Economic News

Finance Ministry releases Rs 9,871 crore to 17 states as grant

By Administrator_ India

Capital Sands

The Finance Ministry on Tuesday said it has released the fifth monthly installment of revenue deficit grant of Rs 9,871 crore to 17 states.

The Post Devolution Revenue Deficit Grant is provided to the states under Article 275 of the Constitution.

The grants are released as per the recommendations of the 15th Finance Commission in monthly installments to meet the gap in revenue accounts of the states post-devolution. The commission has recommended this grant to the 17 states during 2021-22.

The Department of Expenditure has released the fifth monthly installment of Post Devolution Revenue Deficit (PDRD) grant of Rs 9,871 crore to the states on August 9, 2021, the ministry said in a statement.

The states recommended for PDRD Grant by the Fifteenth Finance Commission are: Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttarakhand, and West Bengal.

The Fifteenth Finance Commission has recommended a total PDRD Grant of Rs 1,18,452 crore to the 17 states in the financial year 2021-22. Out of this, an amount of Rs 49,355 crore (41.67 percent) has been released so far.

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