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One can see the problem of illicit financial flow in a narrow view in terms of loss of tax revenue, but the more often missed out perspective is that these illicit flows create imbalances in the global economy that upset the efficiency of capital. Illicit financial flows cannot be curtailed without the collaborative effort of both developing as well as developed countries

The Indian market has so far remained protected from the downside, with a rise of 20.1% over the past year, after Germany’s 32.4%, and the US’s 21.4%. Barring a slight overvaluation that may correct as the next quarter numbers deliver profits, there is little real risk to the India story.

India is on the path to becoming a cashless society. The Prime Minister's Jan-Dhan Yojana is one more step towards a more developed India. And possibly a big step, if successful.

When comparing the current geopolitical landscape of Europe to the circumstances in the years following NATO’s establishment, it becomes apparent that very little has changed.

The commitment of states towards achieving gender equality as part of the 2030 Agenda for Sustainable Development received a renewed boost during the G20 Summit in New Delhi in September 2023, with a marked shift in the discourse from women’s development to ‘women-led’ development. This article uses the Public Financial Management (PFM) lens to emphasise the role of governments in achieving gender-related outcomes. While proposing an outcom

The financial condition of the Indian Railways (IR) is weakening by the day because of mounting losses in the passenger business. This, at a time when it is making efforts to improve its services through new capital intensive initiatives. IR’s freight revenue has traditionally subsidised its passenger revenue, resulting in one of the lowest passenger fares but one of the highest freight rates in the world. Since freight trains and passenger tra

India is facing a fiscal crunch, and Indians were not told. For this kind of mismanagement, more than a Finance Secretary ought to go.

THE recent land rights issue of the Niyamgiri hills in Orissa seems to have been resolved with Rahul Gandhi's intervention. We are relieved that the ancient Dongria Kondh tribal population would be able to save their hills from exploitation by commercial interests.

The International Financial Architecture has come under much scrutiny following the 2008 global financial crisis. There have been demands for major reforms to the IFA; but despite the steps taken so far, much more needs to be done to ensure global financial stability.

The economic and social problems of the European Union (EU) have not been fully resolved since the euro zone crisis. This issue brief walks the reader through the genesis of the crisis, the reforms and the bailout packages implemented; discusses the adverse consequences of austerity and proposes alternatives; and ends with implications for India.

To ensure sustained growth levels, the country requires a strong and healthy workforce – possible only when citizens are protected against health-related financial risks and can access quality health services.

Artificial Intelligence (AI) is emerging as a promising solution to the challenges of inefficiency and high compliance costs in the fight against money laundering. This brief examines the capabilities, benefits, and challenges of AI in the context of detecting and preventing financial crime. The brief explores the ways in which AI can aid anti-money laundering efforts, particularly by reducing compliance costs and enhancing efficiency. The findin

The 4th BRICS Academic Forum has urged Summit Leaders meeting later this month in New Delhi to consider studying the establishment of financial institutions such as a Development Bank and an Investment Fund that can assist in the development of BRICS and other developing countries.

This institution can play a key role in funding SDGs

Bangladesh was one of the few countries in the world to sustain a positive economic growth rate during the COVID-19 pandemic. Today, however, it is experiencing symptoms that could stall such impressive record: rising divergences in the government’s fiscal balance; the precarious Balance of Payments situation; rapidly declining foreign exchange reserves; demand-supply gaps in the energy markets; and inflationary tendencies. The exogenous shocks

The G20 must foster linkages between traditional financial institutions, first-generation Internet users and the informal sources of their livelihood.

A private sector-oriented Global Green Bank is required to overcome the market gaps that prevent Global North capital from flowing to the best decarbonisation investment opportunities among Global South enterprises. The Global Green Bank should operate as a world-class investment firm, capable of developing innovative financial solutions and investing through externally raised investment fund-of-funds and its own proprietary book. Such a Global G

This report examines India’s dependence on undersea fibre optic cables for its financial well-being. It explains the complexities involved in the laying and maintenance of these cables, lists the vulnerabilities of the existing network, and makes a series of recommendations to progressively address them. These include a phased increase in the capacity of space-based internet services. The report suggests that the opportunity provided by the rec

Baghdadi, who has led the ISIS since 2010, has acquired significant financial and military power and influence among Sunni foreign fighters. But the ISIS's violent and extremist methods have alienated Sunni militias and Baghdadi's unwillingness to share power is likely to limit the group's territorial expansion.

The geographical and socioeconomic characteristics of small island developing states (SIDS) expose them to unique challenges. Climate change, in particular, poses a severe threat to SIDS, with rising sea levels, ocean acidification, and changing precipitation patterns negatively affecting their ecosystems, economies, and communities. This brief assesses the challenges faced by SIDS in accessing traditional climate financing and analyses the effec

Since the early 2010s, Russia has greatly expanded its cooperation with Pakistan, venturing into new areas and levels of cooperation and engaging in more frequent consultations. The bilateral ties have been growing despite many inherent challenges, including historical animosity during some periods of the Cold War, political and financial fragility in Islamabad, and Russia’s strategic partnership with India. At the same time, some of these issu

India presents a unique case of balancing decarbonisation efforts with industrial growth. While notable progress is being made in decarbonising the power and transport sectors, reducing industrial emissions poses a formidable challenge. To meet its decarbonisation targets, India will need massive capital flows, projected at US$10.1 trillion by 2070. While green finance will support technologies that align with the Paris Agreement, transition fina

It seems unlikely that the bilateral relations will improve significantly — there are a couple of indicators of the slight improvement in the relations.

The use of America’s movie industry, or Hollywood, to advance an agenda is not new. This paper explores how China has expanded its financial footprint in Hollywood and consequently is able to use films for propaganda. It engages with the importance of propaganda and censorship in China, and how China has historically used mass media and other cultural tools to serve its political interests. It underlines the symbiotic nature of the rela

Climate change poses a significant risk to global food security. Rising temperatures, extreme weather events, and shifting precipitation patterns impact food production, disrupting food supply chains, increasing food prices, and diminishing food safety. These effects are particularly apparent in developing countries, where vulnerable populations struggle to access nutritious foods and small farmers face financial challenges. Tackling the impacts

In April, the Delhi Municipal Corporation (Amendment) Act, 2022, merged the North, South, and East Delhi municipal corporations into a single urban local body (ULB) called the Delhi Municipal Corporation. The unification is expected to lead to better service delivery, greater financial strength, economies of scale, and eliminate administrative duplication. However, the Act does not outline the functional and financial domains of ULBs and aspects

India need to do more to speed up its own financial sector reforms and make it stronger because the percentage of NPAs has reached a dangerous level of 4.45 per cent and could reach 6 per cent soon. Unless the banking system is strong, India cannot be on a higher trajectory of growth.

Financial health of Indian banks deserves scrutiny. The RBI should strike a careful balance in its policy objectives. Tighter lending norms are unlikely to be a panacea. It must resist the temptation to resort to such short-term fixes.

The legacy cross-border payment infrastructure is replete with issues of high costs, limited access, low speed, and opaque structures, which have limited the potential of cross-border payments to enhance international trade and foster economic growth in emerging economies. The increased demand for transparent, accessible, faster and cheaper solutions in the financial sector has pushed the private and public sectors to accelerate investments in in

As IndiaChain, the Indian government’s blockchain initiative remains in beta stage, private companies like BanQu are demonstrating small-scale successes in linking blockchain technology with the agriculture industry. Blockchain technology connects buyers and sellers and allows farmers, especially those without access to formal financial institutions–who tend to be female–the opportunity to create digital identities and build credit historie

The BRICS bank, now tentatively called the New Development Bank, is indeed a new and long overdue development. It is the first step towards reforming the world financial system. It has to be read against the decision of the BRICS nations to do trade more with each other on the basis of currency swaps.

The world is off-track in achieving the 2030 Sustainable Development Goals (SDGs), with financing gaps widening due to geopolitical shifts, rising debt, and the growing impacts of climate change. This brief offers a renewed framework to bridge the SDG financing gaps by strengthening domestic public finance, mobilising sector investments, and reforming the international financial architecture. It highlights the critical need for tax reforms, strat

The current gap in global adaptation finance for developing countries is estimated at US$194-366 billion per year. This brief highlights the critical role of domestic public funding in driving adaptation initiatives. While international climate finance mechanisms exist, their effectiveness is limited by slow disbursement processes and regional disparities in fund distribution. Public finance management systems can act as catalysts for mobilising

26 November 2018 marked a decade since 10 Pakistan-based terrorists killed over 160 people in India’s financial capital of Mumbai. The city remained under siege for days, and security forces disjointedly struggled to improvise a response. The Mumbai tragedy was not the last terrorist attack India faced; there would be many others since. After every attack, the government makes lukewarm attempts to fit episodic responses into coherent frameworks

Though India dreams of replicating the shale gas successes of the US, it cannot enjoy the luxury of easily acquiring land for shale gas operations. In the US, landowners, besides owning surface rights, also own mineral rights. Consequently, they receive huge financial incentives directly from oil and gas companies.

This paper highlights the risks that emerging economies are exposed to given the extended use of Unconventional Monetary Policies in advanced economies. It also explores how financial resilience of emerging economies can be increased to ensure stable economic growth.

India will likely struggle to achieve the SDGs for financial reasons. At present, a shocking 2-3 per cent of Indians pay taxes. Mobilising domestic finance ? including optimal tax collection reform ? can help supplement the traditional sources of aid.

The last India-Africa Forum Summit took place in New Delhi way back in 2015, and significant shifts in global geopolitics and geoeconomics have occurred since then.

In October 2019, China’s Free Trade Agreement (FTA) with Mauritius opened the Chinese market to Mauritian exporters and investors. Not long after, concerns arose that Mauritius might be lacking in the capacity to benefit significantly from the agreement and thus lose in terms of a trade imbalance that clearly favours China. This brief revisits China’s motivations for the FTA, and finds economic and geopolitical goals. Given Mauritius’s smal

India’s critical water infrastructure must be built to withstand, respond to, and recover rapidly from climate disruptions

Open defecation (OD), an age-old practice in India, impacts the health of individuals as well as their communities. To tackle the problem, the Government of India launched the Swachh Bharat Mission (SBM) in 2014, aimed at making the country open-defecation free (ODF) by October 2019 by giving more attention to community-based approaches. However, while such approaches have helped solve the sanitation riddle in many countries, curbing OD in India