When Transfers Flow but Transformation Stalls India’s Centre State Fiscal Divide
By Rajesh Kumar, Dr. Firdous Ahmad Malik and Dr. Anand Jaiswal
he paper focuses on the structural development of Centre-State fiscal relations in India through three parallel official sources of information, namely, the Reserve Bank of India State Finances. A Study of Budgets 2025-26 (Reserve Bank of India, 2026), the Report of the Sixteenth Finance Commission to 2026-31 (Finance Commission of India, 2025/2026), and Further macroeconomic background is elicited by Economic Survey 2025-26 (Ministry of Finance Economic Survey, 2026)…
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