Working Papers

This paper looks at the “Institutional Efficacy Puzzle” that lies at the heart of India’s development challenge and provides a deep, systemic diagnostic of these key institutions—the Ministry of Finance (MoF), the Reserve Bank of India (RBI), financial regulators (SEBI, IRDAI), tax authorities (CBDT, CBIC), and crucial oversight bodies like the Finance Commission and the National Statistical Commission (NSC). It moves beyond analysing symptoms to uncover root causes embedded in flawed designs, capacity deficits, or political economy constraints. It then proposes a comprehensive, actionable roadmap for profound reform aimed at building the Resilient, Agile, Accountable, and Inclusive (RAAI) institutional foundations essential for transforming the Viksit Bharat vision into a tangible reality.