We develop a semi-endogenous growth model in which firms freely use public data, generating a feedback from public spending to data, output, and fiscal capacity. In the decentralized equilibrium, firms are oversized and product variety insufficient, even when the government supplies data optimally. We derive implementable policies that decentralize the planner’s allocation: an optimal tax to finance public goods and data, and an entry subsidy that lowers barriers. Quantitative exercises corroborate the theory and quantify the contribution of public data.
This paper argues that India's Goods and Services Tax Network has already produced, through tax incentive rather than cryptographic consensus, the supply chain properties — traceability, transparency, fraud reduction, and audit trail — that the blockchain literature proposes to deliver through distributed ledger technology. The argument is not that blockchain does not work. It is that the mechanism that produces tamper-resistance is the incentive, not the technology, and India already has that mechanism at national scale. The paper's original theoretical contribution is a two-player simultaneous-move game formalizing the bilateral incentive structure that the VAT self-enforcement literature has assumed in prose but never derived from primitives. The unique Nash equilibrium (F,D) — formal supplier, demanding buyer — is obtained by iterated elimination of weakly dominated strategies and sustained by a single precise condition: τv > c_B, the input tax credit exceeds the buyer's cost of sourcing from a registered alternative. No audit is required at the transaction level. The ITC does the work that enforcement cannot. The upstream formalization cascade — empirically documented by Patnaik (2026) as a doubling of effects over five years — follows directly as this equilibrium applied iteratively upstream, tier by tier, without government intervention at each stage. To the author's knowledge, this micro-foundation does not appear elsewhere in the VAT literature. Pomeranz (2015), Kleven et al. (2011), and de Paula and Scheinkman (2010) treat the self-enforcement intuition as motivation or derive aggregate implications; none writes down the strategic form game or states the equilibrium condition in falsifiable form. The empirical case rests on scale. FY2024-25 gross collections of Rs. 22.08 lakh crore (approx. USD 263 billion). April 2025 single-month record of Rs. 2.37 lakh crore (approx. USD 28 billion). 1.51 crore active registered taxpayers. Six phases of e-invoicing threshold reduction from Rs. 500 crore to Rs. 5 crore, directionally toward universal pre-validated coverage. GST 2.0 implemented September 22, 2025. The Production Linked Incentive scheme disbursing billions to Apple's contract manufacturers on the basis of GSTN-verified production data — the sovereign proof that the infrastructure is trusted for the highest-stakes commercial verification the government performs. The implication for Indian FMCG, pharmaceutical, and logistics firms is direct: private blockchain consortia built to solve domestic supply chain transparency problems are solving a solved problem at non-zero cost.
Abstract How does existing research explain India’s public service delivery challenges? This chapter provides an overview of how political economists and state capacity scholars have made sense of India’s governance problems, including a politicized bureaucracy, an overburdened administration, corruption, underwhelming monitoring and accountability structures, and poor decentralization. We argue that both the political economy and state capacity literature do not recognize the role of public financial management in fuelling many common problems. At the same time, literature on public finance is limiting because it fails to link fund flows to effective public service delivery. We bridge these varying streams of literature by explaining how the government’s expenditure capacity is critical for policy implementation.
Abstract In the decade since the adoption of the United Nations’ 2030 Agenda, India has transitioned from a passive participant to a global architect of sustainable development. This paper explores the intricate mapping of Sustainable Development Goals (SDGs) onto India’s macroeconomic policies. It examines how the "Saptarishi" priorities of the Union Budget and the decentralization of targets through NITI Aayog have created a unique "Indian Model" of development. While progress in clean energy (SDG 7) and digital inclusion (SDG 8) has been exemplary, the paper highlights the persistent challenges of climate-induced agricultural volatility and the financing gap.
The article provides a comprehensive comparative analysis of the fiscal decentralizatio mechanism in Ukraine and the European Union countries, with a focus on its impact on the financial capacity of local self-government. It is substantiated that fiscal decentralization is a key instrument for ensuring sustainable socio-economic development of territories, as it determines the level of budgetary autonomy, the stability of local budget revenues, and the ability of territorial communities to perform their own and delegated functions effectively. The current state and dynamics of fiscal decentralization in Ukraine during 2022–2024 are analyzed, taking into account the influence of martial law and war-related challenges on the structure of local budget revenues and the degree of dependence on interbudgetary transfers. The study conducts a comparative assessment of key quantitative indicators of fiscal decentralization in Ukraine and selected EU countries, including the share of local budgets in the consolidated public budget, the proportion of own-source revenues, the role of intergovernmental transfers, and the level of tax autonomy of local authorities. The results demonstrate that EU countries are characterized by higher financial stability of local governments, a greater share of own revenues, and more effective fiscal equalization mechanisms. Based on the analysis, quantitative benchmarks for adapting European fiscal decentralization practices to the Ukrainian context are proposed, aimed at strengthening the financial capacity of territorial communities. The findings may be used in shaping public finance policy, particularly in the context of European integration and post-war recovery of Ukraine.
Trust underpins democracy and monetary systems, yet centralized intermediaries—election commissions and central banks—increasingly betray this trust. India's recent electoral crises (in 2025), including Bihar's removal of 6.5 million voters and documented irregularities across states, expose democracy's vulnerability to manipulation by single authorities. Simultaneously, inflation at 6.7% erodes savings as central banks devalue currency through unchecked money printing. This essay argues that blockchain technology offers a revolutionary solution by replacing corruptible human gatekeepers with mathematically verifiable, distributed ledger systems. Drawing parallels between electoral fraud and monetary devaluation, I demonstrate how decentralized technologies can restore trust through transparency and eliminate single points of failure. However, the critical choice remains: will societies adopt truly decentralized systems, or embrace government-controlled digital currencies that deepen surveillance and control? The future of democratic and economic freedom hangs in the balance.
Pakistan's economic trajectory is defined by a structural trap: stabilization followed by consumption-led expansion that inevitably triggers a balance of payments crisis, renewed borrowing, and deepened fiscal vulnerability. This paper proposes a comprehensive 20-year transition strategy to break this cycle by replacing debt-financed consumption with an investment-led, export-oriented model grounded in the principles of riba-free finance. The framework synthesizes the disciplined interventionist state model of 1960s South Korea with the decentralized, borderless opportunities of the 21st-century digital economy through a Dual-Track Growth Engine covering both physical industrialization and virtual services expansion. The strategy further proposes a Digital Public Infrastructure architecture centered on the Raast payment system and blockchain-enabled supply chain transparency to formalize Pakistan's shadow economy, estimated at over $450 billion. On the financing side, the paper develops an equity-based paradigm for mobilizing diaspora capital through Mudarabah-based instruments, replacing domestic sovereign debt with Sukuk and Ijarah certificates, and executing structured debt-for-equity swaps with bilateral creditors including China. A phased 20-year roadmap is provided, with mathematical risk assessment through the Contingent Claims Approach, and a candid treatment of academic critiques including IMF framework conflicts and principal-agent problems in equity-based financing. The objective is economic self-sufficiency by Pakistan's centenary in 2047.
This study investigates the dynamic impact of Bitcoin prices and key macroeconomic variables, consumer price index (CPI), exchange rate, and crude oil prices, on industrial output in India, proxied by the index of industrial production (IIP). The Toda-Yamamoto causality analysis reveals that CPI and oil prices Granger-cause IIP, whereas Bitcoin and exchange rate do not exhibit causal influence. Utilising the auto-regressive distributed lag (ARDL) bounds testing framework for robustness, the study captures both short- and long-run relationships. Impulse response functions (IRFs) and the error correction model (ECM) confirm these findings, showing significant responsiveness of IIP to CPI and oil shocks. Stability tests (CUSUM and CUSUMSQ) validate model reliability, while robust standard errors address heteroscedasticity concerns. Diagnostic tests indicate no autocorrelation or autoregressive conditional heteroscedasticity (ARCH) effects, though non-normality and mild heteroscedasticity are observed. The findings highlight that conventional macroeconomic variables continue to dominate industrial performance, with Bitcoin exerting a negligible real-sector impact.
Con el pasar de los años, los individuos han perdido la capacidad de ver la realidad por sí mismos. Se ha vuelto costumbre en la humanidad, necesitar de una institución, por perversa que sea, para que diga que es verdad o mentira, que existe y que no. La institución que más relevancia ha tomado para expresarse sobre lo anterior es el Estado. A través de él se ha negado la verdad por años. Ahora, el presente trabajo busca establecer si el Estado, a través del ordenamiento jurídico, intenta desconocer otra realidad. A lo largo de este texto, estudiaremos, en primer lugar, la cadena de bloques o Blockchain, aquel invento innovador y tecnológico que es utilizado para realizar las transacciones en criptomonedas toda vez que permite que su funcionamiento sea descentralizado, seguro y casi imposible de falsificar. En segundo lugar, estudiaremos el Bitcoin, un revolucionario desarrollo tecnológico que se convirtió en un medio de intercambio y que se constituye en una alternativa de libre elección a las monedas de curso legal. Estudiaremos su origen, qué es y cómo funciona. La problemática radica en que, a pesar de que esta criptomoneda se utiliza como dinero, no cuenta con el reconocimiento de la mayoría de los Estados, consecuencia de ello, no se le da tratamiento de dinero. En tercer lugar, exploraremos la teoría evolutiva del dinero. Esta teoría es de vital importancia, pues nos permite entender cómo determinado bien que tiene ciertas cualidades se convierte en un medio universal de intercambio y, con ello, en dinero. En este punto, también revisaremos las funciones del dinero que se derivan de su principal función: ser un medio de intercambio. Esto, con la intención de establecer si el Bitcoin, a la luz de la teoría evolutiva del dinero, puede o no ser considerado como tal así el Estado se niegue a reconocerlo.
Decentralization of fiscal policy is a key factor in the formation of financial independence of local governments and strengthening the economic stability of regions in modern democratic states. Its relevance for Ukraine is determined by the need to strengthen the financial basis of territorial communities in the process of implementing administrative-territorial reform. The purpose of the study is to determine the decentralization of fiscal policy as a mandatory condition for obtaining an independent status of local communities; the object is the system of intergovernmental relations in democratic states. The methodological basis is comparative-legal and quantitative-analytical approaches, based on official statistical data Open Budget, World Bank Boost Data, the Ministry of Finance of Ukraine and the State Statistics Service. The results of the study showed that in 2018–2024 the share of income without transfers, tax revenues and own resources of communities increased, which confirms the increase in the level of fiscal autonomy. Legislative amendments to the Budget Code ensured the expansion of local revenue sources, the introduction of basic and reverse subsidy mechanisms and the strengthening of horizontal equalization. It was found that the Ukrainian model of fiscal decentralization is gradually approaching European practices, forming institutional prerequisites for the sustainable development of communities and strengthening their financial independence.
Technology has priority in today&s;s global discussions, especially in discussions that address developmental deficits in Nigeria. The country sees emerging technologies such as artificial intelligence (AI), blockchain technology, and non-fungible tokens (NFTs), among others, as veritable tools that can be used for economic and social development. This approach presents both opportunities and challenges. Nigeria&s;s teeming young population is quite receptive to technological innovation and constitutes potential for innovative solutions to the country&s;s developmental challenges. However, the inadequate intellectual property (IP) framework that should have been used to attract investments and stimulate innovation stands as a challenge to the country&s;s technological potential. This concern raises an all-important question of whether or not the existing laws and enforcement apparatus are equipped to tackle the complications that have been introduced by these new technologies. This chapter analyses IP frameworks in Nigeria and their adequacies for protecting technology and innovations. While adopting the doctrinal research methodology, the research reveals that Nigeria has advanced and developed in technology such as app creation and fintech, which are now considered beacons of economic growth. However, the lack of awareness of the importance of IP is a major limiting factor. This research concludes and recommends that Nigeria&s;s stakeholders, among other things, provide a better system for the enlightenment of the protection and recognition that has already been provided by intellectual property rights (IPR) in technology.
This paper examines the challenges hindering rooftop solar (RTS) deployment in India and explores how a U.S.-India partnership can unlock its full potential. RTS, a decentralized and scalable renewable energy solution, is critical to India’s renewable energy goals, including its target of 40 GW of RTS capacity under the National Solar Mission by 2022 which remains unmet with only 10.9 GW installed as of 2023. Key barriers include high upfront costs, limited financing options, policy fragmentation, and resistance from distribution companies (DISCOMs). The paper identifies actionable solutions, leveraging U.S. expertise in innovative financing models, net metering policies, and grid modernization. Collaborative initiatives, such as USAID-backed loan guarantees and green bonds, could alleviate financing gaps, while technical assistance from the U.S. can support DISCOMs in integrating distributed solar. The paper also emphasizes the need for performance-based incentives, consumer awareness programs, and community solar models to accelerate adoption. A successful U.S.-India collaboration can address systemic challenges, enhance RTS scalability, and contribute to global climate goals. By leveraging shared expertise and resources, this partnership offers a pathway to strengthen India’s renewable energy transition while fostering bilateral cooperation in clean energy development.
This chapter traces the journey of how a growing global logistics provider for heavy haulage, bulk liquid, and dry commodities—Legend Logistics—noticed an emerging opportunity in decentralized finance. Founded in 2012, Legend Logistics expanded rapidly beyond the shores of its headquarters, Singapore, to establish 15 regional offices spanning 12 countries and employed over 450 employees to manage its operations, such as marine assets, dry containers, reefer containers, and ISO tanks. This case illustrates how various key drivers in the logistics industry would impact a firm’s trajectory in digitalizing and modernizing its supply chain. Amid global uncertainties, the widening adoption of technology in the supply chain sector provided a silver lining in the cloud. Alex Lin, the Chief Technology Officer of Legend Logistics, was presented with the opportunity to digitalize the company’s business through asset tokenization, which could create an entirely new revenue driver for the firm. It could tokenize the firm’s cargo into hundreds of thousands of smaller pieces that could be traded on a platform, providing liquidity and an attractive proposition, as trade finance historically paid above the risk commensurate with the yield level.
The topic of financial resilience of territorial communities has gained significant relevance in the context of full-scale war, which has substantially affected public finances in Ukraine.The decentralization process granted new financial autonomy and decision-making possibilities to local powers.However, ongoing military actions have led to decreasing of financial flows, destruction of infrastructure and population displacement, which negatively influenced the financial sustainability of communities.This article aims to explore theoretical approaches to defining financial resilience of territorial communities, analyzing its key determinants and formulating an author's approach.The research identifies that financial resilience is a multidimensional concept incorporating self-financing capacity, effective resource management, debt burden control and adaptability to economic shocks.Additionally, resilience extends beyond financial stability to include proactive risk mitigation strategies that enhance the long-term sustainability of local powers.The morphological and functional analysis of the term "financial resilience" reveals its critical role in ensuring balanced economic and social development, particularly in crisis conditions.Key determinants influencing financial resilience include resource potential, financial inclusion, financial literacy, social capital, and strategic budget planning.Empirical observations suggest that communities with diversified income sources, sound financial planning, and efficient financial control mechanisms demonstrate higher levels of resilience.Moreover, interactions with external support systems, including governmental assistance and international funding, play an important role in maintaining financial stability.The study emphasizes that financial resilience is not solely dependent on internal financial management but also on broader socio-economic factors and governance efficiency.In the context of post-war recovery, financial resilience will serve as a foundation for rebuilding and strengthening local economies.Future 4(14) 2025 271 research should focus on refining financial resilience assessment models and developing targeted policies to support communities in navigating economic uncertainties and structural changes.
Yongsheng Guo, Ezaddin Yousef, Mirza Muhammad Naseer
This study investigates the key drivers and the economic and social impacts of cryptocurrency adoption. Based on panel data across 37 countries from 2020 to 2023, this research examines the interplay between cryptocurrency adoption and technology development, monetary policies, and economic and social development. Employing a mixed-methods approach, the research incorporates panel data analysis across multiple countries to explore correlations and causal relationships between these variables. The study found that technology development, measured by the Network Readiness Index (NRI) enables cryptocurrency adoption. Economic conditions measured by higher national inflation rates and monetary policy indicators, including lower interest and exchange rates are the key drivers for cryptocurrency adoption. The empirical findings reveal that cryptocurrency adoption has negative relationships with economic development measured by the GDP growth rate, unemployment rate, and social development represented by the governance quality corruption index. It implies that cryptocurrency is used as a virtual anchor (digital gold) for national inflation. Findings reveal how network readiness, economic conditions, and monetary policies contribute to fostering cryptocurrency adoption, while resulting in impacts on economic growth, labour markets, and governance. The research contributes to the literature by integrating technological, economic, and governance perspectives to elucidate the role of cryptocurrency in reshaping the global economic and social systems.
Dr. Aashka Thakkar, Satyajitsinh Gohil, Nitesh Mishra, Mistry Neelam
The present research examines the most prominent five cryptocurrencies—Bitcoin, Ethereum, Biance Coin, Tether, and Solana—that are accessible in India according on the value of their market caps. It additionally highlights the benefits and drawbacks of each type of cryptocurrency as well as the advantages of some over alternatives. The article additionally outlines important aspects of the prominent digital currencies that are accessible in India. The study also concentrates on price assessment of the top five cryptocurrencies during the last year (1 years) as well as this study also indicate the contrasting of prices volatility of cryptocurrencies.
Дипломна робота присвячена комплексному аналізу міжнародного досвіду взаємодії та регуляції криптовалют на прикладах-кейсах різних країн світу. Розкритий потенціал та перспективи імплементації криптовалюти в українську економіку. Завдяки статистичним методам оцінений стан криптовалютного ринку, сучасні проблеми і можливі ризики, зазначена роль криптовалюти у перспективах розвитку економіки України. Окрему увагу приділено пропозиціям по регулюванню та оподаткуванню, які позитивно вплинуть на економічний та соціальний розвиток України. The thesis is dedicated to a comprehensive analysis of international experience in the interaction and regulation of cryptocurrencies, illustrated by case studies from various countries. The potential and prospects of implementing cryptocurrency into the Ukrainian economy are explored. Using statistical methods, the state of the cryptocurrency market for 2025 is assessed, along with current issues and possible risks, while the role of cryptocurrency in the future development of Ukraine’s economy is highlighted. Special attention is given to proposals on regulation and taxation, which will positively influence Ukraine's economic and social development.
Rohit Ashok Mohite, Ravi Harendra Chourasiya, Sandeep Sharma
This research investigates the dynamic interplay between innovation, sustainability, and growth in Micro, Small, and Medium Enterprises (MSMEs) within India's textile manufacturing sector an industry that accounts for approximately 45% of national textile exports and employs over 7 million individuals in decentralized units. The primary objective is to evaluate how the strategic integration of digital technologies and sustainable practices influences operational efficiency, global competitiveness, and long-term economic viability of textile MSMEs. Employing a mixed-methods framework, the study synthesizes data from structured surveys across 125 MSMEs and expert interviews with 20 stakeholders, including policymakers and industry consultants. The analysis leverages multi-variable regression models to assess the correlation between innovation inputs (e.g., R&D intensity, automation levels, ERP adoption) and key performance indicators (e.g., productivity growth, export volume, and energy efficiency index). Additionally, sustainability maturity was measured through indices such as compliance with ISO 14001/50001, effluent treatment capabilities, and participation in ZED and TUFS schemes. Findings reveal a statistically significant impact (p < 0.01) of combined innovationsustainability strategies on annual productivity and export growth. However, the results also highlight systemic constraints such as financial inaccessibility, technological inertia, and limited workforce upskilling, which impede scalable transformation. The study proposes a triadic policy model focusing on green financing, digital upskilling, and innovation cluster incubation to accelerate industrial modernization. This research advances scholarly understanding of MSME transformation pathways in emerging economies and provides actionable insights for policy architects aiming to align industrial development with national sustainability targets and global trade integration in the textile domain.
The fields of education, science, and sports are fundamental pillars of social infrastructure and represent a priority direction of Ukraine’s budget policy, especially in the context of ongoing decentralization and post-crisis recovery. The aim of this study is to examine the principles of funding for public institutions in these sectors based on assessments and analysis of short-term trends in their financing from the general fund of the State budget. The study presents the structure and management of budget expenditures in accordance with the provisions of the Budget Code of Ukraine, with particular emphasis on examples of institutions in the Odesa region for the period from 2022 to 2024. Methodologically, the study employs a combination of comparative analysis, synthesis, generalization, and methods of logical reasoning (induction and deduction), scientific research methods, and the tabular method. Budget data for local and regional institutions, including educational institutions, research organizations, and municipal sports enterprises, are analyzed to assess funding trends and identify systemic patterns. The study results show an overall positive trend in the increase of funding for education, science, and sports at the regional level. However, the analysis also reveals uneven community development: while some receive considerably larger expenditures to support infrastructure development and program expansion, others exhibit slower but more stable growth, likely due to differences in institutional maturity or strategic planning capacity. In particular, the sharp rise in expenditures for sports facilities in smaller communities may indicate deliberate government efforts to promote inclusive development and the decentralization of public services. The practical significance of the study lies in its potential to inform policymakers and local administrators about the effectiveness and fairness of existing budget allocation mechanisms. The study highlights the importance of improving the efficiency and transparency of government expenditures, enhancing planning tools, and aligning budget policy with the actual needs and capacities of local institutions.
Obtaining higher education in the United States of America is a key catalyst for social mobility of the population, public confidence, which provides many individual advantages in modern society. In 2023-2024, graduates of higher education institutions in the United States will make up a larger share of employees in both public and private enterprises, compared to those with a lower level of education. The economic and social development of Ukraine, as a world leader, requires investment in education. In this regard, it is relevant to study the implementation of STEM education in higher education institutions in the United States of America, since over the past three decades the importance of STEM education for the country's economic competitiveness has been recognized by the United States Government as a level of official resolutions, laws and regulations, as an area that supports the development of ideas and solutions necessary to solve the country's global problems. The article examines the impact of the decentralization of the US higher education sector on the strategy, oversight, and accreditation of higher education institutions in the United States. The presence of independent and autonomous accreditation agencies in the US that can assess the performance of US higher education institutions is analyzed. The procedure for assessing the performance of US higher education institutions, which is implemented through funding for needs-based research, innovative programs, and individual federal loans, is analyzed, and covers such university areas as student education, management, academic programs, faculty and staff qualifications, and finance. The specifics of the distribution of STEM degrees in the field of bachelor’s and master’s degrees in private and public institutions are considered. The concept of «conceptualizing culture» in undergraduate STEM education is investigated. The influence of curators and teachers of STEM disciplines on the ability of students to succeed in STEM education is investigated. It has been determined that STEM education in the United States is characterized by support from the Federal Government and is the national educational framework of the United States, which ensures the competitiveness of the state in the field of future employment.
The Indian music industry, like its global counterparts, faces significant challenges in protecting intellectual property IP and ensuring fair compensation for musicians. With the rise of digital platforms and increasing instances of piracy, musicians are finding it difficult to maintain control over their works. However, emerging technologies such as blockchain, artificial intelligence AI, and smart contracts offer innovative solutions to these challenges. This research paper explores the role of these technologies in enhancing IP protection and streamlining royalty distribution in India’s music industry. By focusing on the potential of blockchain for copyright management, AI for automated content monitoring, and smart contracts for transparent and efficient royalty distribution, this study highlights the opportunities and challenges associated with implementing these technologies in the Indian context.
Decentralized Finance - DeFi - challenges the role of traditional financial intermediaries in providing financial services of loans, brokerage and banking. An evolutionary movement accessible to anyone with mobile and internet has grown from $4Bn to $104Bn in the last five years.DeFi is the intersection of FinTech (<i>Financial Technology</i>) and RegTech (<i>Regulatory Technology</i>). DeFi has the potential to reduce transaction costs and bring financial inclusivity to a larger level and create new opportunities in modernizing finance. As the regulations for cryptocurrencies are a bit murky in India, this paper aims to put forth a case of Decentralized finance through a standardized systematic literature review based on different tiers of micro, meso and macro levels. Through different sections of the paper, we introduce Decentralized Finance, compare it to the prevalent Centralized Financing and look forward to the challenges and opportunities in bringing DeFi to mainstream services in India.