Question: Explain the concept of 'Fiscal Federalism' and its relevance in the distribution of financial resources between the central and state governments in India.

Answer: Fiscal federalism involves the distribution of taxing and spending powers between different levels of government. It is crucial for maintaining financial stability and addressing regional disparities.

Example:

The Finance Commission's recommendations on revenue sharing between the center and states exemplify the principles of fiscal federalism in India.

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