CURRENT AFFAIRS

Detailed explanation-1: -Singh, Chairman, 15th Finance Commission, launched the book ‘Indian Fiscal Federalism. The book is written by Dr. Y. V. Reddy, former Governor of RBI and Chairman of the 14th Finance Commission of India along with Dr.

Detailed explanation-2: -In the constitutional context, fiscal federalism mandated that the borrowing program of State Governments had to be approved by the Union, there was a prohibition on external borrowings by a State.

Detailed explanation-3: -Fiscal federalism operates through the various federal taxes, grants, and transfers that occur in addition to states and localities. The federal government regulates, subsidizes, taxes, provides goods and services, and redistributes income.

Detailed explanation-4: -What is fiscal federalism in politics? The fiscal federalism definition is a multi-layered local, regional, and federal economic allocation policy. Federalism refers to the sharing of powers at various levels of government usually at the local, state, and national levels.

Detailed explanation-5: -Fiscal federalism refers to how federal, state, and local governments share funding and administrative responsibilities within our federal system. The funding for these programs comes from taxes and fees.