India’s Public Finances: Selected Issues And Suggested Reforms

Vindhaya M Aggarwal, Symbiosis Law School, Noida

ABSTRACT

From more than past 2 decades the Indian Economy has been the fastest growing economy all around the world, which means that the individuals in the country alongside the government are involved in business or other activities which ultimately leads our country to generate revenue. The question or rather an issue that always tackles our country is the distribution and expenditure of this revenue. There were countless problems at the time of independence of our country one of which was finance and related issues, but after that various governments and various leaders have come and alongside them have brought historical and legendary reforms to solve those issues. The Indian economy has in the learner’s opinion has become much less prone to foreign fiscal attacks and instead has become resistant to external factors and shocks that might affect any other economy, thereby opening unimaginable number of possibilities and potentials for which our country is truly ready, but there seem to be some internal factors involving our own government, our own public and related public financial management problems that we need to tend to if we want to stand up to what lies ahead of us otherwise this rich culture and history might be just left for other countries to stand up on and take advantage of our situation. The learner through this article will try to examine the meaning of Public Finances, some problems involving that topic and will try to suggest certain reforms for the same up to his understanding and knowledge.

Keywords: Indian Economy, Financial issues, resistant economy, Potential, internal factors, Public Financial Management, problems and reforms.