State

Centre releases Rs. 326.41 cr to Nagaland

DIMAPUR, DEC 9 (NPN) | Publish Date: 12/9/2020 12:02:44 PM IST

Centre on Wednesday released Rs. 6,195.08 crore to 14 States out of which Rs. 32641.66 lakh was released to Nagaland as monthly installment of post devolution revenue deficit grant for the period 2020-21 as recommended by the 15th Finance Commission.

The other states include-- Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Punjab, Sikkim, Tamil Nadu, Tripura, Uttarakhand and West Bengal.

“Based on the 15th Finance Commission interim recommendations, the Govt released Rs 6,195.08 crore on 9th December 2020 to 14 States on account of the 9th equated monthly installment of Post Devolution Revenue Deficit Grant,” Union Finance minister, Nirmala Sitharaman tweeted. 

A similar amount was released as grant in the April-November period of the current financial year.

The finance commission provides a mechanism for the Centre to compensate for revenue loss incurred by states, which is referred to as post devolution revenue deficit grant.

The 15th finance commission, headed by former bureaucrat N K Singh, identified 14 states which would face a revenue deficit post-devolution. To make up for this deficit, the Commission has recommended revenue deficit grants worth Rs 74,341 crore to these states during 2020-21.

 

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