In spite of extensive fiscal reforms undertaken during the nineties, India’s public finance face numerous problems. While the taxation system remains distortionary and fragmented, government expenditures remain inefficient in providing public and merit goods to the desired extent. Vertical imbalance and horizontal disparities characterize the federal fiscal system. The fiscal reform years have witnessed a sharp rise in the fiscal imbalance and deterioration in state finances. This book undertakes a comprehensive review of the contemporary issues in India’s public finances within a long-term perspective tracing its evolution since 1950-51. it critically analyses the causes of fiscal imbalance, the tensions that prevail in center-state financial relations, the progress of decentralization, and issues related with the structure of taxation as well as government expenditures. It examines the impact of public finances on the macro economy and looks at fiscal policy options for growth, stability and poverty alleviation. The book is divided into six parts providing in the first part an overview followed by analysis of issues in taxation, expenditure, fiscal imbalance, government debt, fiscal federalism, and fiscal policy.
ABOUT THE AUTHOR D K Srivastava
Dr. D.K. Srivastava is presently Director, Madras School of Economics, Chennai. He was a Member of the Twelfth Finance Commission, Principal Consultant to the Eleventh Finance Commission, and Economic Advisor to the Tenth Finance Commission. He has had a long association with the National Institute of Public Finance and Policy, New Delhi where he worked as Senior Banaras Hindu University during 1984-1996. He has also taught at the University of Allahabad and at the University of the West Indies, Jamaica. He was a Stanley Smith Fellow at the University of St. Andrews, United Kingdom during 1978-80. Dr. Srivastava studied at Allahabad University, and later at the University of St. Andrews, United Kingdom for M.Litt, and Ph.D. He was a National Merit Scholar and a Commonwealth Scholar in the United Kingdom. He was honoured by the award of the Tassie Medallion of Adam Smith at the University of St. Andrews, United Kingdom. Dr. Srivastava's teaching and research interests are in the fields of Public Finance and Macroeconomics. He is the author of a number of books, reports, and articles. Dr. Srivastava has written extensively on Budgetary Subsidies and edited a volume on Fiscal Federalism in India. Contemporary Challenges.
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