Fiscal management is considered to be effective only if fiscal imbalances do not create any macroeconomic instability in an economy. In a federal structure, the performance of sub-national constituents as well as the national government is significant for growth and development. Fiscal imbalances set in the Indian economy both at the national and sub-national levels during 1980s and became a matter of concern by the end of the last century. Accordingly, fiscal responsibility legislations (FRLs) were enacted by the two layers (union and state) of the government. It is not the enactment but the effective implementation leading to fiscal discipline and consolidation which is important. This article seeks to examine the Fiscal Responsibility and Budget Management Act, 2003 of a developed Indian state situated in the northwest of India, that is, Punjab. Various fiscal consolidation targets are reviewed against the actual outcomes of those fiscal parameters which are outlined in the FRL of the State. Some policy pre-scriptions for innovative and sustainable fiscal rules have been suggested.

The research's first purpose is to analyze directly conservatism accounting influence towards book tax differences and tax avoidance. The second purpose is to analyse indirect influence towards tax avoidance through book tax differences. The research is conducted to companies enlisted in Indonesian Stock Exchange and belongs to LQ45 during 2013 to 2015. The number of companies sample taken by purposive sampling is 23 corporations, therefore total observation is 69 observations. The acquired data analysed by path analysis. This research conclude that conservatism accounting practice significantly influence book tax difference practice but did not influence tax avoidance. Conservatism accounting practice is also having no influence towards tax avoidance committed by book tax differences. This book tax difference is only significantly influential to commit tax avoidance. This research can contribute in taxation field as input in tax planning formulation.Page56 avoidance does not belong in the category of tax laws because the taxpayer's attempt to minimize or avoid the tax expense is committed by various ways made possible by tax laws. According to Finnerty, Merks, Petriccione, and Russo (2007), the ways that can be done for such things are: first, moving the tax subjects and or objects to countries that implement special treatment on tax or tax haven country on substantive tax planning. Second, tax avoidance attempt can be done through formal tax planning that give the taxpayer lowest tax expense. The third, by using anti-avoidance requirements towards transfer pricing, thin capitalization, treaty shopping, and controlled foreign corporation (specific anti avoidance rule), and transaction without business substance (general anti avoidance rule). In recent years, the tax authorites tried as hard as they can, not only to enforce clear boundaries between tax avoidance and tax evasion in tax planning, but also to prevent taxpayer from entering obscurity caused by tax laws (Bovi, 2005). With so many negative impacts caused by tax avoidance, research is needed to minimize the occurance, by investigating variables related to tax avoidance.

In the backdrop of increasing share of Brazil, Russia, India, China and South Africa (BRICS) economies in the total world commodity trade, the prime objective of the present study is to determine the export and import intensities of total commodities among the economies forming the BRICS group. For this purpose, the present study undertakes an empirical analysis of bilateral trade among BRICS economies using indices of export and import intensity for a 10-year time period, commencing from the year 2006 (the year in which the BRIC grouping was formalized) to the year 2015, so as to determine the degree of trade integration among the partner nations. As a thumb rule, when an economy’s export and import intensity index values are estimated to be greater than one with the same trading partner, then it reflects a high degree of trade integration between them. With regard to the findings of the present study, wherever the regional integration among certain member countries of the BRICS is found to be on the higher side, the composition of exports and imports has also been provided for the dominant commodities. Thus, in the present study, the calculation of trade intensities, identification of specific commodities and incidence of higher trade integration within the BRICS countries present the collective picture of their mutual trade flows, which has further helped in the identification of policy-relevant points in this regard.

Public-Private Partnerships (PPPs) are an absolute necessity in India as all levels of the government in the country (i.e., federal, state, and local) are facing budgetary deficits. PPPs in various spheres of economic activity can bridge the gap between the capacity of the state to grow and the factors which are pulling it behind. In a successful PPP model, all the stakeholders (i.e., the government, the people, and the private partners) pose a disciplinary mechanism to each other. The present chapter seeks to study the policy for PPPs in the Indian state of Punjab as also the institutional framework for the same. It also seeks to examine the feasibility of using PPP model for the much-needed development of the agriculture sector in the state. The fiscal situation of the state and its indebtedness along with the populist policies of the government do not leave any room for either the maintenance or the creation of any new infrastructure in the state. Both rural and urban infrastructure in Punjab can be strengthened through the PPP route. The chapter focuses on the problems of Punjab economy and the role of PPPs in fixing the same.

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