• Fiscal Prudence — sensible financial behaviour; borrowing only what’s serviceable, not funding recurring expenses (salaries/subsidies) via debt.
• Fiscal Discipline — rule-based enforcement of prudence (e.g., FRBM Act, 2003: deficit/debt ceilings; N.K. Singh panel → 60% debt-to-GDP anchor, 3% fiscal deficit target).
• Fiscal Justice — fairness of outcomes across unequal States (e.g., compensating Punjab for food-security burden, Kerala for human-capital exports, NE states for terrain costs) — not just rule-following, but equitable results.
• Fiscal Federalism — the constitutional architecture (Art. 268–281 revenue distribution, Art. 280 Finance Commission, Art. 275 grants-in-aid, Art. 279A GST Council) within which the above three operate.
Prudence is the virtue. Discipline is the rule. Justice is the outcome. Federalism is the structure
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