Y. V. Reddy

Likening fiscal federalism to a game between the Union and the states, and among the states themselves, Indian Fiscal Federalism lays bare the complex rules of play. In this new edition, the authors examine the pivotal and expanding role of Finance Commissions and momentous changes since 2015, such as the replacement of the Planning Commission by the NITI Aayog and the emergence of the GST Council. The book looks at the changes in the rules of the game, with the Union deviating from the established convention of treating the Finance Commission's recommendations as a package and award by not accepting the state-specific and sector-specific grants recommended by the Fifteenth Finance Commission. It presents a historical perspective on fiscal federalism, its evolution through various phases, and the interplay and overlap of institutional mechanisms, with a focus on the challenges before the Sixteenth Finance Commission. A contemporary, timely, and comprehensive analysis of federalism in India, this practitioners' perspective is a must-read that offers a way forward to address persistent and immediate concerns.

What started as a sub-prime mortgage crisis in the United States in 2007 snowballed into global recession and later transformed into an economic crisis, if not a sociopolitical one. This was followed by the euro area debt crisis. While the period 2014–9 was marked by a return to the growth trajectory, albeit of the new normal variety, various headwinds affected such growth, including the United States–China trade war and the initially ambiguous Brexit signals culminating in the United Kingdom's exit from the European Union. In 2020, the world witnessed the emergence of the COVID-19 pandemic and a return to more aggressive fiscal and monetary stimuli. In this revised edition of Financial and Fiscal Policies, the authors highlight the challenges posed by the global crisis and analyse the interactions between monetary, fiscal, and financial policies, exploring cross-country experiences, especially the economics of the euro area and India. Focusing on public debt management, sovereign debt restructuring, taxation, and financial sector and sub-national finance regulation, this book offers an understanding of future institutional arrangements.

Likening fiscal federalism to a game between the Union and the States, and among the States themselves, Indian Fiscal Federalism lays bare the complex rules of play. It examines the pivotal role of Finance Commissions and assesses momentous events since 2014, such as the replacement of the Planning Commission by NITI Aayog, the emergence of the GST Council, and the controversies surrounding the Fifteenth Finance Commission. The book offers a historical perspective on fiscal federalism, in particular the interplay and overlap of institutional mechanisms. In doing so, it examines persistent as well as immediate concerns, and offers a way forward. A contemporary, timely, and comprehensive analysis of fiscal federalism in India, this is a must-read for all those interested in the subject.

‘India and the Global Financial Crisis’ offers a collection of essays based on the speeches delivered by Reddy during his tenure as Governor of the Reserve Bank of India between September 2003 and September 2008, a period of rapid growth for the Indian economy as well as extraordinary challenges for the conduct of monetary policy. The volume describes India's financial situation in light of the perspectives and policies of the Reserve Bank of India, as well as its response to the financial crises in 2007.

‘India and the Global Financial Crisis’ offers a collection of essays based on the speeches delivered by Reddy during his tenure as Governor of the Reserve Bank of India between September 2003 and September 2008, a period of rapid growth for the Indian economy as well as extraordinary challenges for the conduct of monetary policy. The volume describes India's financial situation in light of the perspectives and policies of the Reserve Bank of India, as well as its response to the financial crises in 2007.