The main functions of the Institute are:
- To conduct research on important socioeconomic issues as may be desired or authorized by the government
- To compile and publish the results of the research conducted
- To advise and make recommendations to government, as and when required with regard to various economic policies
- To provide information and advice regarding research techniques and methodology in economics and social disciplines
- To provide facilities for training in socioeconomic research and demographic analysis to such persons as the government may direct
- To extend cooperation to national and international organizations in the field of economic research and training
- To arrange and promote seminars/conferences on various socioeconomic problems