Economy

Centre releases Rs 139,750 crore to states towards tax devolution for June

In a move to spur economic development in states, Finance Ministry has released an additional instalment of tax devolution to states for June 2024. The total amount released to states for June now stands at Rs 139,750 crore.

This decision was taken to accelerate development projects of different states so that their any projects should not get delayed because of capital requirement.

Finance Ministry’s decision to release tax devolution was taken following a high-level meeting with the Finance Secretary and the Secretary of the Department of Economic Affairs on Monday.

During the meeting, the economic and fiscal conditions of states were thoroughly reviewed, leading to the conclusion that an additional instalment of funds would be necessary.

The biggest chunk of the fund went to Uttar Pradesh at Rs 25,069.88 crore, followed by Bihar at Rs 14,056.12 crore, Madhya Pradesh got Rs 10,970.44 crore, and West Bengal was devolved Rs 10,513.46 crore.

The additional instalment of funds is part of a broader fiscal strategy outlined in the Interim Budget for 2024-25, which has allocated Rs 12,19,783 crore towards the devolution of taxes to states.

With the additional funds being released this month, the cumulative amount devolved to states as of June 10, for the fiscal year 2024-25 has reached Rs 279,500 crore.

This disbursement highlights the central government’s focus on maintaining a steady flow of financial resources to states, ensuring they have the means to undertake crucial development initiatives.

State governments will benefit from this enhanced financial support, enabling them to accelerate their capital expenditures, including critical infrastructure projects such as road construction, public facilities, and other development initiatives.

The Finance Ministry has provided a detailed state-wise breakdown of the funds released, ensuring each state receives its fair share to meet its specific development needs.

As India continues to navigate the complexities of global economic dynamics, the central government’s focus on providing financial support to states is crucial for sustaining growth and fostering development of the country.

ANI

Ani service

Recent Posts

VINBAX 2024: Vietnam-India bilateral army exercise concludes at Kaushalya Dam

The fifth edition of the historic Indo-Vietnam Joint Field Training Exercise, VINBAX-2024, successfully concluded its…

8 hours ago

India-Russia strengthen defence ties at 22nd Working Group meeting on military technical cooperation

The 22nd meeting of the India-Russia Working Group on Military technical cooperation and defence industry…

8 hours ago

“I want to have strong representation of India at World Nuclear Exhibition 2025”: Sylvie Bermann

Sylvie Bermann, President of the World Nuclear Exhibition expressed confidence in India's nuclear supply chain…

10 hours ago

PoJK: Joint Awami Action Committee protests against government following new ordinance, many injured

Joint Awami Action Committee core member Shaukat Nawaz Mir has condemned the attack of police…

10 hours ago

PM Modi meets 31 world leaders, heads of organisations during his 3-nation foreign visit

Prime Minister Narendra Modi participated in 31 Bilateral Meetings and informal interactions with global leaders…

12 hours ago

India- Australia conduct 11th Indian Air Force-Royal Australian Air Force Air Staff Talks

India and Australia conducted the 11th edition of the Indian Air Force and Royal Australian…

12 hours ago