Building Resilient State Finances for Viksit Bharat | Keynote Address & Presentation

BUILDING RESILIENT STATE FINANCES FOR VIKSIT BHARAT A Discussion Hosted and Organised by the INSTITUTE OF ECONOMIC GROWTH May 4, 2026 | 3:00-4:30 pm | India Habitat Centre, New Delhi Keynote Address- Dr. V. Anantha Nageswaran, Chief Economic Adviser, Government of India. Presentation- Prof. Pravakar Sahoo, Senior Lead, NITI Aayog & Professor, Institute of Economic Growth. Moderator- Prof. Sabyasachi Kar, Director, Institute of Economic Growth. Building resilient state finances is central to realising the vision of Viksit Bharat. It calls for renewed focus on a critical yet often underexamined pillar of India’s economy, the fiscal health of state governments. Fiscal systems worldwide are under strain. While developing economies account for a smaller share of global public debt than advanced economies, their debt is rising much faster, heightening fiscal vulnerabilities and constraining policy space. Their fiscal position is therefore not peripheral but foundational to macroeconomic stability and long-term growth. India’s federal structure reinforces this reality. National fiscal sustainability cannot be achieved through Union action alone; it depends equally on the strength, discipline, and resilience of state finances. A sustainable fiscal framework for Viksit Bharat thus requires close Union–state coordination. Fiscal federalism is not merely a constitutional arrangement for sharing powers and resources; it is a functional instrument for ensuring macroeconomic stability, efficient public service delivery, and inclusive growth. In this context, the discussion emphasises how fiscal federalism operates in practice and how deeper coordination can strengthen India’s long-term fiscal trajectory.