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Indian Subnational Finances

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  • A. Prasad
  • Adarsh Kishore
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    Abstract

    The fiscal performance of the States in India has been an area of concern for quite some time. The Twelfth Finance Commission (TFC) recommended a three-pronged strategy to alleviate States'' fiscal distress, built around greater orientation toward market discipline, incentives for fiscal consolidation targets, and commitment to fiscal correction. We find that States have created fiscal space through raising revenues and reducing and reprioritizing expenditures. Looking ahead, expansion of fiscal space is essential to meet the States'' large infrastructure and social needs in order to alleviate bottlenecks to growth. This needs to be accomplished without undermining fiscal sustainability.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/205.

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    Length: 30
    Date of creation: 01 Aug 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/205

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    Related research

    Keywords: Public debt; Public finance; Fiscal management; expenditure; fiscal policy; fiscal deficit; expenditures; fiscal responsibility; fiscal rules; fiscal consolidation; fiscal performance; capital expenditure; fiscal space; fiscal adjustment; fiscal correction; fiscal sustainability; fiscal reforms; primary deficit; fiscal policies; total expenditure; sector expenditure; tax revenue; tax collections; state budgets; fiscal discipline; fiscal stress; expenditure reduction; public finances; fiscal deficits; government expenditure; fiscal targets; debt-service; tax reforms; tax efforts; fiscal distress; fiscal illusion; fiscal responsibility laws; tax administration; budget management; expenditure pattern; public expenditure; fiscal indicators; fiscal prudence; discretionary fiscal policy; fiscal reform; tax reform; expenditure management; government budget deficit; fiscal incentives; budget constraints; fiscal consolidation efforts; fiscal imbalances; fiscal effort; budget deficit; fiscal position; fiscal outcomes; fiscal positions; budget expenditure; fiscal institutions; public financial management; fiscal efforts; aggregate expenditure; government budget; public deficits; fiscal transparency; annual budget; public expenditure management; tax systems; fiscal policy rules; fiscal gap; key fiscal indicators; tax system; fiscal policy framework; administrative expenditure; fiscal plans;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Vegh, 2004. "When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies," NBER Working Papers 10780, National Bureau of Economic Research, Inc.
    2. International Monetary Fund, 1996. "Budget Processes and Commitment to Fiscal Discipline," IMF Working Papers 96/78, International Monetary Fund.
    3. Maria A Albino-War & Raju Jan Singh & Ehtisham Ahmad, 2005. "Subnational Public Financial Management," IMF Working Papers 05/108, International Monetary Fund.
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    Cited by:
    1. Ajay Shah, 2008. "New issues in Indian macro policy," Working Papers id:1478, eSocialSciences.
    2. Pinaki, Chakraborty, 2008. "Budget Rules, Fiscal Consolidation and Government Spending:Implications for Federal Transfers," MPRA Paper 30938, University Library of Munich, Germany, revised 2011.

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