Centre releases ₹72,961 cr as additional installment of tax devolution to States

The central government has authorised the release of an additional instalment of tax devolution amounting to ₹72,961 crore to state governments for financing various social welfare measures and infrastructure development schemes.

New Delhi [India], December 22 (ANI): The central government has authorised the release of an additional instalment of tax devolution amounting to ₹72,961 crore to state governments for financing various social welfare measures and infrastructure development schemes.

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This devolution of funds comes ahead of the forthcoming festivities and the New Year. It will, to some extent, strengthen the hands of the state governments.

Find the state-wise break-up of devolution funds that were released:

This latest instalment is in addition to the tax devolution instalment due to States on January 10, 2024, and the instalment of ₹72,961.21 crore already released on December 11, 2023.

There has been precedent where the central government has paid devolution to states in advance. One such advance instalment in addition to the regular instalment was released in June this year to enable states to speed up capital spending, finance their development, and welfare-related expenditure and also to make available resources for priority projects or schemes.(ANI)