The main issue for India in its Union Budget 2009-10, is to make a plan to consolidate its finances. The Government has to not just decide when to begin consolidating but also lay a credible path for the same.
I found a couple of resources to understand more on public finances.
European Commission publishes a report on EU finances every year. Each year there is a different theme.
2000 The Stability and Growth Pact one year on. Focus on taxation in the EU.
2001 Fiscal policy and cyclical stabilisation in EMU. The quality and sustainability of public finances.
2002 Public expenditure in EU countries. Is there a role for discretionary fiscal policy in EMU?Key budgetary issues for the candidate countries of central and eastern Europe.
2003 Public investment and its interaction with the EU’s budgetary rules. Can fiscal consolidations in EMU be expansionary? Meeting the EU’s budgetary requirements: national expenditure rules and fiscal relations across levels of government.
2004 The benefits of fiscal discipline. The quality of public finances: What role within the EU framework for economic policy coordination?
2005 Structural reforms and budgetary objectives. Fiscal challenges during convergence in the recently acceded Member States.
2006 National numerical fiscal rules and institutions for sound public finances. Fiscal policy in good times.
2007 How to stick to medium-term budgetary plans. Lessons from successful fiscal consolidations.
2008 The quality of public finances and growth: a conceptual framework. The efficiency of tax systems.
2009 The fiscal costs of financial crises: past evidence and implications for today’s crisis. Public finances in booms and busts.
All are quite useful. From Indian perspective reports of 2006, 2007 and 2009 should be useful.
PFM Blog also points to useful advice from Goran Persson, who stitched Swedish public finances after 1990 crisis. It also has an interview of Richard Allen, the PFM expert at IMF. I reviewed his excellent paper on the issues here.