Who introduced ‘Financial Decentralization’ in India?
Answer
Correct Answer : d ) Lord Mayo
Explanation :Lord Mayo started financial decentralization in India followed by Lord Ripon. Financial decentralisation is the transfer of expenditure responsibilities and revenue assignments to lower levels of government.
Lord Mayo came to India in 1869 AD as the Viceroy of India and served his term from 1869 to 1872.
He evolved a proper system of budgeting that converted persistent deficits into surpluses. The provincial governments were authorised to resort to local taxation to balance their budgets.
He established Mayo College in Ajmer to educate the children of aristocratic families.
Hence, (D) is the correct answer.
Read about the Advent of Europeans in India.
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