A diverse country like India is home to states that differ sharply in income levels, population pressures, geography, and administrative capacity, giving rise to vast and uneven fiscal pressures that can't be fulfilled with a one-size-fits-all system. Illustration by The Geostrata Fiscal Federalism is at the heart of the Indian Economy, sustaining strong Centre-State relations and upholding political legitimacy. In this backdrop, the constitution provides a balance between th

The GST Council, the Finance Commission, and the Ministry of Finance are the three pillars of fiscal governance of the Indian economy....