The CTRPFP was established as a consequence of a MOU signed between the Centre for Studies in Social Sciences, Calcutta and Government of India, Ministry of Finance, Department of Revenue for promotion of study, research, and training in public finance and policy.

The Centre aspires to promote effective economic, social and public policies through better understanding of their impact on individuals, families, businesses and public finances. It desires to communicate its research conclusions effectively, thereby maximizing their impact on policy, both directly and through public debate, to a wide range of audiences. It plans to establish itself as the authoritative commentator on public finance, tax and welfare policy, inequality and poverty, productivity and innovation, etc.