ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Articles by Pinaki ChakrabortySubscribe to Pinaki Chakraborty

Debt Swap in a Low Interest Rate Regime

The ongoing debt-to-debt swap schemes have made significant savings to the centre's debt burden; but it has had only a limited impact on the states. The interest savings for states have been very small. Moreover, as the states have had to swap long-term debt for loans of a shorter maturity, the changing profile may create frequent repayment obligations for the states and increase roll-over risk. Debt management policy should ensure that the states can borrow on terms comparable to those of the centre, so that the spread of interest rates between the debt of the centre and the states is reduced.

Towards a Rational System of Centre-State Revenue Transfers

Rationalisation of the transfer system and restoration of fiscal balance in the states will not be possible without a radical review of the practice of planning, plan financing and central assistance for state plans. While determining revenue needs of the states normatively, it is necessary to take a holistic view and do away with the plan and non-plan distinction in revenue expenditures, which is a source of other distortions in expenditure priorities. Until that happens, rationalisation of the transfer system will not be possible.

I S Gulati: Our Teacher

As his PhD students, we saw the late I S Gulati performing three roles: those of the practising policy-maker, a researcher acutely concerned about the role of fiscal policy in India and a teacher.

Recent Trends in State Government Finances

expenditure itself turned out to be one of Recent Trends in State Government Finances the major reasons for the increase in fiscal deficit at state level.

Growing Imbalances in Federal Fiscal Relationship

Relationship Pinaki Chakraborty This paper analyses how the relative importance of the various components of resource transfers from the centre to the states, viz, tax sharing grants and loans, has changed over half a century. What do these changes signify?

Tax Reductions and Their Revenue Implications-How Valid Is the Laffer Curve

Tax Reductions and Their Revenue Implications How Valid Is the Laffer Curve?
This paper attempts to examine whether the lowering of the rates of direct and indirect taxes in recent years has resulted in higher tax mobilisation. What has been the actual experience in the post-reform period? And will the experience in 1997-98 and thereafter be any different ?


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