinda Gupta
&
Aakanksha Shrawan
June 17, 2024
Journals and Other Publications
Climate Change
How India can Reach Net Zero: A Strategy for 2025–35
This paper assesses the feasibility of India achieving its stated objective of getting to net zero carbon emissions by 2070 and outlines a possible strategy for the next 10 years consistent with this goal.
Montek Singh Ahluwalia
&
Utkarsh Patel
June 12, 2024
Journals and Other Publications
Fiscal Governance and Architecture
Government Size and Risk Premium
Given the rise in the government debt level in recent times, this paper aims to examine the effect of an increase in government size on risk premium and its transmission in the economy.
Abhishek Kumar
April 2, 2024
Journals and Other Publications
Financial Sector & Development
Emerging Markets and Developing Economies in the Global Financial Safety...
The authors argue that there is a need to extend and facilitate access to the ultimate global financial safety net layer: the IMF. We illustrate that by pointing out how Morocco and Mexico have boosted their defensive power by having access to IMF precautionary lines of ...
Amshika Amar
February 20, 2024
Journals and Other Publications
Health and Human Development
Interlinkages Between Economic Growth and Human Development in India: A...
This study explores the relationship between economic growth and non-income components (health and education) of the Human Development Index (HDI) for 26 Indian states during the period from 1990 to 2019.
Janak Raj
,
Vrinda Gupta
&
Aakanksha Shrawan
February 9, 2024
Journals and Other Publications
Climate Change
Future of Energy
Simulating the Socio-Economy-Environment Impacts of Ecotaxes in India: An...
Pricing carbon, either directly or indirectly, provides a price incentive to producers to reduce their greenhouse gas emissions. Therefore, it is important to examine the impact of such governmental policies on the economy, emissions, and particularly households, who will bear the incidence of such taxes.
Ganesh Sivamani
&
Rajat Verma
December 6, 2023
Journals and Other Publications
Financial Sector & Development
Tax Buoyancy: Too Noisy for Signals
This paper focuses on tax buoyancy, which includes discretionary policy changes, to examine how the historical relationship of tax revenues with income may have been disturbed by exceptional shocks.
Renu Kohli
December 4, 2023
Journals and Other Publications
Foreign Policy & Strategy
Strategic Reflections: APF Canada Analysis of Canada’s Indo-Pacific...
This report has been launched by Asia Pacific Foundation of Canada (APF Canada) with an aim to present varied views from APF Canada-affiliated experts on Indo-Pacific Strategy and encourage an understanding of Canada's evolving role in the region.
Karthik Nachiappan
December 1, 2023
Journals and Other Publications
Foreign Policy & Strategy
Bridging the North and South: Towards Sweden-India Development Cooperation...
Constantino Xavier's essay offers a policy roadmap to enable Sweden and India to implement joint development cooperation initiatives in third countries in the Indian Ocean region and East Africa.
Constantino Xavier
November 29, 2023
Journals and Other Publications
Future of Energy
Going Green in India: Balancing Energy Security and the Energy Transition
This essay examines India’s energy security in the short and medium term and finds that development needs will drive the country’s energy policy, which balances energy security with the energy transition.
Rahul Tongia
November 22, 2023
Journals and Other Publications
Fiscal Governance and Architecture
The Essential Reform of the International Monetary System
Anoop Singh, Bernard Snoy and Michel Camdessus analyse the need to reform the international monetary system.
Anoop Singh
October 16, 2023
Journals and Other Publications
Climate Change
Safeguarding Decades of Development: The International Monetary Fund’s...
The policy brief from the Task Force on Climate, Development and the IMF proposes a ‘loss and damage package’ at the IMF that spans its surveillance, lending toolkit and global policy coordination.
CSEP
October 10, 2023
Journals and Other Publications
Fiscal Governance and Architecture
The Nature and Implications of Off-Budget Borrowings in India: Centre and...
Shruti Gupta and Kevin James examine the regulatory framework and institutional gaps surrounding off-budget borrowings in India. It attempts to build a comprehensive understanding on the methods used for such borrowings and ascertains their true extent.
Shruti Gupta
&
Kevin James
June 5, 2023
Journals and Other Publications
Energy, Natural Resources & Sustainability
Journals and Other Publications
Renewable Energy & Clean Tech
Research
Historical Wind Power in Karnataka Differs from Predictive Models: A...
Marty Shwarz and Rahul Tongia examine the performance of wind power across climatology, technology, and location.
Rahul Tongia
February 8, 2023
Journals and Other Publications
Climate Change
Inequality in Air Pollution Mortality from Power Generation in India
Abstract India’s coal-heavy electricity system is the world’s third largest and a major emitter of air pollution and greenhouse gas emissions. Consequently, it remains a focus of decarbonisation and air pollution control policy. Considerable heterogeneity exists between states in India in terms of electricity demand, generation ...
Rahul Tongia
December 15, 2022
Journals and Other Publications
Electricity
Subnational Implications from Climate and Air Pollution Policies in...
This analysis provides valuable guidance about the development of the power sector and the costs associated with different development pathways.
Rahul Tongia
December 1, 2022
Journals and Other Publications
Coal, Oil & Gas
Sustained Cost Declines in Solar PV and Battery Storage Needed to...
The results of this research describe the challenging technological and policy advances needed to achieve the temperature goals of the Paris Agreement.
Rahul Tongia
December 1, 2022
Journals and Other Publications
Health and Human Development
Political Motivation as a Key Driver for Universal Health Coverage
The paper separates motivation as a distinct factor for analysis because, in the absence of strong incentives, not every political opportunity may lead to attention to an issue, and finds that reforms were motivated by a need to gain political legitimacy by an incoming regime, or ...
Sandhya Venkateswaran
,
Shruti Slaria
&
Sampriti Mukherjee
November 15, 2022
Journals and Other Publications
Sub-National Economy
Do Mandatory Disclosures Squeeze the Lemons? The Case of Housing Markets
The questions this paper answers are: what is the impact of mandatory disclosure of housing quality on prices? Do mandatory disclosures have differential impact across housing sub-markets and income groups?
Sahil Gandhi
&
Nandini Agnihotri
October 21, 2022
Journals and Other Publications
Financial Sector & Development
Macroeconomic Policy, Trade & Competitiveness
Bank Credit Risk and Macro-prudential Policies: Role of Counter-cyclical...
This paper investigates the impact of counter-cyclical capital Buffer (CCyB) as a macro-prudential policy, on bank credit risk, during uncertain times, as banking sector stability is crucial in promoting financial intermediation.
Abhishek Kumar
October 10, 2022
Journals and Other Publications
Fiscal Governance and Architecture
India’s Public Financial Management System: Need for Reforms and Way...
The paper looks at the key areas in which India needs Public Financial Management (PFM) reforms, building on the provisions of a draft PFM law prepared by an expert group and cited by the Fifteenth Finance Commission.
Kevin James
&
Anoop Singh
September 26, 2022
Journals and Other Publications
Security & Defence
Towards control and effectiveness: The Ministry of Defence and...
Anit Mukherjee examines a possibly pernicious effect of a civilian dominated defence ministry and highlights the importance of expertise in enhancing both control and military effectiveness.
Anit Mukherjee
September 22, 2022
Journals and Other Publications
Financial Sector & Development
What Drives Indian Inflation? Demand or Supply
In this paper, using data from a large emerging economy, Ashima Goyal and Abhishek Kumar identify a structural shock (inflation shock) that explains the maximum forecast error variance of consumer prices
Abhishek Kumar
September 12, 2022
Journals and Other Publications
Minerals & Mining
Jharkhand Mining Summit
Jharkhand Mining Summit hosted by PHD Chamber of Commerce and Industry.
Rajesh Chadha
,
Ganesh Sivamani
&
Ishita Kapoor
August 30, 2022
Journals and Other Publications
Financial Sector & Development
Market Volatility, Monetary Policy and the Term Premium
The authors use time-varying VAR models to study the effects of option-implied measures of equity and bond market volatilities on the government bond term premium and key macroeconomic variables.
Abhishek Kumar
August 23, 2022
Journals and Other Publications
Electricity
Balancing India’s 2030 Electricity Grid Needs Management of Time...
Rahul Tongia's study presents results from the first-of-a-kind model to handle high uncertainty, which uses parametric analysis instead of stochastic analysis for grid balancing based on economic despatch through 2030, covering 30-min resolution granularity at a national level.
Rahul Tongia
August 3, 2022
Journals and Other Publications
Sub-National Economy
Explaining India’s Housing Vacancy Paradox
Sahil Gandhi, Richard K Green and Shaonlee Patranabis look at the paradox of high vacancy rates and homelessness in Indian cities.
Sahil Gandhi
,
Richard K Green
&
Shaonlee Patranabis
August 3, 2022
Journals and Other Publications
Climate Change
The Future of Climate and Development
CSEP President and Distinguished Fellow Rakesh Mohan at the Future of Climate & Development, hosted by the Task Force on Climate, Development and the International Monetary Fund.
Rakesh Mohan
July 7, 2022
Journals and Other Publications
Minerals & Mining
Critical Minerals for India at Global Trade Analysis Project (GTAP)
CSEP Research Associate Ganesh Sivamani presented the paper co authored with Senior Fellow Rajesh Chadha, on critical minerals and green technologies at the 25th Annual Conference on Global Trade Analysis.
Rajesh Chadha
&
Ganesh Sivamani
June 30, 2022
Journals and Other Publications
Electricity
Current and Future Estimates of Marginal Emission Factors for Indian Power...
India’s power generation is a large source of greenhouse gas emissions. The authors quantify current and future marginal emissions factors for power generation in India across seasons, times-of-day, and states.
Rahul Tongia
June 28, 2022
Journals and Other Publications
Foreign Policy & Security
History and National Security
Shivshankar Menon discusses history in the Indian tradition, the history that is current in India, some common current historical tropes, and why it matters. In the process it seeks to draw some real lessons of India’s history for our national security.
Shivshankar Menon
March 24, 2022
Journals and Other Publications
Sambandh: Regional Connectivity Initiative
Foreign Policy & Strategy
From Democracy Summit to Global Democratic Agenda?
This policy brief focuses on one very specific element: the question of how a meaningful participation of Asian, African, and Latin American democracies can best be encouraged and ensured. The paper offers 5 ideas for maximizing their future involvement.
Constantino Xavier
November 26, 2021
Journals and Other Publications
Health and Human Development
Sub-National Economy
Waste Management and Cleanliness in Cities: Linking Expenditure with...
Our results indicate that while SWM expenditure per capita is positive and statistically significant at 1% level, waste generation is completely insignificant, argues Shishir Gupta and Rishita Sachdeva.
Shishir Gupta
&
Rishita Sachdeva
October 20, 2021
Journals and Other Publications
Fiscal Governance and Architecture
India’s Human Capital: The Regulatory Context for Leveraging Federalism
Anoop Singh and Kevin James and others discuss ways to improve India's human capital indicators.
Anoop Singh
&
Kevin James
September 13, 2021
Journals and Other Publications
Health and Human Development
Too slow for the urban march: Litigations and the real estate market in...
Sahil Gandhi
,
Vaidehi Tandel
,
Alex Tabarrok
&
Shamika Ravi
February 24, 2021
Journals and Other Publications
Foreign Policy & Security
Regional Connectivity and India’s BIMSTEC Policy
This paper reviews how regionalism is making a comeback in the Bay of Bengal, the challenges of connectivity, and the opportunities and limitations of India’s new approach to BIMSTEC.
Constantino Xavier
&
Riya Sinha
January 27, 2021
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