The Union Government has released an additional instalment of tax devolution amounting to ₹1,09,019 crore to State Governments on 31 October. According to the Ministry of Finance, this transfer comes on top of the regular monthly devolution and marks the second additional instalment disbursed during this financial year.
The ministry stated that the funds were released ahead of the festive season to help states speed up their capital spending and provide resources for development and welfare programmes.
Among the 28 states, Uttar Pradesh received the largest share at ₹19,208 crore, followed by Bihar at ₹10,845 crore, Madhya Pradesh at ₹8,010 crore, West Bengal at ₹7,866 crore, and Maharashtra at ₹7,022 crore.
What it means
- States receive funds to boost capital investments and fund welfare and development programmes ahead of the festive season.
- The payout serves as a second advance instalment beyond the regular monthly tax devolution for the financial year.
Source
Press Information Bureau, Government of India, “Union Government releases tax devolution of ₹1,09,019 crore to State Governments, as one advance instalment of tax devolution in view of upcoming festive season and to enable States to accelerate capital spending and finance their development/ welfare related expenditure”. Read the original release.
Summary of an official release for general information only. Not investment advice. Read the original source before acting on any information.
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