About the Innovation Lab
The Department of Economics Innovation Lab (DoEIL), Indian Institute of Technology Bombay, is an applied research platform focused on understanding and addressing emerging economic challenges in India’s rapidly evolving financial and digital landscape.
Over the past decade, India’s economy has undergone significant transformation driven by policy reforms, digital public infrastructure, and technological adoption. The banking, financial services, and insurance (BFSI) sector, in particular, is transitioning toward a more inclusive and resilient ecosystem, with increased emphasis on expanding formal financial access, supporting micro, small and medium enterprises, managing climate and sustainability risks, and ensuring the safe and responsible use of digital technologies.
Housed within the Department of Economics at IIT Bombay, it brings together faculty members, researchers, students, and practitioners to generate policy-relevant evidence, analytical insights, and practical frameworks. The Lab’s work spans financial inclusion, MSME financing, sustainable and climate finance, digital transformation, and risk management, including issues related to artificial intelligence, data governance, and cybersecurity in financial systems.
Through research projects, policy dialogues, roundtables, and collaborative studies, the Lab aims to bridge academic research and real-world policy implementation, supporting informed decision-making across public institutions, financial intermediaries, and industry stakeholders.