The Department of Economics Innovation Lab, 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, the IITB–Bank of America Innovation Lab 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.
Vision
The Innovation Lab envisions becoming a trusted platform for applied economic research and policy engagement, contributing to a more inclusive, resilient, and responsibly governed financial system in India.
The Lab seeks to support informed responses to economic and technological change by grounding policy discussions in empirical evidence, institutional understanding, and practical constraints.
Mission
The mission of the Innovation Lab is to advance applied economic research that informs policy and practice in areas central to India’s development and financial stability.
The Lab aims to:
- Generate credible, policy-relevant economic evidence
- Support interdisciplinary research on finance, technology, and sustainability
- Translate research findings into accessible insights for policymakers and practitioners
- Build research capacity among early-career scholars and students through hands-on engagement