Prudent states, profligate Centre

In the heat and dust raised by the current debate over the authenticity of the Union government's fiscal deficit numbers, little attention has been paid to what the states have done in the last few years on the fiscal consolidation front. A recent report from the Reserve Bank of India has shed some light on how India's 28 states and two Union Territories have handled their public finances, offering a few interesting takeaways for those who worry about India's fiscal mess.

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