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: -Fiscal federalism, financial relations between units of governments in a federal government system. Fiscal federalism is part of broader public finance discipline. The term was introduced by the German-born American economist Richard Musgrave in 1959. Was this answer helpful?

Detailed explanation-3: -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-4: -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.