India has a large vertical fiscal gap, which has been increasing. The reason is that while the Constitution assigns the most buoyant taxation powers to the Union, it allocates more spending responsibilities to the states.
South India's situation is unlike any in large federal unions across the world. US, UK, China, Germany, and Spain correct their fiscal imbalances through tax policy. India is making it worse.
India should have secured greater savings by pressing Russia for prices nearer the cap while sustaining high volumes. This would have preserved strategic autonomy and served economic logic.
One such website has drawn particular scrutiny for spreading fake stories that have upset not only the Indian but also foreign defence firms by falsely attributing misinformation.
COMMENTS