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Books > Business & Economics > Finance & accounting > Finance > Public finance
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Fiscal Policy Reforms in India Since 1991 (Hardcover)
Loot Price: R244
Discovery Miles 2 440
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Fiscal Policy Reforms in India Since 1991 (Hardcover)
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List price R1,479
Loot Price R244
Discovery Miles 2 440
You Save R1,235 (84%)
Expected to ship within 9 - 15 working days
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In India, the external payments crisis of 1991, which led to the
initiation of economic reforms, was the result of deteriorating
fiscal situation during the latter half of 1980s. Fiscal imbalance
was identified as the underlying cause of the twin problems of
inflation and the difficult balance of payments position. Hence,
fiscal consolidation constituted a major objective of the policy
response. This consolidation was planned through reduction in the
size of budget deficit and public debt in relation to the India's
Gross Domestic Product (GDP). For this purpose, it became necessary
to: (a) enhance tax and non-tax revenue, (b) curtail current
expenditure growth, (c) restructure public sector undertakings,
including disinvestment, (d) improve fiscal-monetary co-ordination,
and (e) deregulate financial system. The need for improvements in
budgetary practices led to the enactment of India's Fiscal
Responsibility and Budget Management (FRBM) Act 2003, which ushered
the Indian economy into an era of fiscal consolidation based on
fiscal policy rules. This book provides a vivid account and
analysis of reforms in India's fiscal policy during the
post-liberalization period (1991 onward).
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