01000pab a2200133 454500008004000000100002000040245003400060260000900094300001600103362001100119520068300130650001900813773003400832180718b2004   xxu||||| |||| 00| 0 eng d  aRastogi, Anupam  aRestructuring public finances  c2004  ap.2756-772.  a26 Jun  aPublic finances in India are at a turning point. Analysis of the past data, however, shows no improvement in any of the major fiscal indicators. Restructure of debt, reforms in power sector and implementation of other issues under MTFRP hold promise for future. Lower revenue transfers to states have exacerbated their revenue deficits and capacity to spend on social infrastructure. Performance-based sector-specific transfers could set an example for state finance commissions. In the coming years, as states are expected to raise part of the resources from the capital market, the roles of state plans and the central planning commission need to be re-examined. - Reproduced.  aPublic finance  aEconomic and Political Weekly