India’s federal structure rests on a delicate balance between the Centre’s revenue-raising powers and the States’ expenditure responsibilities. In theory, larger and more populous states should possess stronger fiscal capacity, given their vast consumption base, economic diversity, and administrative reach. In practice, however, many of these states are gradually losing their fiscal strength.
India is entering the most consequential phase of its development since independence. Between 2026 and 2047, the year Independent India turns 100, its economy, population and cities will undergo transformations unmatched in scale. Managed well, this period could propel India into the ranks of high-income, innovation-driven economies. Mismanaged, it could see the country fall short just as its greatest demographic advantage begins to fade.
A changing paradigm for taxation of sin goods
A small, wealthy minority controls a disproportionate share of farm income, while the political narrative continues to be framed as if all farmers need to be tax-exempted. Advances in digital infrastructure have made targeted and technology-driven taxation feasible, with political will now the primary obstacle rather than administrative capacity. Allowing tax exemptions to persist despite rising inequality risks deepening social discontent and undermining the legitimacy of India’s growth model.
India’s urban transformation is often framed as a story of rising aspirations and expanding opportunity. Yet, the health systems serving these cities tell a different story. PRICE’s analysis of its ICE 360 data (2023), combined with findings of the latest National Family Health Survey (NFHS), reveals an urban health ecosystem that is increasingly...
