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.

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