Bhubaneswar: The Union government Thursday said it has released tax devolution of Rs 1,78,173 crore to state governments, including Rs 8,068 crore to Odisha, as against the normal monthly devolution of Rs 89,086.50 crore. The advance instalment was released in view of upcoming festive season and to enable states to accelerate capital spending and finance their development/welfare-related expenditures, said sources.
Reacting to the development, Chief Minister Mohan Charan Majhi said, “On behalf of the people of Odisha, we would like to express our gratitude to the Hon’ble Prime Minister Narendra Modi and Finance Minister Niramala Sitharaman for arranging the payment of Rs 8,068 crore. This amount will play a significant role in the social and economic development of the state as well as give impetus to the various developmental projects going on in the state.” The Centre has released tax devolution of Rs 1,78,173 crore to state governments October 10, 2024, as against the normal monthly devolution of Rs 89,086.50 crore.
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Of all the states, Uttar Pradesh has received the highest Rs 31,962 crore followed by Bihair 17,921 crore, Madhya Pradesh Rs 13,987 crore and West Bengal Rs 13,404 crore. Likewise, Maharashtra (Rs 11,255 crore), Rajasthan (Rs 10,737 crore), Andhra Pradesh (Rs 7,211 crore) and Telangana (Rs 3,745 crore) are among the top receivers. The Centre will transfer Rs 23,48,980 crore to states and Union territories in FY 2024-25, an increase of 11.9 per cent over the actuals of 2023-24. Devolution to states from the Centre’s tax revenue is estimated to be Rs 12,47,211 crore in 2024-25, an increase of 10.4 per cent over the actuals of 2023-24.