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Fiscal Policy, Decentralization & Economic Growth in India (Hardcover)
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Fiscal Policy, Decentralization & Economic Growth in India (Hardcover)
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When the Indian economy faced an unprecedented macroeconomic crisis
in 1991, fiscal consolidation constituted a major objective of the
policy response. For this purpose, it became necessary to: enhance
tax and non-tax revenue, curtail current expenditure growth,
restructure public sector undertakings, improve fiscal-monetary
co-ordination and deregulate financial system. The need for
improvements in budgetary practices led to the enactment of the
Fiscal Responsibility and Budget Management (FRBM) Act, 2003 which
ushered the Indian economy in an era of fiscal consolidation based
on fiscal policy rules. The passage of the Constitution
(Seventy-third Amendment) Act, 1992 marked a watershed in the
history of modern India. With this amendment, a uniform structure
of panchayats emerged throughout the country. Similarly, the
passage of the Constitution (Seventy-fourth Amendment) Act, 1992
was a landmark in the history of municipal administration in India.
Resultantly, panchayats and municipalities are now constitutional
bodies forming third tier to the federal polity of India. This
decentralisation initiative poses challenges and offers
opportunities. To counter the negative fallout of the global
meltdown on the economy, Indian Government took prompt action by
providing substantial fiscal stimulus. This book provides an
account of fiscal developments in India during the
post-liberalisation period, with particular emphasis on
decentralisation initiatives. It also examines prospects and
challenges facing the Indian economy. An appendix included in the
book contains Fiscal Policy Strategy Statement presented to
Parliament by Shri Pranab Mukherjee, Minister of Finance, on
February 26, 2010.
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