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Synopsis As finance happens to be the backbone of economic development, growth and stability, there is need for an indepth study of the entire gamut of financial operations of the states as well as the centre. Against this background, an attempt is made to write this book incorporating all the salient features of modern economy in the field of finance. As modern budgets are massive in character running into astronomical figures, budgetary deficits, deficit financing, debt and equity etc. are some of the variables that play a dominant role in the structure of modern financing. Today, Public Finance occupies the center of economic science, and hence this book. The book is written with brevity and clarity for the benefit of students. This book is more a handbook of study, but furnishing all the important information necessary on the subject. The primary object of writing this book is to educate the students about the financial developments that are taking place in the post-war and post-independent for all the developed and developing countries. Written in two Parts-Part 'A' refers to public finance in general and part 'B' to Indian public finance, as case study.