India's states collectively manage more than a third of total revenue and 60% of government expenditure, with a significant share in government borrowing. An up-to-date understanding of state finances is critical for assessing the country's fiscal situation. Post-pandemic fiscal corrections have been made at both Union and State levels, with a notable decline in fiscal deficits. However, challenges remain, particularly in reducing the revenue deficit. The analysis of 17 major states, which account for over 90% of combined state spending, shows fiscal consolidation efforts. Seven states, including Andhra Pradesh and West Bengal, are identified as fiscally stressed, with revenue deficits driving fiscal imbalances. The article suggests linking interest-free loans to revenue deficit reduction and considering performance incentive grants to manage revenue deficits effectively.

The transition to GST in India has been complicated by the pandemic, leading to significant borrowing to finance GST compensation. States' demand for an extension of the compensation period is understandable given the fiscal impact of COVID-19. However, the current compensation mechanism, which is based on a uniform 14% growth rate, is both inequitable and inefficient, as it does not account for actual tax performance or state-specific challenges. The author suggests that if compensation continues, it should be redesigned to incentivize revenue collection and reduce the fiscal cost of tax harmonization. The impact of COVID-19 and the recovery of tax revenue is asymmetric across states, and a state-specific fiscal support program may be more appropriate.

India achieved its best performance at the Tokyo Paralympics despite the athletes facing significant challenges, including disabilities and financial constraints. Five medal-winning athletes share their inspiring stories of triumph.

Hitoshi Oshitani, a virology professor at Tohoku University and advisor to the Japanese government, discussed Japan's unique approach to tackling COVID-19, which includes voluntary restrictions, a focus on cluster-based transmission, and meticulous contact tracing by public health nurses. Despite challenges, particularly in nightlife areas, Japan has managed to suppress transmission without extensive testing or immediate vaccination, relying on identifying common risk factors known as the 3Cs: closed spaces, crowded places, and close contact situations.

The article discusses the resilience and performance of Chelsea, particularly their goalkeeper Peter Cech, in the UEFA Champions League. It also previews the upcoming European Football championship, EURO 2012, which is set to start on June 8 in Poland and Ukraine, with 16 teams competing. Spain is highlighted as the favorite, having won the previous edition in 2008. The article provides a brief history of the tournament, mentioning its inception by Henri Delaunay and the political issues that affected the first tournament in 1960. It concludes by anticipating memorable moments and entertaining football in the upcoming EURO 2012.

The article discusses the state of boxing in Manipur, India, highlighting the recent allocation of land by the Manipur government to Olympic medalist MC Mary Kom for establishing a boxing academy. Despite the lack of government support for sports other than cricket, Manipur has a strong culture of sports, which encourages youth to pursue careers in boxing, often as a means to secure government jobs. The article recounts the stories of local boxing legends such as Ibomcha Singh and Dingko Singh, who have overcome personal and systemic obstacles to achieve success in the sport. The success of these boxers has inspired many in Manipur to take up boxing, with the hope of international success and a secure future.

In Karnataka's Bagalkot district, a disturbing annual ritual takes place where infants, mostly under two years old, are thrown from the top of a 30-foot temple at the Digambeshwara temple festival in Nagrala village. This practice is believed by locals to bring health and luck to the children. Despite the risks involved, parents continue to participate in this ritual, citing religious beliefs. District Administration officials have attempted to educate the populace to stop this practice, but as it doesn't break any laws, police intervention is not possible. The event has garnered attention due to the distressing video footage showing the infants being tossed into blankets held by the crowd below.