Rs 1.39 trillion was released to states
ECONOMY & POLICY

Rs 1.39 trillion was released to states

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.  

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.  

Next Story
Infrastructure Energy

Gujarat Adopts Tariff for Solar Projects

Gujarat has taken a significant step in its renewable energy journey by adopting tariffs for solar projects, reflecting its commitment to sustainable energy sources. This move aligns with global efforts to transition towards cleaner and greener power generation. Gujarat's decision to adopt tariffs for solar projects underscores its proactive approach to harnessing solar energy's potential. This initiative is part of the state's broader strategy to promote renewable energy and reduce reliance on traditional fossil fuels. The adoption of tariffs for solar projects in Gujarat signifies a pivotal ..

Next Story
Infrastructure Transport

Bihar's Railway Goes Solar, 10 MW Projects

Bihar's railway sector is undergoing a significant transformation with the implementation of 10 MW solar projects. These projects mark a pivotal shift towards sustainable energy practices within the state's railway infrastructure. The primary objective behind these initiatives is to reduce the carbon footprint of railway operations while simultaneously enhancing operational efficiency. The adoption of solar energy in Bihar's railway network reflects a broader commitment to environmental sustainability. By harnessing solar power, the railway aims to minimize its reliance on conventional energy ..

Next Story
Infrastructure Energy

GPCL Issues Consultancy for Storage Project

In a strategic move towards bolstering its energy storage capabilities, Gujarat Power Corporation Limited (GPCL) has issued a consultancy tender for a storage project. This initiative reflects GPCL's proactive approach in adopting advanced technologies to address the evolving needs of the power sector. The consultancy tender marks a crucial step towards integrating efficient energy storage solutions, ensuring a more resilient and sustainable power infrastructure. The storage project, facilitated through the consultancy tender by GPCL, signifies a shift towards innovative solutions for storing ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000

Join us Telegram