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Indian Subnational Finances: Recent Performance

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Author Info

  • 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;

    This paper has been announced in the following NEP Reports:

    References

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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.
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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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