Redesigning India’s Fiscal Architecture: 15th Finance Commission Proposals

PIC was pleased to host Prof. Anoop Singh (Adjunct Professor, Georgetown University, USA), Dr. Rathin Roy (Managing Director, Research and Policy, Overseas Development Institute), Mr. Sudhir Shrivastava (Chairman, Maharashtra Pollution Control Board), Prof. Abhay Pethe (Senior Resident Fellow, University of Mumbai) and Mr. Kandarp Patel (Director, National Academy of Audit and Accounts, Shimla) for a discussion on “Redesigning India’s Fiscal Architecture: 15th Finance Commission Proposals,” on 8th April. The round table was chaired by Dr. Urjit Patel, former Governor, Reserve Bank of India and Member, PIC.

All discussants noted that the pandemic had forced a rethink of fiscal management and austerity, the world over. The topics of fiscal prudence, communication within an increasingly federal system between Centre and States in India, fiscal rules, public financial management, fiscal institutions and the strong foundation of information and digital technologies required for the 21st century fiscal architecture were discussed. Emphasis on improved accountability, transparency, debt management and other approaches to managing India’s current fiscal situation were also discussed. It was pointed out that fiscal and monetary management in India was often hobbled by the lack of decision-makers’ ability to process complexity in policy-making. The need to address issues in India’s federalism and disparity in fiscal management between the Centre and States were also highlighted.

The discussion was followed by a round of questions and answers.

Please find the link to the video of this session: