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Full Description
Likening fiscal federalism to a game between the Union and the states, and among the states themselves, Indian Fiscal Federalism lays bare the complex rules of play. In this new edition, the authors examine the pivotal and expanding role of Finance Commissions and momentous changes since 2015, such as the replacement of the Planning Commission by the NITI Aayog and the emergence of the GST Council. The book looks at the changes in the rules of the game, with the Union deviating from the established convention of treating the Finance Commission's recommendations as a package and award by not accepting the state-specific and sector-specific grants recommended by the Fifteenth Finance Commission. It presents a historical perspective on fiscal federalism, its evolution through various phases, and the interplay and overlap of institutional mechanisms, with a focus on the challenges before the Sixteenth Finance Commission. A contemporary, timely, and comprehensive analysis of federalism in India, this practitioners' perspective is a must-read that offers a way forward to address persistent and immediate concerns.
Contents
INTRODUCTION
1: ORIGINS OF FISCAL FEDERALISM
2: EVOLUTION OF FISCAL FEDERALISM
3: FINANCE COMMISSIONS: THEIR COMPOSITION AND FUNCTIONS
4: CONTINUITY AND CHANGE: APPROACHES OF FINANCE COMMISSIONS
5: VERTICAL DISTRIBUTION: CHANGING BALANCES
6: HORIZONTAL DISTRIBUTION: CHANGING BALANCES
7: GRANTS-IN-AID MAGNITUDE AND COMPOSITION
8: THE DETAIL MATTERS
9: LOCAL SELF-GOVERNMENTS AND FINANCE COMMISSIONS
10: GOODS AND SERVICES TAX COUNCIL: A NEW INSTITUTION IN INDIAN FISCAL FEDERALISM
11: ASYMMETRIC FEDERALISM
12: THE PLANNING COMMISSION: ITS RISE, FALL, AND REBIRTH
13: NITI AAYOG: PROMISE AND PERFORMANCE
14: PUBLIC DEBT AND FINANCE COMMISSIONS
15: AGGREGATE CENTRAL TRANSFERS TO STATES
16: THE SIXTEENTH FINANCE COMMISSION: NEW CHALLENGES
