Commentary

Dear Friends,

Welcome to The Vantage. In this edition, we highlight ICPP’s work over the past six months across research, policy engagement, teaching and dialogue.

• Our lead piece examines the fiscal impact of the ongoing oil shock, estimating that the fiscal deficit could rise to 4.8–4.9% of GDP, against the budgeted 4.3%, with prolonged disruption adding further pressure.

• The 2nd Annual ICPP Growth Conference brought together 50 speakers and 350 participants in New Delhi, strengthening its role as a forum for government, researchers and industry leaders to discuss key policy issues.

• We also launched two new research verticals—Financial Markets & Public Policy and Tax Policy—while our research output included six discussion papers, the India’s Jobs in Transition report, policy briefs and regular op-eds.

• Our policy engagement has expanded to eight central ministries and departments, Parliament, regulators and state governments. Key initiatives include advising Bihar on its global backend hub strategy and developing India’s first Logistics Cost Index for EXIM trade with the Ministry of Ports, Shipping and Waterways and JNPA.

We remain committed to bridging rigorous research with practical policy implementation. Thank you for your continued support and engagement with ICPP’s work.

This document is an ICPP Quarterly Newsletter highlighting key activities, including the inaugural Growth Conference in Delhi, recent research on public debt and macroeconomics, expert talks, and policy discussions. It showcases ICPP’s efforts in advancing evidence-based policy, academic engagement, and India’s economic development agenda.