Indian Fiscal Federalism [Hardcover]

The book offers a historical perspective on fiscal federalism, in particular the interplay and overlap of institutional mechanisms. In doing so, it examines persistent as well as immediate concerns, and offers a way forward.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. It examines the pivotal role of Finance Commissions and assesses momentous events since 2014, such as the replacement of the Planning Commission by NITI Aayog, the emergence of the GST Council, and the controversies surrounding the Fifteenth Finance Commission.The book offers a historical perspective on fiscal federalism, in particular the interplay and overlap of institutional mechanisms. In doing so, it examines persistent as well as immediate concerns, and offers a way forward.A contemporary, timely, and comprehensive analysis of fiscal federalism in India, this is a must-read for all those interested in the subject.List of Tables, Figures, and BoxAcknowledgementsAbbreviationsIntroduction 1. Origins of Fiscal Federalism2. Evolution of Fiscal Federalism3. Finance Commissions: Their Composition and Functions4. Continuity and Change: Approaches of Finance Commissions5. Vertical Distribution: Changing Balances6. Horizontal Distribution: Changing Balances7. Grants-in-Aid: Magnitude and Composition8. The Detail Matters9. Local Self Governments and Finance Commisions10. Goods and Services Tax Council: A New Institution in Indian Fiscal Federalism11. Asymmetric Federalism12. The Planning Commission: Its Rise, Fall, and Rebirth13. NITI Aayog: Promise and Performance14. Public Debt and Finance Commissions15. Aggregate Central Transfers to States16. The Fifteenth Finance Commission: New ChallengesAfterwordIndexAbout the AuthorsY.V. Reddy,Former Governor, Reserve Bank of India,,G.R. Reddy,Adviser (Finance), Government of Telangana,Y.V. Reddy was Chairman, Fourteenth Finance lƒ