Mr. Ashraful Khalq (PhD 2021) presented his paper titled “Heterogeneous, Conditional, and Regime-Dependent Fiscal Sustainability: Evidence from Indian States” at the 4th Annual Conference on Public Finance and Policy, organised by the Centre for Public Finance (funded by the Finance Department, Government of Tamil Nadu), Madras School of Economics (Institution of Special Importance), and the Gulati Institute of Finance and Taxation (GIFT), held on 23–24 March 2026
The paper examined fiscal sustainability across Indian states using an extended Bohn framework, incorporating demographic and political conditions, distributional differences, and regime-dependent dynamics. The findings highlighted significant heterogeneity in fiscal behaviour, identified a debt threshold of around 26 percent of GSDP, and emphasised the role of structural constraints such as revenue stress. The study contributes to policy discussions on subnational fiscal rules and the design of borrowing limits in a federal context.