Team Blitz India
NEW DELHI: The Central Government has taken a crucial step by authorising the release of two installments of tax devolution totaling Rs 1.42 lakh crore, in a bid to bolster the financial capabilities of state governments across India.
According to a press release, this move is aimed at providing much-needed support to state administrations in financing various social welfare programs and infrastructure development schemes.
The decision to release these funds underscores the government’s commitment to decentralization and empowering states to address local needs effectively.
This latest release of funds comes as an addition to the tax devolution installment of Rs 71,061 crore that was disbursed earlier on February 12, 2024.
With this additional allocation, state governments have now received a total of three installments of tax devolution in February 2024, providing them with a substantial financial boost to meet their expenditure requirements.
