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5) The “reforms” in 1991 laid out a new trajectory in which federalism was dichotomised into two parts—political and fiscal. Critically analyse the changing nature of fiscal federalism since 1991 reforms.

Topic: Effects of liberalization on the economy, 

5) The “reforms” in 1991 laid out a new trajectory in which federalism was dichotomised into two parts—political and fiscal. Critically analyse the changing nature of fiscal federalism since 1991 reforms. (200 Words)

EPW