Chakravarthi Rangarajan on Monetary Policy After Liberalization
Ideas of India
The Importance of Increasing Revenue Raising Capacity
During your time as the chair of the 12th finance commission, an aspect that you worked on was to increase the share of devolution to the states. You were also quite particular about thinking through the state's ability and capacity to raise revenues and rely less on intergovernmental transfers. What is the way forward to both increase the revenue base but also have harder budget constraints? No, we're not very clear whether we can reduce intergovernmental transfers because so long as there are differences among states in terms of their ability to deliver services.
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