Business
Rs.37,000 crore paid to states towards devolution
New Delhi, April 5
The union government has
released more than Rs.37,420 crore to the states for the current fiscal
as first instalment of devolution as per the 14th Finance Commission's
recommendation, with Uttar Pradesh getting the highest share.
"The
Government of India has released more than Rs.37,420 crore to all the
states for financial year 2015-16 as the first instalment of devolution
as per the 14th Finance Commission (FFC)," a finance ministry statement
here said.
Uttar Pradesh has received the highest share at
Rs.6,735.81 crore followed by Bihar at Rs.3,624.37 crore, Madhya Pradesh
at Rs.2,835.75 crore, West Bengal at Rs.2,746.91 crore and Maharashtra
at Rs.2,075.59 crore.
States getting the least funds include
Sikkim at Rs.137.46 crore, Goa with Rs.141.51 crore, Mizoram at
Rs.172.40 crore and Nagaland at Rs.186.68 crore.
The 14th Finance
Commission has recommended a record 10 percent increase in the states'
share in the divisible pool of taxes to 42 percent, which will give the
states an additional Rs.178,000 crore in 2015-16.
The commission also recommended a grants-in-aid of Rs.48,906 crore for 11 revenue deficit states for 2015-16.
The
total devolution to the states in 2015-16 will be Rs.526,000 crore,
representing an increase of Rs.178,000 crore over 2014-15.