Rs 1.39 trillion was released to states

11 Jun 2024 CW Team

Under the devolution process, the government gave the States more than Rs 1.39 trillion. By devolution, the States receive 41% of the tax money collected by the Centre, as per the formula developed by the Finance Commission. With more than Rs 250 billion, Uttar Pradesh received the largest share, ahead of Bihar with 140 billion and Madhya Pradesh with more than 100 billion.

According to a statement, Finance Minister Nirmala Sitharaman discussed the prevailing economic and fiscal situation with Finance Secretary T. V. Somnathan and Economic Affairs Secretary Ajay Seth. The statement mentioned that it was decided to release one additional installment besides the regular release of the devolution amount for June 2024. The cumulative amount for this month would be Rs. 139 billion. Additionally, it was stated that this decision would facilitate state governments in accelerating development and capital spending.

The statement further indicated that the Interim Budget 2024?25 has allocated over Rs 12 trillion towards the devolution of taxes to states. With this release, the total amount devolved to states for the fiscal year 2024?25 until June 10, 2024, exceeds Rs 2.79 trillion.

Infrastructure Urban

05 Nov 2025

TBO Tek Q2 Profit Climbs 12%, Revenue Surges 26% YoY

TBO Tek Limited one of the world’s largest travel distribution platforms, reported a solid performance for Q2 FY26 with a 26 per cent year-on-year increase in revenue to Rs 5.68 billion, reflecting broad-based growth and improving profitability.The company recorded a Gross Transaction Value (GTV) of Rs 8,901 crore, up 12 per cent YoY, driven by strong performance across Europe, MEA, and APAC regions. Adjusted EBITDA before acquisition-related costs stood at Rs 1.04 billion, up 16 per cent YoY, translating into an 18.32 per cent margin compared to 16.56 per cent in Q1 FY26. Profit after tax r..

Northern Graphite, Rain Carbon Secure R&D Grant for Greener Battery Materials

Northern Graphite Corporation and Rain Carbon Canada Inc, a subsidiary of Rain Carbon Inc, have jointly received up to C$860,000 (€530,000) in funding under the Canada–Germany Collaborative Industrial Research and Development Programme to develop sustainable battery anode materials.The two-year, C$2.2 million project aims to transform natural graphite processing by-products into high-performance, battery-grade anode material (BAM). Supported by the National Research Council of Canada Industrial Research Assistance Programme (NRC IRAP) and Germany’s Federal Ministry for Economic Affairs a..

Antony Waste Q2 Revenue Jumps 16%; Subsidiary Wins Rs 3,200 Cr WtE Projects

Antony Waste Handling Cell Limited (AWHCL), a leading player in India’s municipal solid waste management sector, announced a 16 per cent year-on-year increase in total operating revenue to Rs 2.33 billion for Q2 FY26. The growth was driven by higher waste volumes, escalated contracts, and strong operational execution.EBITDA rose 18 per cent to Rs 570 million, with margins steady at 21.6 per cent, while profit after tax stood at Rs 173 million, up 13 per cent YoY. Revenue from Municipal Solid Waste Collection and Transportation (MSW C&T) reached Rs 1.605 billion, and MSW Processing re..