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The implementation of Fiscal Responsibility and Budgetary Management (FRBM) Act led to a conflicting trade-off between fiscal discipline and social sector spending. The scenario was expected to be even worse at the state level, given the imbalance between responsibilities and revenue of the...
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transfer) of 15 major states of India. Our empirical result shows that state’s revenue (i.e. tax revenue and indirect tax) and …
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