संविधान के अनुच्छेद 293 के तहत राज्यों की उधार लेने की क्षमता पर लगाए गए प्रतिबंध, वित्तीय संघवाद को नष्ट करते हैं, लेकिन यह राज्यों की राजनीतिक स्वायत्ता को बाधित कर सकते हैं और सहकारी संघवाद को भी प्रभावित कर सकते हैं। इन हाल की खबरों में विवेचना कीजिए। (उत्तर 250 शब्दों में दीजिए) / The restrictions imposed under Article 293 of the Constitution on State borrowing powers, though constitutionally valid, may hinder fiscal autonomy of States and disrupt cooperative federalism. Discuss in the light of recent developments. (Answer in 250 words)

Article 293 under Part 12 of Indian constitution deals with financial relation between states and Union -

Restriction imposed under Article 293

1. The states borrowing capacity can be restricted by centre

2. This ensures fiscal discipline among states.

3. Keeps a check on state's finance, thus ensuring sustainability over the long run.

4. Centre responsibility to protect states interest even

upheld in article 360 (Financial emergency) -

1. Restricts resource mobilization

2. Slows down the pace of economic growth of state

3. Threaten state's sharein funding of projects (eg) central sponsored schemes.

Disrupts cooperative federalism

1. Creates tension between centre and states

(eg) Recent allegation of law funding by opposition ruled states

2. Competitive federalism slows the prosperity of state

(eg) Misuse of article 356.

3. Judicial interference

Way forward

1. Promote cooperative federalism through constitutional bodies such as GST council (Art 279A)

2. Role of think tanks such as NITI Aayog.

3. Objective and fair implementation of recommendation of finance commission.

In a country as diverse as India, state and union must act in synergy to promote federal interests