In an aim to strengthen the hands of state governments for financing various social welfare measures and infrastructure development schemes, the Central government has released an additional instalment of tax devolution of Rs 1,42,122 crore to state directorates.
This devolution is in addition to the tax devolution of Rs 72,961 crore which was released on February 12 this year. With the recent release of tax devolution, states have received 3 instalments of tax devolution in February 2024.
With Rs 10,692 cr in tax devolution in the third tranche, Uttar Pradesh received Rs 29,495 cr, Bihar received Rs 13,295 cr, Madhya Pradesh has Rs 11,157 cr and West Bengal has Rs 10,692 cr according to state-wise analysis.
Feeling thankful towards prime minister Narendra Modi, G Kishan Reddy wrote on X, “I thank Hon’ble PM Narendra Modi ji and FM Shri Nirmala Sitharaman ji for releasing two instalments of Rs 1,42,122 crores to states as an additional Tax Devolution. Telangana received the instalment of Rs 2987 crores. This will assist the Telangana government to finance the welfare measures and infrastructure development in the state.”