The book contains twenty one papers on fiscal reforms and state finances. The papers have been arranged in three parts. First Part contains ten papers on the fiscal reforms at the Centre and State level in India. The papers seek to have a critical look at the fiscal reforms at the Central and State levels and examine the progress particularly in terms of the targets of fiscal deficits in the light of the Fiscal Responsibility and Budget Management Act of UP Part 2 of the volume deals with the issues of centre-state financial relations. The formula of devolution adopted by different Finance commissions for transfer of funds to the states and their implications for regional equality have been examined. The papers highlight the fact that U.P. has failed to receive its due share in the central resources whether through the Finance Commissions or Planning Commission or through the financial institutions. Part 3 of the volume contains eight papers on the state finances and budgets of UP government. The papers particularly probe the interaction between economic stagnation and fiscal crisis in UP. Trends in fiscal situation have been examined and the efforts made for fiscal consolidation have been highlighted and underline the need for enhancing social sector expenditure given UP s situation in human development indicators. The book will be of great interest to researchers and policy makers interested in fiscal issues particularly in the context of the states.