Constitutional provisions and debt management  The Constitution of India has adopted a federal system of polity and governance, originally envisaging a two-tier structure: Central (i.e., federal) Government and State (i.e., provincial) Governments. With the Constitution (73rd and 74th) Amendment Acts, 1992, Local SelfGovernment Institutions (LSGIs), i.e., rural and urban local bodies have been accorded constitutional status as the third-tier of Government.
The impact on households of the consumption tax hike scheduled to take place in October 2019 will likely be smaller than that of the previous hike in 2014, as the government will take Attention should also be paid to the fact that real GDP growth rates on an annualized quarter-onquarter basis have been on a declining trend since the January-March quarter of 2018, and that the rate for the October-December quarter fell for the first time since the October-December quarter of 2014, which followed the consumption tax hike in April that year.