India must manage public finances better
For India to achieve its full growth potential, it needs to improve quality, efficiency of public spending and financial management
Public financial management reforms at the state level should be consistent with reforms at the Union level
Building on our previous article, we now define the steps to bring India’s fiscal architecture to twenty-first century international standards. As discussed earlier, the need for this has become even more imperative, given the strain on public finances as a result of the covid-19 pandemic crisis. In short, for India to achieve its full potential for economic growth and development, it needs to improve the quality and efficiency of public spending and financial management across all levels of government.