Which of the following Viceroys of British India took the first step to separate provincial finance from central finance and introduced financial decentralisation in India in 1870?
Lord Mayo
The correct answer is Lord Mayo.
To encourage economy and efficiency in provincial administration. To enable provinces to undertake local public works and services according to their needs and resources. While these reforms provided provinces with more autonomy, the ultimate financial control still rested with the central government and the Secretary of State for India. However, the system evolved over time, laying some groundwork for fiscal federalism in independent India.
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