Public finance

The Indian fiscal system is undergoing a rapid and multi-dimensional transformation, partly under the momentum of its own dynamism and partly in response to the changing face of globalisation and world economic order. Amongst others, this transformation brought forth the 80th Constitutional Amendment in June 2000 whose contents continue to be debated and pursued.

This prompted me to present yet another thoroughly revised and updated edition of Public Finance.

This edition makes use of the latest available data and information. It covers GOI and Railway Budgets for 2003-04, the Reports of the Kelkar Committee, and State Government Budgets for 2002-03. The issues addressed by the Eleventh Finance Commission as also its findings and recommendations have been thoroughly dealt with while an updated reference on the Twelfth Finance Commission has also been included. Apart from dealing with the latest developments in theoretical areas of the subject. the book also covers current topics, such as VAT, that are debated in the field of Indian Public Finance. The appendices on debt trap, concepts and measurements of budgetary deficits and effectiveness of fiscal policy have been throughly updated.

The book is divided into two parts. Part I discusses the theory of Public Finance, and Part II examines the Indian fiscal set up and issues relating to it. The book covers the syllabi of UGC and all Indian Universities for honours and postgraduate courses in Economics. I sincerely hope that this edition would meet specific needs of students, researchers and teachers.