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Fiscal imbalance refers to the situation where there is a mismatch between the revenues and expenditures of the government. In simpler terms, it occurs when the government’s spending exceeds its income from various sources like taxes, fees, and other revenues, leading to a fiscal deficit. Conversely, a situation where government revenues exceed expenditures results in a fiscal surplus, although in the Indian context, fiscal imbalance is typically associated with deficits. Fiscal imbalance can also arise when there is a disparity between the fiscal responsibilities assigned to different levels of government, such as the central and state governments, without an appropriate allocation of resources to meet those responsibilities. In India, fiscal imbalances have been a persistent concern due to high levels of ________ ______ _____ ____ ____ __________ ____ ____ _______ _____.
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