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Stance on Devolution and Grants
The Fourteenth Finance Commission is to be commended for bringing states to the forefront of the development paradigm. The award is transformational but the fall in progressivity is of concern. There is a divergence in the growth projections between the FFC and the central and state governments. This underlines the need to implement quickly the recommendations to put in place an institutional framework for ex ante and ex post validation of both central and state budgets.
The author is grateful to G R Reddy and Indira Rajaraman for useful comments. The usual disclaimers apply.
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