Centre releases ₹72,961 cr as additional installment of tax devolution to States
The central government has approved the disbursement of an extra instalment of tax devolution, totaling ₹72,961 crore, to state governments. This additional funding is designated for financing various social welfare initiatives and infrastructure development programs. Timely ahead of the upcoming festivities and the New Year, this financial boost aims to empower state governments in undertaking crucial initiatives.
The breakdown of devolution funds for each state is available, providing transparency on the allocation of resources. This latest instalment supplements the tax devolution instalment scheduled for January 10, 2024, and the ₹72,961.21 crore instalment released on December 11, 2023.
This move follows a historical precedent where the central government proactively disbursed devolution funds to states. Earlier this year, an advance instalment, in addition to the regular disbursement, was released in June. This proactive approach aims to expedite capital spending by states, support developmental and welfare-related expenditures, and provide resources for priority projects or schemes.
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