Unfolding India’s Fiscal Federation

Former RBI Governor and noted Indian economist Y.V. Reddy has never been very media friendly. So, whenever he comes in front of the public it can be assumed that he has something substantial to say. Knowing his reputation, when we picked up his newly released book Indian Fiscal Federation (co-authored with G.R. Reddy – Advisor (Finance) Telangana Government) for review, we are not looking at something which can be passed on as a light airport read. Released months before the upcoming election, thankfully, the book is not a political commentary. Rather, this well-researched document is a contemporary, timely and comprehensive analysis of fiscal federalism in India. Before delving deep into the subject, the first few chapters (precisely first four chapters) throw light on the origin of fiscal federalism and how finance commission was formed. The authors pointed out, fiscal...