75 Years of Central Government Budgets (1947-48 to 2021-22) and Finance Commissions of India (I to XV)
Sury, M.M.
75 Years of Central Government Budgets (1947-48 to 2021-22) and Finance Commissions of India (I to XV) M.M. Sury - New Delhi : New Century Publications, c2021. - 278p.: Hardbound 7½ x 9¾
Part I: Government Budgeting Procedures in India
1. Government Budgeting: Conceptual Framework
1.1 Significance of Government Budgeting
1.2 Government Budgeting versus Private Budgeting
1.3 Canons of Government Budgeting
1.4 Incremental Budgeting
1.5 Zero-base Budgeting (ZBB)
1.6 Functional, Economic and Cross-classification of the Budget
1.7 Gender Budgeting
2. Phases of Budgetary Cycle in India
2.1 Preparation of the Budget
2.2 Legalisation of the Budget
2.3 Execution of the Budget
2.4 Auditing of Accounts
3. Contents and Explanation of Budget Documents
3.1 Budget Speech of the Finance Minister
3.2 Annual Financial Statement
3.3 Demands for Grants
3.4 Finance Bill
3.5 Macroeconomic Framework Statement
3.6 Medium-term Fiscal Policy-cum-Fiscal Policy Strategy Statement
3.7 Expenditure Budget
3.8 Receipts Budget
3.9 Expenditure Profile
3.10 Memorandums Explaining the Provisions in the Finance Bill
3.11 Budget at a Glance
3.12 Output Outcome Monitoring Framework
3.13 Key Features of Budget
3.14 Implementation of Budget Announcements
3.15 Budget-related Documents
3.16 Financial Emergency
4. Parliamentary Control over the Budget
4.1 Public Accounts Committee
4.2 Estimates Committee
4.3 Committee on Public Undertakings
5. Components and Structure of Central Government Budget 2021-22
5.1 Revenue Budget
5.2 Capital Budget
5.3 Various Measures of Budget Deficit and Their Significance
5.4 Budget and the External Sector
6. Budgetary Reforms in India
6.1 Fiscal Responsibility and Budget Management (FRBM) Act, 2003
6.2 Fiscal Responsibility Legislations by States
6.3 Budgetary Reforms Suggested by Eleventh Finance Commission (XI-FC)
6.4 Budgetary Reforms Suggested by Twelfth Finance Commission (XII-FC)
6.5 Budgetary Reforms Suggested by the Committee on Capital Account Convertibility
6.6 Gender Budgeting in India
6.7 Recent Budgetary Reforms
6.8 Digitisation of the Budget
7. Highlights of Central Government Budgets in India: 1947-48 to 2021-22
Part II: Centre-State Financial Relations (Fiscal Federalism) in India
8. Federation and Fiscal Federalism: Conceptual Settings
8.1 Meaning and Features of a Federation
8.2 Economic Basis of Decentralisation
8.3 Advantages of Decentralised Decision-making
8.4 What is Fiscal Federalism?
8.5 Problems of Multi-level Finance: Vertical and Horizontal Imbalances
8.6 Financing of Public Expenditure
8.7 Earmarking of Revenue
9. Nature and Features of Indian Federation
9.1 Constitution and India’s Federal Structure
9.2 Division of Powers
9.3 Centrally Biased Constitution and its Justification
9.4 Commission on Centre-State Relations, 1988
10. Centralisation of Revenues and the Need for and Channels of Transfers to States
10.1 Centralisation of Revenues
10.2 Need for Inter-governmental Transfers
10.3 Channels of Central Transfers to the States
10.4 Claims and Counter-claims for Financial Resources
11. Fiscal Federalism and the Role of Finance Commission
11.1 Evolution of Fiscal Federalism in India
11.2 Appointment and Duties of the Finance Commission
11.3 Powers and Procedures
11.4 Nature of Finance Commission Recommendations
12. Finance Commission and Vertical Distribution of Resources
12.1 Itemised Sharing of Revenue between the Centre and the States Prior to Constitution (Eightieth Amendment) Act, 2000
12.2 From Itemised to Globalized Sharing of Revenue between the Centre and the States after the Constitution (Eightieth Amendment) Act, 2000
12.3 Overall Ceiling
13. Finance Commission and Horizontal Distribution of Resources
13.1 Inter Se Distribution of States’ Share in Central Taxes Prior to Constitution (Eightieth Amendment) Act, 2000
13.2 Inter Se Distribution of States’ Share in Central Taxes after the Constitution (Eightieth Amendment) Act, 2000
13.3 Grants-in-aid of Revenues
14. Constitution (One Hundred and First Amendment) Act, 2016, Goods and Services Tax (GST) and the Changed Landscape of Fiscal Federalism in India
14.1 From Mutually Exclusive to Concurrent Powers of Taxation
14.2 Compensation to States for the Loss of Revenue Due to GST Implementation
14.3 GST and Co-operative Federalism
14.4 Enhanced Need for Co-operative Federalism in the 21st Century
15. First Finance Commission (I-FC): 1952-53 to 1956-57
15.1 Financial Assistance to States: Approach of I-FC
15.2 Devolution and Distribution of Income Tax
15.3 Devolution and Distribution of Union Excise Duties
15.4 Grants-in-aid of Revenues
15.5 Permanent Secretariat for the Finance Commission
16. Second Finance Commission (II-FC): 1957-58 to 1961-62
16.1 Devolution and Distribution of Income Tax
16.2 Devolution and Distribution of Union Excise Duties
16.3 Grants-in-aid of Revenues
16.4 Distribution of Estate Duty
16.5 Miscellaneous
17. Third Finance Commission (III-FC): 1962-63 to 1965-66
17.1 Distribution of Estate Duty
17.2 Devolution and Distribution of Income Tax
17.3 Devolution and Distribution of Union Excise Duties
17.4 Grants-in-aid of Revenues
18. Fourth Finance Commission (IV-FC): 1966-67 to 1968-69
18.1 Distribution of Estate Duty
18.2 Grant in Lieu of Tax on Railway Passenger Fares
18.3 Devolution and Distribution of Income Tax
18.4 Devolution and Distribution of Union Excise Duties
18.5 Principles Governing Grants-in-aid of Revenues
19. Fifth Finance Commission (V-FC): 1969-70 to 1973-74
19.1 Devolution and Distribution of Income Tax
19.2 Devolution and Distribution of Union Excise Duties
19.3 Additional Duties of Excise in Lieu of Sales Tax
19.4 Grants-in-aid of Revenues
20. Sixth Finance Commission (VI-FC): 1974-75 to 1978-79
20.1 Devolution and Distribution of Income Tax
20.2 Devolution and Distribution of Union Excise Duties
20.3 Additional Duties of Excise
20.4 Grant in Lieu of Tax on Railway Passenger Fares
20.5 Distribution of Estate Duty
20.6 Grants-in-aid of Revenues
21. Seventh Finance Commission (VII-FC): 1979-80 to 1983-84
21.1 Distribution of Estate Duty
21.2 Additional Duties of Excise
21.3 Grant in Lieu of Tax on Railway Passenger Fares
21.4 Devolution and Distribution of Income Tax
21.5 Devolution and Distribution of Union Excise Duties
21.6 Upgradation of Standards of Administration
22. Eighth Finance Commission (VIII-FC): 1984-85 to 1988-89
22.1 Approach of the Commission on Financial Transfers
22.2 Reassessment of the Revenue and Expenditure Forecasts
22.3 Devolution and Distribution of Income Tax
22.4 Devolution and Distribution of Union Excise Duties
22.5 Additional Duties of Excise
22.6 Grants-in-aid of Revenues
22.7 General Observations
23. Ninth Finance Commission (IX-FC): 1989-90 to 1994-95
23.1 First Report (for the year 1989-90)
23.2 Second Report (for the years 1990-91 to 1994-95)
24. Tenth Finance Commission (X-FC): 1995-96 to 1999-2000
24.1 Devolution and Distribution of Income Tax
24.2 Devolution and Distribution of Union Excise Duties
24.3 Distribution of Additional Duties of Excise
24.4 Grants in Lieu of Tax on Railway Passenger Fares
25. Eleventh Finance Commission (XI-FC): 2000-01 to 2004-05
25.1 States Share in All Central Taxes and Duties
25.2 Distribution of the Share of States Inter Se
25.3 Grants-in-aid of Revenues of States
25.4 Ceiling on Total Revenue Account Transfers
26. Twelfth Finance Commission (XII-FC): 2005-06 to 2009-10
26.1 Sharing of Union Tax Revenues
26.2 Vertical Sharing
26.3 Horizontal Sharing
26.4 Grants-in-aid to States
26.5 Restructuring Public Finances
27. Thirteenth Finance Commission (XIII-FC): 2010-11 to 2014-15
27.1 Sharing of Union Tax Revenues
27.2 Criteria and Weights for Determining Inter Se Shares of States
27.3 Grants-in-aid to States
27.4 Disaster Relief
28. Fourteenth Finance Commission (XIV-FC): 2015-16 to 2019-20
28.1 Sharing of Union Tax Revenues
28.2 Criteria and Weights for Determining Inter se Shares of States
28.3 Grants to Local Bodies
28.4 Financing of Disaster Relief
29. Fifteenth Finance Commission (XV-FC): 2020-21 to 2025-26
29.1 Extension of the Tenure of XV-FC
29.2 First Report of XV-FC for 2020-21
29.3 Second Report of XV-FC for 2021-22 to 2025-26
Select Bibliography
Index
Finance is the life blood of a government. Arrangements for finance are more complicated in a federal set up than in a unitary form of government. A federal system creates a multiple polity based on divided functions and powers among central and state governments. Fiscal federalism, as a branch of public finance, deals with financial arrangements and their working in a federal polity.
As a financial blueprint of a government, budget is an important instrument to carry out its policies and programmes. It is through the budget that a government arranges financial resources and allocates them among competing uses. The high level of administrative, welfare and developmental activities of the Central Government make for colossal amounts of both receipts and disbursements. Such large-scale public transactions through the budget affect the economy in various ways. The level and composition of taxes influence the allocation of resources among various sectors of the economy, distribution of income among different economic classes, and macro management of the economy. Similarly, the borrowing policy of the Central Government affects the amount of national savings available to the private sector for consumption and investment. No less important are the effects of massive public expenditure on production, distribution and economic stabilization.
Budget is not merely a statement of government accounts. It reflects the government’s vision and signals the policies to come in future. Budget is also the chief source of government finance statistics to facilitate research and decisions on fiscal and economic matters.
In India, the Central Government budget is designed mainly to ensure Parliamentary control and accounting scrutiny. Each year the Government has to obtain the authority of the Parliament to raise revenues to meet its expenditure. Budget of the government is perhaps the most important annual item on the agenda of the Parliament. Budget papers of the Government of India provide glimpses of the events, challenges and perceptions of the leaders. They highlight contemporary problems of the Indian economy and policy measures taken by the government to solve them, making for a fascinating study of India’s march towards development.
Fiscal federalism is a subject of topical interest in India in view of some recent developments of historical importance. The Constitution (Eightieth Amendment) Act, 2000, significantly changed the manner of distribution of Central tax collections between the Central and State Governments. Prior to this Amendment, income tax and Union excise duties were the only taxes shared with the States. This Amendment altered the pattern of sharing of Central taxes between the Centre and the States by providing for the sharing of the net proceeds of all Union taxes and duties with the States.
Enactment of the Constitution (One Hundred and First Amendment) Act, 2016 and the subsequent introduction of Goods and Services Tax (GST) from July 1, 2017, marked a clear departure from the initial scheme of distribution of taxation powers between the Centre and the States envisaged in the Constitution. Prior to enactment of the said Act, taxation powers between the Centre and the States were clearly demarcated in the Constitution of India with no overlaps between their respective domains. With the introduction of GST, fiscal federalism in India has moved from mutually exclusive to concurrent powers of taxation for the Centre and the States.
Recommendations of the Finance Commission constitute the core of fiscal federalism in India. Finance Commission is a unique feature of the Indian Constitution without parallel in the existing federal constitutions of the world. Reports of the Finance Commissions provide in-depth insights into problems and their solutions in the highly complex area of federal finance. These Reports examine in detail, contemporary issues in Centre-State financial relations and recommend measures to solve them.
Spread over 29 chapters, the book is organized into 2 parts.
Part I (chapters 1 to 7) is titled Government Budgeting Procedures in India. This part provides conceptual framework for budgetary techniques, phases of budgetary cycle of the Government of India, parliamentary controls over the budget, components and structure of the budget, budgetary reforms and other topics related to the subject. It also includes highlights of each Central Budget from 1947-48 to 2021-22.
Part II (chapters 8 to 29) is titled Centre-State Financial Relations (Fiscal Federalism) in India. This part covers conceptual settings for fiscal federalism, nature and features of Indian federation, centralization of revenues and channels of transfers to states, role of the Finance Commission, vertical distribution of resources, horizontal distribution of resources, and Constitution (One Hundred and First Amendment) Act, 2016, and the changed landscape of fiscal federalism in India. It also includes highlights and summary of each Finance Commission Report from First Finance Commission to Fifteenth Finance Commission.
This work would prove useful for students of economics, commerce, public administration and business management. An understanding of the mechanics of governmental financial transactions will also serve the needs of legislators, administrators and those in industry and trade.
9788177085303
Finance
352.480 / SUR
75 Years of Central Government Budgets (1947-48 to 2021-22) and Finance Commissions of India (I to XV) M.M. Sury - New Delhi : New Century Publications, c2021. - 278p.: Hardbound 7½ x 9¾
Part I: Government Budgeting Procedures in India
1. Government Budgeting: Conceptual Framework
1.1 Significance of Government Budgeting
1.2 Government Budgeting versus Private Budgeting
1.3 Canons of Government Budgeting
1.4 Incremental Budgeting
1.5 Zero-base Budgeting (ZBB)
1.6 Functional, Economic and Cross-classification of the Budget
1.7 Gender Budgeting
2. Phases of Budgetary Cycle in India
2.1 Preparation of the Budget
2.2 Legalisation of the Budget
2.3 Execution of the Budget
2.4 Auditing of Accounts
3. Contents and Explanation of Budget Documents
3.1 Budget Speech of the Finance Minister
3.2 Annual Financial Statement
3.3 Demands for Grants
3.4 Finance Bill
3.5 Macroeconomic Framework Statement
3.6 Medium-term Fiscal Policy-cum-Fiscal Policy Strategy Statement
3.7 Expenditure Budget
3.8 Receipts Budget
3.9 Expenditure Profile
3.10 Memorandums Explaining the Provisions in the Finance Bill
3.11 Budget at a Glance
3.12 Output Outcome Monitoring Framework
3.13 Key Features of Budget
3.14 Implementation of Budget Announcements
3.15 Budget-related Documents
3.16 Financial Emergency
4. Parliamentary Control over the Budget
4.1 Public Accounts Committee
4.2 Estimates Committee
4.3 Committee on Public Undertakings
5. Components and Structure of Central Government Budget 2021-22
5.1 Revenue Budget
5.2 Capital Budget
5.3 Various Measures of Budget Deficit and Their Significance
5.4 Budget and the External Sector
6. Budgetary Reforms in India
6.1 Fiscal Responsibility and Budget Management (FRBM) Act, 2003
6.2 Fiscal Responsibility Legislations by States
6.3 Budgetary Reforms Suggested by Eleventh Finance Commission (XI-FC)
6.4 Budgetary Reforms Suggested by Twelfth Finance Commission (XII-FC)
6.5 Budgetary Reforms Suggested by the Committee on Capital Account Convertibility
6.6 Gender Budgeting in India
6.7 Recent Budgetary Reforms
6.8 Digitisation of the Budget
7. Highlights of Central Government Budgets in India: 1947-48 to 2021-22
Part II: Centre-State Financial Relations (Fiscal Federalism) in India
8. Federation and Fiscal Federalism: Conceptual Settings
8.1 Meaning and Features of a Federation
8.2 Economic Basis of Decentralisation
8.3 Advantages of Decentralised Decision-making
8.4 What is Fiscal Federalism?
8.5 Problems of Multi-level Finance: Vertical and Horizontal Imbalances
8.6 Financing of Public Expenditure
8.7 Earmarking of Revenue
9. Nature and Features of Indian Federation
9.1 Constitution and India’s Federal Structure
9.2 Division of Powers
9.3 Centrally Biased Constitution and its Justification
9.4 Commission on Centre-State Relations, 1988
10. Centralisation of Revenues and the Need for and Channels of Transfers to States
10.1 Centralisation of Revenues
10.2 Need for Inter-governmental Transfers
10.3 Channels of Central Transfers to the States
10.4 Claims and Counter-claims for Financial Resources
11. Fiscal Federalism and the Role of Finance Commission
11.1 Evolution of Fiscal Federalism in India
11.2 Appointment and Duties of the Finance Commission
11.3 Powers and Procedures
11.4 Nature of Finance Commission Recommendations
12. Finance Commission and Vertical Distribution of Resources
12.1 Itemised Sharing of Revenue between the Centre and the States Prior to Constitution (Eightieth Amendment) Act, 2000
12.2 From Itemised to Globalized Sharing of Revenue between the Centre and the States after the Constitution (Eightieth Amendment) Act, 2000
12.3 Overall Ceiling
13. Finance Commission and Horizontal Distribution of Resources
13.1 Inter Se Distribution of States’ Share in Central Taxes Prior to Constitution (Eightieth Amendment) Act, 2000
13.2 Inter Se Distribution of States’ Share in Central Taxes after the Constitution (Eightieth Amendment) Act, 2000
13.3 Grants-in-aid of Revenues
14. Constitution (One Hundred and First Amendment) Act, 2016, Goods and Services Tax (GST) and the Changed Landscape of Fiscal Federalism in India
14.1 From Mutually Exclusive to Concurrent Powers of Taxation
14.2 Compensation to States for the Loss of Revenue Due to GST Implementation
14.3 GST and Co-operative Federalism
14.4 Enhanced Need for Co-operative Federalism in the 21st Century
15. First Finance Commission (I-FC): 1952-53 to 1956-57
15.1 Financial Assistance to States: Approach of I-FC
15.2 Devolution and Distribution of Income Tax
15.3 Devolution and Distribution of Union Excise Duties
15.4 Grants-in-aid of Revenues
15.5 Permanent Secretariat for the Finance Commission
16. Second Finance Commission (II-FC): 1957-58 to 1961-62
16.1 Devolution and Distribution of Income Tax
16.2 Devolution and Distribution of Union Excise Duties
16.3 Grants-in-aid of Revenues
16.4 Distribution of Estate Duty
16.5 Miscellaneous
17. Third Finance Commission (III-FC): 1962-63 to 1965-66
17.1 Distribution of Estate Duty
17.2 Devolution and Distribution of Income Tax
17.3 Devolution and Distribution of Union Excise Duties
17.4 Grants-in-aid of Revenues
18. Fourth Finance Commission (IV-FC): 1966-67 to 1968-69
18.1 Distribution of Estate Duty
18.2 Grant in Lieu of Tax on Railway Passenger Fares
18.3 Devolution and Distribution of Income Tax
18.4 Devolution and Distribution of Union Excise Duties
18.5 Principles Governing Grants-in-aid of Revenues
19. Fifth Finance Commission (V-FC): 1969-70 to 1973-74
19.1 Devolution and Distribution of Income Tax
19.2 Devolution and Distribution of Union Excise Duties
19.3 Additional Duties of Excise in Lieu of Sales Tax
19.4 Grants-in-aid of Revenues
20. Sixth Finance Commission (VI-FC): 1974-75 to 1978-79
20.1 Devolution and Distribution of Income Tax
20.2 Devolution and Distribution of Union Excise Duties
20.3 Additional Duties of Excise
20.4 Grant in Lieu of Tax on Railway Passenger Fares
20.5 Distribution of Estate Duty
20.6 Grants-in-aid of Revenues
21. Seventh Finance Commission (VII-FC): 1979-80 to 1983-84
21.1 Distribution of Estate Duty
21.2 Additional Duties of Excise
21.3 Grant in Lieu of Tax on Railway Passenger Fares
21.4 Devolution and Distribution of Income Tax
21.5 Devolution and Distribution of Union Excise Duties
21.6 Upgradation of Standards of Administration
22. Eighth Finance Commission (VIII-FC): 1984-85 to 1988-89
22.1 Approach of the Commission on Financial Transfers
22.2 Reassessment of the Revenue and Expenditure Forecasts
22.3 Devolution and Distribution of Income Tax
22.4 Devolution and Distribution of Union Excise Duties
22.5 Additional Duties of Excise
22.6 Grants-in-aid of Revenues
22.7 General Observations
23. Ninth Finance Commission (IX-FC): 1989-90 to 1994-95
23.1 First Report (for the year 1989-90)
23.2 Second Report (for the years 1990-91 to 1994-95)
24. Tenth Finance Commission (X-FC): 1995-96 to 1999-2000
24.1 Devolution and Distribution of Income Tax
24.2 Devolution and Distribution of Union Excise Duties
24.3 Distribution of Additional Duties of Excise
24.4 Grants in Lieu of Tax on Railway Passenger Fares
25. Eleventh Finance Commission (XI-FC): 2000-01 to 2004-05
25.1 States Share in All Central Taxes and Duties
25.2 Distribution of the Share of States Inter Se
25.3 Grants-in-aid of Revenues of States
25.4 Ceiling on Total Revenue Account Transfers
26. Twelfth Finance Commission (XII-FC): 2005-06 to 2009-10
26.1 Sharing of Union Tax Revenues
26.2 Vertical Sharing
26.3 Horizontal Sharing
26.4 Grants-in-aid to States
26.5 Restructuring Public Finances
27. Thirteenth Finance Commission (XIII-FC): 2010-11 to 2014-15
27.1 Sharing of Union Tax Revenues
27.2 Criteria and Weights for Determining Inter Se Shares of States
27.3 Grants-in-aid to States
27.4 Disaster Relief
28. Fourteenth Finance Commission (XIV-FC): 2015-16 to 2019-20
28.1 Sharing of Union Tax Revenues
28.2 Criteria and Weights for Determining Inter se Shares of States
28.3 Grants to Local Bodies
28.4 Financing of Disaster Relief
29. Fifteenth Finance Commission (XV-FC): 2020-21 to 2025-26
29.1 Extension of the Tenure of XV-FC
29.2 First Report of XV-FC for 2020-21
29.3 Second Report of XV-FC for 2021-22 to 2025-26
Select Bibliography
Index
Finance is the life blood of a government. Arrangements for finance are more complicated in a federal set up than in a unitary form of government. A federal system creates a multiple polity based on divided functions and powers among central and state governments. Fiscal federalism, as a branch of public finance, deals with financial arrangements and their working in a federal polity.
As a financial blueprint of a government, budget is an important instrument to carry out its policies and programmes. It is through the budget that a government arranges financial resources and allocates them among competing uses. The high level of administrative, welfare and developmental activities of the Central Government make for colossal amounts of both receipts and disbursements. Such large-scale public transactions through the budget affect the economy in various ways. The level and composition of taxes influence the allocation of resources among various sectors of the economy, distribution of income among different economic classes, and macro management of the economy. Similarly, the borrowing policy of the Central Government affects the amount of national savings available to the private sector for consumption and investment. No less important are the effects of massive public expenditure on production, distribution and economic stabilization.
Budget is not merely a statement of government accounts. It reflects the government’s vision and signals the policies to come in future. Budget is also the chief source of government finance statistics to facilitate research and decisions on fiscal and economic matters.
In India, the Central Government budget is designed mainly to ensure Parliamentary control and accounting scrutiny. Each year the Government has to obtain the authority of the Parliament to raise revenues to meet its expenditure. Budget of the government is perhaps the most important annual item on the agenda of the Parliament. Budget papers of the Government of India provide glimpses of the events, challenges and perceptions of the leaders. They highlight contemporary problems of the Indian economy and policy measures taken by the government to solve them, making for a fascinating study of India’s march towards development.
Fiscal federalism is a subject of topical interest in India in view of some recent developments of historical importance. The Constitution (Eightieth Amendment) Act, 2000, significantly changed the manner of distribution of Central tax collections between the Central and State Governments. Prior to this Amendment, income tax and Union excise duties were the only taxes shared with the States. This Amendment altered the pattern of sharing of Central taxes between the Centre and the States by providing for the sharing of the net proceeds of all Union taxes and duties with the States.
Enactment of the Constitution (One Hundred and First Amendment) Act, 2016 and the subsequent introduction of Goods and Services Tax (GST) from July 1, 2017, marked a clear departure from the initial scheme of distribution of taxation powers between the Centre and the States envisaged in the Constitution. Prior to enactment of the said Act, taxation powers between the Centre and the States were clearly demarcated in the Constitution of India with no overlaps between their respective domains. With the introduction of GST, fiscal federalism in India has moved from mutually exclusive to concurrent powers of taxation for the Centre and the States.
Recommendations of the Finance Commission constitute the core of fiscal federalism in India. Finance Commission is a unique feature of the Indian Constitution without parallel in the existing federal constitutions of the world. Reports of the Finance Commissions provide in-depth insights into problems and their solutions in the highly complex area of federal finance. These Reports examine in detail, contemporary issues in Centre-State financial relations and recommend measures to solve them.
Spread over 29 chapters, the book is organized into 2 parts.
Part I (chapters 1 to 7) is titled Government Budgeting Procedures in India. This part provides conceptual framework for budgetary techniques, phases of budgetary cycle of the Government of India, parliamentary controls over the budget, components and structure of the budget, budgetary reforms and other topics related to the subject. It also includes highlights of each Central Budget from 1947-48 to 2021-22.
Part II (chapters 8 to 29) is titled Centre-State Financial Relations (Fiscal Federalism) in India. This part covers conceptual settings for fiscal federalism, nature and features of Indian federation, centralization of revenues and channels of transfers to states, role of the Finance Commission, vertical distribution of resources, horizontal distribution of resources, and Constitution (One Hundred and First Amendment) Act, 2016, and the changed landscape of fiscal federalism in India. It also includes highlights and summary of each Finance Commission Report from First Finance Commission to Fifteenth Finance Commission.
This work would prove useful for students of economics, commerce, public administration and business management. An understanding of the mechanics of governmental financial transactions will also serve the needs of legislators, administrators and those in industry and trade.
9788177085303
Finance
352.480 / SUR