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 defence is the classic example.
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.