When states provide benefits like free bus rides and electricity, they often overlook the long-term financial implications and rely on the Central government to bail them out, despite making financially unsustainable decisions The history of Union Budgets is a tale that begins in 1733 when Sir Robert Walpole, regarded as the first Prime Minister of Great Britain, stood in the …
In India, the States mobilise altogether more than a third of total revenue, spend 60% of combined government expenditure, and have a share in government borrowing that is around 40%. Fiscal challenges However, there are significant fiscal challenges that need correction in the short to medium time frame — the most critical being containing the revenue deficit of States. Out …
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