June 11th 2024.
The BJP-led NDA government recently took a significant step towards boosting the development and capital spending of state governments. In an effort to empower these governments, they released an additional instalment of devolved taxes, totaling to a whopping Rs 1,39,750 crore this month. This was in line with the Interim Budget 2024-25, which had initially allotted Rs 12,19,783 crore for this purpose.
To date, the total amount of taxes devolved to states has reached Rs 2,79,500 crore as of June 10. Among the states, Uttar Pradesh received the highest amount at Rs 25,069.88 crore, followed by Bihar at Rs 14,056.12 crore. Madhya Pradesh and West Bengal stood third and fourth with Rs 10,970.44 crore and Rs 10,513.46 crore respectively. Earlier in February, the Centre had already released Rs 1.42 lakh crore as tax devolution, adding to the Rs 72,961 crore disbursed earlier in the same month.
According to the Ministry, this recent release marks the third instalment of tax devolution for February 2024. Additionally, the Ministry has also allocated tax devolutions to states in the North-East region, including Assam, Meghalaya, Manipur, Sikkim, Mizoram, Nagaland, and Tripura, for their development.
This move by the government is a significant step towards promoting the growth and progress of state governments, allowing them to allocate resources for various developmental projects. It also showcases the government's commitment towards promoting balanced growth across all states, including those in the North-East region. With this continuous support and cooperation, we can hope to see our states flourish and reach new heights in the near future.
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