Since 2015, India has seen many changes on the fiscal front — including a significant increase in states' share of the union's taxes, a complete overhaul of the indirect tax system, the restructuring of schemes, rampant use of off-budget borrowing, and large fiscal adjustments necessitated by the COVID-19 crisis. These changes have far-reaching consequences for India's political economy, institutions, and economic policies.

Against this backdrop, Suyash Rai and Josh Felman discussed how the Union Budget 2021-22 and the recommendations of the 15th Finance Commission might shape India's public finances in the coming years.


  • Presentation by Suyash Rai: 30 minutes
  • Comments by Josh Felman: 15 minutes
  • Q&A: 15 minutes

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