daily news analysis | fiscal and monetary policy

Ramesh Chand Panel

Ramesh Chand Panel On 2nd January 2025, the government decided to constitute an 18-member panel chaired by NITI Aayog member Ramesh Chand. The panel has been set up to revise the base year of the Wholesale Price Index (WPI) and suggest a roadmap for transition to the Producer Price Index (PPI). Key Mandates of the Panel Mandate Details Base Year Revision Update the WPI base year from 2011-12 to 2022-23. Commodity Basket Develo

15 May, 2026 Reserve Bank of India (RBI)
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Shri Radha Shyam Ratho Committee

Shri Radha Shyam Ratho Committee On 25th June 2025, the Working Group chaired by Shri Radha Shyam Ratho submitted its report to the Reserve Bank of India (RBI). The Working Group was constituted in February 2025 to undertake a comprehensive review of trading and settlement timings of financial markets regulated by the RBI. Objective of the Working Group Area Details Main Objective To review and recommend reforms in trading and settlement timi

13 May, 2026 Reserve Bank of India (RBI)
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Committee for Strategic Asset Allocation and Risk Governance

Committee for Strategic Asset Allocation and Risk Governance On 25th January 2026, the Pension Fund Regulatory and Development Authority (PFRDA) constituted a committee of investment experts for Strategic Asset Allocation and Risk Governance (SAARG). The committee has been formed to review, modernize, and strengthen the investment framework under the National Pension System (NPS). Aim of the Committee Objective Details Modernisation of NPS Framew

10 May, 2026 Banking System
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Financial Sector & Governance

Financial Sector & Governance The budget focuses on strengthening fiscal federalism, financial sector reforms, municipal financing and trade facilitation. It reflects a structured Kartavya-driven governance approach, positioning Yuva Shakti as a major driver of India’s long-term development vision. Reform Area Details 16th Finance Commission The government accepted the recommendation to retain vertical tax devolution to states at 41%.

21 April, 2026 Banking System
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Tax Reforms

Tax Reforms Part B of the Budget speech introduced the Income Tax Act, 2025, replacing the older Income-tax Act, 1961 with effect from 1 April 2026. The reforms focus on tax simplification, digital compliance, rationalisation of tax rates and customs duty reductions to support investment, trade and economic efficiency. Reform Area Details Income Tax Act, 2025 The new Act replaces the 1961 Income-tax Act and comes into effect from April 1, 2026.

21 April, 2026 Tax and Tax-Reforms
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Prices and Inflation

Prices and Inflation India has recorded one of the sharpest declines in headline inflation among major emerging market economies. The moderation in inflation has been supported mainly by sharp disinflation in food prices and softer retail price pressures. Indicator Details Headline CPI Headline CPI inflation declined to 1.7% in FY26 (April–December) due to sharp disinflation in food prices. Core Inflation Core inflation appea

20 April, 2026 Reserve Bank of India (RBI)
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Fiscal Developments

Fiscal Developments India has shown remarkable fiscal resilience, supported by improved fiscal indicators and stronger revenue performance. In 2025, India also earned a sovereign credit rating upgrade from S&P to BBB, strengthening investor confidence. Aspect Details Fiscal Deficit Target India is on track to reach a fiscal deficit of 4.4% in FY26, while the budget estimate for FY27 is 4.3%. Debt-to-GDP Ratio The debt-to-GDP ra

20 April, 2026 Ministry of Finance
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Monetary Management and Financial Sector

Monetary Management and Financial Sector India’s banking sector is currently witnessing its best financial health in a decade, supported by the “Twin Balance Sheet Advantage”. Improvements in asset quality, capital adequacy and financial sector reforms have strengthened overall monetary and banking stability. Aspect Details Banking Health The banking sector is experiencing its strongest position in a decade under the “Twin

20 April, 2026 Reserve Bank of India (RBI)
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Common Contract Note

Common Contract Note The Securities and Exchange Board of India (SEBI) has deferred the rollout of the Common Contract Note (CCN) for Foreign Portfolio Investors (FPIs) to 1 July 2025. The implementation was earlier scheduled for 30 April 2025. The reform aims to streamline reporting and trade documentation across stock exchanges. Aspect Details Contract Note A contract note is a legal document issued by brokers to investors summarising all trades

18 April, 2026 Banking System
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CBDC-based Digital Food Coupon

CBDC-based Digital Food Coupon On 14th February 2026, the Union Government launched a Central Bank Digital Currency (CBDC)-based Digital Food Currency pilot in Gujarat. The initiative has been launched in collaboration with the Reserve Bank of India (RBI) and the Gujarat government under the Public Distribution System (PDS). Aspect Details Digital Food Coupon Under the CBDC framework, food coupons can be issued through the RBI and credited directl