Fiscal incongruence: How states and the Centre are failing to come to an agreement over resources

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The Centre has been looking for extra management over states’ fundraising, as detailed in its memorandum to the fifteenth Finance Commission (FFC). I

Synopsis

Underlying the procedural lapse and its penalties for the finance minister is a much more vexed challenge of the fiscal compact between the Centre and states coming beneath extreme pressure due to income disruption.

Kerala’s Finance Minister Thomas Isaac is a beleaguered man. For the first time in the state’s historical past, a minister had to face the Privileges and Ethics Committee of the meeting to clarify accusations of a breach of privilege. Isaac had to clarify why he revealed to the media contents of a Comptroller and Auditor General report that termed a overseas borrowing underwritten by the state as unconstitutional. The minister had publicly slammed the

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