000			01641pab a2200205 454500
008			180718b2008 xxu||||| |||| 00| 0 eng d
100			_aRavishankar, V.J.
245			_aIndian state's fiscal correction: an unfinished agenda
260			_c2008
300			_ap.57-62.
362			_a20 Sep
520			_aMore than half of the 14 major states achieved significant fiscal correction during 2000-06, with Karnataka, Tamil Nadu, Orissa and Haryana in the lead. However, some high and middle income states lag behind, continuing to accumulate unsustainably high levels of debt and guarantees. the majority of states have relied more on enhancing their own revenues than on contracting expenditures, which is welcome in the context of the squeeze on infrastructure and social service expenditures that states had experienced over the 1990s. Those that have committed to fiscal responsibility and have achieved significant correction now face the challenge of translating outlays to outcomes. Those that lag behind must first address the challenge of fiscal discipline, learning from the success of others. It would be advisable to target the end-of-year stock of outstanding debt and guarantees, in addition to current account balance ("golden rule"). Monitoring of end-of-year stock rather than annual flows would enhance year-to-year flexibility in states' fiscal management, while remaining within an agreed correction path. - Reproduced.
650			_aPublic finance - India
650			_aPublic finance
700			_aKaul, Neha
700			_aZahir, Farah
773			_aEconomic and Political Weekly
908			_aN
909			_a79589
999			_c79589 _d79589