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Indebtedness Borrowing and Deficits in Uttar Pradesh (India) Upadhyay Manjula Assistant Professor, Department of Economics, A P Sen Memorial Girls P G College, Lucknow, Uttar Pradesh, India Online published on 13 March, 2014. Abstract In the federal set up, debt of constituent units is interlinked substantially with that of central government as well as with other macroeconomic aggregates. Therefore, it becomes inevitable to study the behavioural relationship between fiscal variables of States and debt dynamics of States. This paper examines the debt structure of Uttar Pradesh (U.P.) since it occupies a central place in Indian federal fiscal system due to its large population size. The main objectives are: to analyze the dynamics of government borrowing in U.P. and to explore the impact of fiscal reforms and FRBM Act on composition of fiscal deficit. Fiscal imbalance in U.P. was found much higher as compared to other states and U.P.’s development was heavily constrained by severe fiscal crisis reflected in deterioration in revenue and fiscal balance relative to GSDP towards the end of the nineties. Improvement was witnessed due to adoption of fiscal reforms and introduction of Fiscal Responsibility Budget Management (FRBM) Act in 2004 in U.P. Top Keywords Debt dynamics, fiscal reforms, FRBM Act, Uttar Pradesh. Top | |
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