Recently, the SC ordered a suit filed by Kerala challenging the Centre’s decisions curtailing its borrowings, to a Constitution Bench.
Relevance For Prelims: Article 293, Borrowing Powers of State, Federalism, Finance Commission, Fiscal Federalism In India, and Resolving Regional Disparities, FRBM Act, and All India Household Consumption Expenditure Survey.
Relevance For Mains: Fiscal federalism and Centre-State Relations. |
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Arguments by Central Government: | The Kerala Government’s Counter Arguments: |
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It is now up to the highest court to determine how strict the Centre should be on borrowing limits and giving consent to hold States to their fiscal obligations without violating federal norms.
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