However, the conductor of this orchestra, the Finance Commission’s devolution formula, is facing mounting criticism for its inability to harmonise the individual notes played by each state.
Fiscal federalism in India is not just an intricate system of distributing financial resources; it is a reflection of the nation’s commitment to unity growth, and equitable development. While some states, like the dynamic southern powerhouses, boast of vibrant economic hubs and technological prowess, others languish in the hushed undertones of underdevelopment.
The Finance Commission’s devolution formula, while addressing economic contributions of states, must also embrace a broader vision of fostering unity and supporting the less developed regions.
Fiscal Federalism: India’s strength lies in its diverse cultural and economic landscapes, with some states experiencing significant growth while others lag behind. The interconnectedness of the nation’s progress is vital, emphasising that neglecting less developed regions hampers overall national growth.
A balanced devolution formula is like strengthening the infrastructure of a vast network, promoting inclusive growth. Each state is a thread contributing to the intricate design of the nation’s progress.
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Denne historien er fra April 20, 2024-utgaven av BW Businessworld.
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