Few subjects are as central to the functioning of government—or as likely to make the average citizen’s eyes glaze over—as how governments collect and spend the public’s money. But public finance shapes nearly every interaction Indian citizens have with the state.
How much tax revenue will my state receive from the Centre? Will my local government have the resources to invest in the urban amenities I value? And how can I distinguish between an expensive freebie and a purposeful, targeted cash transfer?
A new book, Fiscal Fables: A Citizen’s Guide to Public Finance, demystifies India’s public finances for a lay audience—and explains public finance concepts using relatable stories and examples.
The book is co-written by two public policy researchers, Sarthak Pradhan and Pranay Kotasthane. They join Milan on the podcast this week to discuss their joint work.
Sarthak is a fellow at the Takshashila Institution, an independent centre for research and education in public policy. He also serves as assistant editor of the Indian Public Policy Review.
Pranay is deputy director at Takshashila, where he chairs the High-Tech Geopolitics Programme. He also co-writes Anticipating the Unintended, a weekly newsletter on public policy, and co-hosts Puliyabaazi, a Hindi–Urdu podcast on politics, policy and technology.
Sarthak, Pranay, and Milan discuss why every active citizen should care about public finance, the competing visions in India of the purpose of government, and the vagaries of the Indian tax system. They also talk about the much-maligned Goods and Services Tax, the tensions in India’s fiscal federalism, and the rise of ‘competitive populism.
Episode notes:
1. “India's Tryst With Policymaking” (with Pranay Kotasthane), Grand Tamasha, January 25, 2023.
2. “India and the Emerging Chip Race” (with Pranay Kotasthane), Grand Tamasha, January 30, 2024.
3. Khyati Pathak, Anupam Manur, and Pranay Kotasthane, We, The Citizens: Strengthening the Indian Republic (New Delhi: Penguin, 2024).
