Fiscal Trends in India 2003-2007
E.a.s. Sarma , J.v.m. Sarma
India made enormous strides since it achieved independence more than half a century ago. Barring the initial two-year crisis period, economic growth averaged to an unprecedented 6.1 per cent during the last decade. The per capita GDP, reflective of overall development is also improved over the last two decades. After 1996-97, however, the political instability, rising fiscal deficits and implementation of the Fifth Pay Commission recommendations resulted in a downtrend in the growth rate and reforms remained unfinished or undone.