Centre Releases Rs 95,082 Cr As 2 Instalments Of Tax Devolution To States
New Delhi: The Centre has released two instalments of tax devolution to state governments amounting to Rs 95,082 crore as against the normal monthly devolution of Rs 47,541 crore to help them mobilise resources for stepped up capital investment and infrastructure development.
The release is on the lines of the promise made by Finance Minister Nirmala Sitharaman after the virtual meeting with Chief Ministers, State Finance Ministers, and Lt Governors of Union Territories on November 15 where she stressed the need to step up investment, infrastructure, and growth and agreed to advance payment of tax devolution to states.
Of the total amount released, poll-bound Uttar Pradesh has received the maximum amount of Rs 17,056.66 crore.
The state is followed by Bihar that has received a sum of Rs 9563.30 crore. Madhya Pradesh has received Rs 7463.92 crore, while West Bengal a sum of Rs 7152.96 crore and Maharashtra has received a tad lower Rs 6006.30 crore.