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N K Singh, chairman of the 15th Finance Commission, on Monday flagged the absence of independent fiscal institutions and lack of flexibility for states to deviate from the fiscal consolidation roadmap in times of emergency. “There is a lack of fiscal institutions in India, it be by your fiscal Council, or by any other institution. While the country has some kind of a fiscal architecture, it does not have independent fiscal institutions,” said Singh during a webinar on India’s Overall Fiscal Architecture, organised by the Centre for Social & Economic Progress. Then, there is this asymmet...

Read more about FinMin permits Rs 2,731 crore add'l borrowing by Rajasthan post reforms on Business Standard. The Finance Ministry on Tuesday said it has permitted Rajasthan to borrow an additional Rs 2,731 crore after the state undertook reform in 'one-nation one ration card' system.

The Tamil Nadu Finance Minister today urged the Union Finance Ministry to take more initiatives not just to support the States, but to ensure a sustained revival of the economy. He also suggested that no abrupt fiscal correction should be attempted during 2021-22. Ahead of the Union Budget, Tamil Nadu also suggested that the borrowing limit by States should be up to 5 per cent of GDP, called for continuation of discussions on the compensation mechanism and devolving further taxation powers on States, extension of the period under the tax loss carry forward (TLCF) scheme for auto industry an...