SME Times News Bureau | 06 Apr, 2015
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.