This chapter discusses the contours of fiscal policy, focusing particularly on the developments in the post-liberalization period. Describing the philosophy of expenditure and revenue management and various policy reforms, the analysis underscores the development of fiscal discipline frameworks and the move toward fiscal consolidation. In doing so, the authors emphasize and analyze the issues of persistent fiscal deficit, the role of the political economy and, relatedly, fiscal populism. Towards the end, the study traces the role of fiscal policy during the COVID-19 pandemic and its role in the post-pandemic recovery of the Indian economy. The chapter concludes by outlining key imperatives for fiscal policy in India.