Much of the debate on public finance in India in recent years has been focused on how the Union government manages its expenditure and revenue flows. Public policy commentators have written in plenty on why the Centre must adhere to a path of fiscal prudence even while it allocates adequate resources to promote growth. Much less attention, however, is paid to what the 29 states in India are doing with regard to fiscal prudence.
It’s true that institutions like the International Monetary Fund or the rating agencies worry more about the consolidated fiscal deficit in the country that includes the
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