The commonly held belief that the Central government pension bill has the potential to reach an unsustainable level does not appear to be based on any realistic assessment of such liabilities in the future years. The future pension liabilities of the Central Government would be primarily driven...

This paper argues that with the recent economic reforms, an efficient and active debt market, particularly in long-term private debt instruments, is essential for the country to realize the full benefits of the reform process and to achieve its potential.

The most popular technique for estimating tax elasticities is the “Proportional Adjustment†method. This paper shows that the standard methodology used will almost invariably lead to biased elasticity estimates, and proposes an alternative methodology which avoids this problem. [WP]

The general concern over the salary and pension liabilities of the government and the concomitant government announcements in the recent past to contain them at a sustainable level need to be contingent upon realistic assessment of future growth in such manpower related cost of the government....