Contrast the nature of ‘fiscal federalism’ as it exists in India with those in some other countries

Fiscal federalism broadly considers the vertical structure of the public sector, fiscal policy institutions and their interdependence.

First, one needs to determine at which level of government to assign different expenditure responsibilities. The conventional starting point is that local governments hold more detailed information on the preferences and local needs of their citizens than any higher level of government and that, and consequently, it is in their interest to provide many of the public goods and services to their citizens. In general, this suggests that the lowest possible level of government should provide public goods and services. This consideration is also implicit in the European Union subsidiarity principle and fiscal decentralisation in most sovereign countries. However, according to the conventional view, policies concerning macroeconomic stabilisation and redistribution should be left primarily for higher levels of government, such as the federal government, since they serve national interests. In addition, policies that induce significant spillover effects to other jurisdictions could justify assigning particular tasks to the central government.

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