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A very few states in India, even after more than five decades of planning for development can hardly claim to have achieved the path of self-sustained development. Inter-state disparities have persisted in spite of large constitutionally provided statutory transfers through the finance commission and non-statutory transfers through the planning commission, central ministries and financial institutions. The fiscal disadvantaged states have lagged behind so much so ...
Traditionally the term 'Public Finance' has been applied to the package of those policies and operations which involve the use of tax and expenditure measures, while budgetary policy is an important part to understand the basic problems of use of resources, distribution of income, etc. There is a vast array of fiscal institutions--tax systems, expenditure programmes, budgetary procedures, stabilization instruments, public debt policies, level of government, etc., ...