Centre Releases Rs 1.78 Lakh Cr In Tax Devolution To States
Rs 89,086.50 crore advance instalment aims to boost capital spending and welfare programs ahead of festive season
The Union Government has released a total tax devolution of ₹1,78,173 crore to State Governments on October 10, 2024, including an advance instalment of ₹89,086.50 crore. This release is in addition to the regular monthly instalment due in October. The move, ahead of the festive season, is intended to help states accelerate capital expenditure and finance development and welfare-related programs.
The advance instalment will help states strengthen their financial capacity during the festive period, which often requires increased spending on welfare schemes and infrastructure projects.
Among the states, Uttar Pradesh received the highest amount, totalling Rs 31,962 crore, followed by Bihar with Rs 17,921 crore, and Madhya Pradesh with Rs 13,987 crore. Other major allocations included West Bengal at Rs 13,404 crore and Maharashtra with Rs 11,255 crore.
On the other end of the spectrum, Goa received the lowest allocation, with Rs 688 crore, followed by Sikkim with Rs 691 crore, and Mizoram with Rs 891 crore.
This timely release of funds is part of the Union Government’s efforts to ensure states have adequate resources to meet both development goals and immediate fiscal demands. With these funds, state governments are better positioned to execute capital projects that can drive economic growth and support essential welfare programs during the festive season.
