income deficit grant: Centre releases Rs 7,183.42 crore to 14 states as income deficit grant

The central authorities on Friday launched Rs 7,183.42 crore as income deficit grant to 14 states together with Andhra Pradesh, West Bengal, Rajasthan, Punjab, Assam and Kerala.

The Division of Expenditure, Ministry of Finance launched the cash. That is the 2nd month-to-month instalment of Submit Devolution Income Deficit (PDRD) grant to states.

The grant has been launched as per the suggestions of the Fifteenth Finance Fee, the Union Ministry of Finance mentioned in a press release.

The States which have been beneficial Submit Devolution Income Deficit grant by the Fifteenth Finance Fee throughout 2022-23 are: Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, Uttarakhand and West Bengal.

The Fifteenth Finance Fee has beneficial a complete Submit Devolution Income Deficit Grant of Rs 86,201 crore to 14 states for the monetary yr 2022-23. The beneficial grant will likely be launched by the Division of Expenditure to the beneficial states in 12 equated month-to-month instalments. With this launch, the entire quantity of Income Deficit Grants launched to the States in 2022-23 has gone as much as Rs 14,366.84 crore.

The Submit Devolution Income Deficit grants are supplied to the states underneath Article 275 of the Structure. The grants are launched to the states as per the suggestions of the successive Finance Commissions to satisfy the hole in Income Accounts of the States post-devolution.

The eligibility of states to obtain this grant and the quantum of grant for the interval from 2020-21 to 2025-26 was determined by the Fifteenth Fee primarily based on the hole between the evaluation of income and expenditure of the State after considering the assessed devolution throughout this era.
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