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Synopsis As the issue of fiscal autonomy of states is rather more complex in the process of globalisation and liberalization, the division of functions and the fiscal resources amongst the various layers of government is an essential feature of the Indian fiscal federalism. In Indian Union-State Financial Relations the mismatches are sought to be removed through the vertical and horizontal devolutions from the union to the states via various mechanisms like planning commission, finance commission and the union ministries. Twelfth finance commission headed by Dr. C. Rangarajan is also expected to play crucial role in this regard. This path-breaking book is one of the first to explore and explain and to provide a fresh new analysis of fiscal federalism in present form of state union financial conflicts. This timely and thought-provoking volume presents a number of problems with valuable suggestions related to sound and better Union State financial relations in new perspective. It aims at to provide a broader understanding and review of the subject-matter designed and structured into eight significant chapters. Authored by a master writer and evaluator this book will be of immense interest and use to teachers and students of economics, public economics especially finance, commerce and management; researchers, planners and policy makers as it is a systematic, comprehensive, critical and authoritative overview of the subject enriched with up-to-date materials.