Finance Ministry releases revenue deficit grant of Rs7,183.42 crore to 14 states
India Infoline News Service |
09 Nov, 2022 |
As per the recommendations of the Fifteenth Finance Commission, the Department of Expenditure, Ministry of Finance, has released the 8th monthly instalment of Post Devolution Revenue Deficit (PDRD) Grant of Rs7,183.42 crore to 14 States.
The Fifteenth Finance Commission has recommended a total Post Devolution Revenue Deficit Grant of Rs86,201 crore to 14 States for the financial year 2022-23. The recommended grant is released by the Department of Expenditure to the recommended States in 12 equated monthly instalments. With the release of 8th instalment for the month of November, 2022, the total amount of Revenue Deficit Grants released to the States in 2022-23 has gone up to Rs57,467.33 crore, as per the official statement by the Government.
Further, the grants are released to the States as per the recommendations of the successive Finance Commissions to meet the gap in Revenue Accounts of the States post devolution.
The eligibility of States to receive this grant and the quantum of grant for the period from 2020-21 to 2025-26 was decided by the Fifteenth Finance Commission based on the gap between assessment of revenue and expenditure of the State after taking into account the assessed devolution during this period.
The States that have been recommended Post Devolution Revenue Deficit Grant by the Fifteenth Finance Commission during 2022-23 are: Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, Uttarakhand, and West Bengal.
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