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

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Twelfth Finance Commission and Restructuring of State Government Debt: A Note

The Twelfth Finance Commission's proposed plan for restructuring the debt of state governments contains stringent conditions that probably violate the basic tenets of fiscal federalism. Macroeconomic norms dictated by global finance capital could not obviously be reconciled with the requirements of economic democracy.

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