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Finance Ministry releases Rs 9,871 crore as Post Devolution Revenue Deficit Grant to 17 states
Finance Ministry releases Rs 9,871 crore as Post Devolution Revenue Deficit Grant to 17 states
The Finance Ministry on Thursday, May 6, 2021, released the second monthly installment of Post Devolution Revenue Deficit Grant of Rs 9,871 crore for 2021-22 to 17 States.
The Finance Ministry on Thursday, May 6, 2021, released the second monthly installment of Post Devolution Revenue Deficit Grant of Rs 9,871 crore for 2021-22 to 17 States. With this, a total amount of Rs 19,742 crore has been released in the first two months of the current financial year as Post Devolution Revenue Deficit Grant to the states.
The centre provides the Post Devolution Revenue Deficit Grant to the states under Article 275 of the Constitution.
The grants are released as per the recommendations of the Finance Commission in monthly installments to meet the gap in Revenue Accounts of the States post devolution. The 15th Finance Commission has recommended Post Devolution Release Deficit grants to 17 States based on the gap between the assessment of revenue and expenditure of the state.
These states are Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab and Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttarakhand and West Bengal.
The 15th Finance Commission has recommended a total Post Devolution Revenue Deficit Grant of Rs 1,18,452 crore to 17 States in the financial year 2021-22. The grant is released to the states in 12 monthly installments.
