This book investigates the evolution of fiscal federalism in India by analyzing the shifting dynamics of Centre-State relations over a fifty-year period. B.P.R. Vithal and M.L. Sastry, affiliated with the Centre for Economic and Social Studies in Hyderabad, utilize the reports and recommendations of the first ten Finance Commissions as their primary analytical framework. The authors argue that the fiscal relationship between the central government and the states has undergone significant structural changes that reflect broader political and economic shifts within the Indian nation-state.

Experts recognize this work as a foundational text for understanding the historical development of Indian fiscal institutions. Readers frequently note the academic density of the prose, which provides a rigorous examination of administrative and economic policy.