Research at the Department primarily focuses on financial and macroeconomic modelling leading to policy analysis of the domestic and international economies. While the studies relating to economic policies, financial markets, and their interlinkages in emerging economies were taken up on the global front, the research on the domestic economy concentrated on diverse issues relating to various aspects of the Indian economy
Research Areas
Macroeconometric Modelling of The Indian Economy
Theoretical and empirical issues relevant to macro-modelling of the Indian Economy and using models in forecasting, policy analysis and planning. Finally, these models should be validated for their relevance and policy implications. Policy modelling is highly relevant to pursuing sustained economic growth, equitable income distribution, and overall economic and societal stability.
Modelling the external sector, monetary policies or any macroeconomic aggregate of the Indian economy are some of the various aspects of the Economy that can be taken up for research.
The Impact of Adult Death on Household Consumption, Expenditure, and Income in India: Evidence from a Nationally Representative Longitudinal Survey.
Financial Economics
The financial sector is often considered an engine for economic growth in any economy, leading policymakers to frame policies that aim to develop and promote the sector. However, evidence in the literature suggests that the expansion of the financial sector, also known as financialization, can result in a decline in real sector growth. As the financial system continues to grow in all dimensions in both developed and developing economies, it is crucial to determine the extent to which financial expansion contributes to the overall growth process of an economy. In the context of emerging economies, where challenges such as poverty and inequality are prevalent, there is a pressing need to estimate the threshold level of financialization. This is essential as emerging economies often face unique challenges, and understanding the optimal level of financial development can help mitigate potential negative impacts on the real economy. Therefore, this study aims to estimate the threshold level of financialization beyond which it may become growth-suppressing.
Regional Inequality in Financial Inclusion in India: The role of Micro Finance Institutions and Lessons from South India:
- To examine the inter-regional disparity in the penetration of MFIs in India, focusing on the North-South divide
- Understand the underlying factors responsible for the MFIs penetration imbalance between the north and south Indian states
- To provide feasible recommendations to enhance the footprint of MFIs in the north Indian states thereby promoting financial inclusion in India
- To identify the challenges MFIs face in achieving their financial inclusion goals in North India
- To study the role of Joint Liability Groups (JLGs) as enablers of financial inclusion in India
Agricultural Economics
Agricultural crop revenue protection for Indian farmers. With about 45% of the workforce in agriculture, India’s agricultural sector contributes 18% of GDP. Thus, farmers become an integral part of the sector and protecting crop revenues is crucial to safeguard farmers’ incomes. An effective crop revenue protection strategy is essential to secure farmers’ livelihoods, using predictive analytics to manage risks tied to volumes and prices.
Our comprehensive literature review for this project has identified a research gap related to revenue estimation. To fill this research gap, we propose using predictive analytics to develop appropriate methods for revenue estimation that incorporate both volume and price projections. By taking a more comprehensive approach to revenue estimation, we believe a more accurate and nuanced understanding of revenue can be gained. This, in turn, could have practical implications for farmers, government and businesses looking to forecast revenue, allocate resources, and make strategic decisions based on those forecasts. We also plan to develop an Actuarial Data Science framework tailored to meet the revenue protection needs of Indian farmers, focusing on the identified crops and incorporating key risk factors and market dynamics.
Health Economics
A study on Sathya Sai Health care mission. To study all four hospitals of Sri Sathya Sai Central Trust (SSSCT), i.e. Mobile Hospital, General Hospital, Super Hospital of Whitefield and Puttaparthi. The primary objective of this study is to assess:
- The functioning of the Sri Sathya Sai hospitals
- How these hospitals are leading to minimize the out-of-pocket expenditure of those who are availing the services and
- The satisfaction that the beneficiaries are deriving out of those services
- Promotion of preventive Health services among the vulnerable rural population