CSEP hosted the second of the three-part Flagship Seminar series that takes a closer look at India’s public finances through some of the key themes and recommendations of the report of the Fifteenth Finance Commission. The second seminar featured Anoop Singh, Distinguished Fellow at CSEP and Member, Fifteenth Finance Commission on the subject of “Federalism and Human Capital”.

Watch | Part I on India’s Overall Fiscal Architecture

Watch | Part 3 on Federalism and human capital

Abstract: Investing in human capital through interventions in nutrition, health, and education is critical for sustainable growth. However, despite a number of policies and schemes, India’s human capital indicators remain low and could worsen due to the disruptions caused by the COVID-19 pandemic. In this context, the Fifteenth Finance Commission has prioritised investments in human capital, specifically recommending grants for the health and education sectors. Drawing from international best practices, a more decentralised and targeted approach within the contours of India’s federal structure may be the best way to improve human capital outcomes.

Speaker:

Anoop Singh is currently a Distinguished Fellow at CSEP, and was a Member of the Fifteenth Finance Commission. Previously, at the International Monetary Fund (IMF), his appointments included being Director of the Asia Pacific and Western Hemisphere Departments. He has also been Special Adviser to the Governor of the Reserve Bank of India. He has taught at Georgetown University in Washington DC as an Adjunct Professor and has worked and written extensively on macroeconomic, surveillance, and crisis management issues.

Discussants:

Yamini Aiyar: Yamini Aiyar is the President and Chief Executive of the Centre for Policy Research. Her research interests span the fields of public finance, social policy, state capacity, federalism, governance, and the study of contemporary politics in India. She has published widely on these topics in academic publications and the popular press. Her current policy engagements include Member of the State Advisory Council, Government of Punjab, and a Member Lancet Commission on Reimagining health systems in India.

Prachi Mishra: Prachi Mishra is currently Advisor, Research Department at the International Monetary Fund (IMF), where she has also served as the Deputy Division Chief of the Western Hemisphere Department. She was a member of the Advisory Council constituted by the Fifteenth Finance Commission, and also worked as Managing Director, Global Macro Research, and India Chief Economist at Goldman Sachs. During 2014-2017, she served as Specialist Adviser and Head of the Strategic Research Unit at the Reserve Bank of India. Prior to that, she was Senior Economist in the Ministry of Finance, and at the Prime Minister’s Economic Advisory Council in the Government of India. She received the Mahalonobis Memorial Medal in 2019.

Moderator:

Montek Singh Ahluwalia is a Distinguished Fellow at CSEP and has been a notable figure in Indian economic reforms from the early 1980s onwards. He has previously served as the Deputy Chairman of the Planning Commission of India, the Finance Secretary in the Ministry of Finance, and as a Member of the Economic Advisory Council to the Prime Minister of India. He has written extensively on various aspects of development economics, and is a recipient of the Padma Vibhushan, India’s second-highest civilian award for public service.

All content reflects the individual views of the speakers. The Centre for Social and Economic Progress (CSEP) does not hold an institutional view on any subject.