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Indian Subnational Finances: Recent Performance

  • A. Prasad
  • Adarsh Kishore
Registered author(s):

    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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    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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    1. Ehtisham Ahmad & Maria Albino-War & Raju Singh, 2006. "Subnational Public Financial Management: Institutions and Macroeconomic Considerations," Chapters, in: Handbook of Fiscal Federalism, chapter 16 Edward Elgar.
    2. von Hagen, Jurgen & Harden, Ian J., 1995. "Budget processes and commitment to fiscal discipline," European Economic Review, Elsevier, vol. 39(3-4), pages 771-779, April.
    3. 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.
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