Public Finance by V.N. Alok
Finances of the government or public
finance have been the subject of perennial concern to scholars and policy
makers. Thinkers in ancient times did write on ‘Treasury, Revenue, Accounts and
Audit.’ Public finance, a central discipline in economics, has its foundation
in the identification that certain wants felt in common by all members of human
community can not be entirely left to the market. National defense is the
After Second World War, the subject
has come to special attention primarily due to the huge expansion of the public
sector. In India, the public expenditure which was merely nine percent of GDP
at the time of independence reached to 25 percent in the 1980s. This questions
the sustainability of large public sector as revenue has failed to grow causing
deficits in the government budget.
This course is intended to provide a bird’s eye view
to the developments in the area of public finance management in India at all
the levels of Governments viz.
Union, State and Local. It also discusses inter-governmental fiscal
relations among these three levels of governments and the role of institutions
including finance commissions. On the completion of the stream the participants
will be able to analyze recent fiscal trends and policies and their relevance
in policy making and public administration.