Govt Released Revenue Deficit Grant of Rs. 7183.42 Crore to 14 States

Govt Released Revenue Deficit Grant of Rs. 7183.42 Crore to 14 States The first monthly instalment of the Post Devolution Revenue Deficit (PDRD) Grant of Rs.7,183.42 crore was released by the Ministry of Finance's Department of Expenditure on Thursday. According to the Fifteenth Finance Commission's recommendations, the grant was released. For the financial year 2022-23, the Fifteenth Finance Commission has recommended a total Post Devolution Revenue Deficit Grant of Rs. 86,201 crore for 14 States. The Department of Expenditure will distribute the proposed amount in 12 equal monthly instalments to the approved States. Article 275 of the Constitution provides for Post Devolution Revenue Deficit Grants to the States. The grants are distributed to the states in accordance with the recommendations of successive Finance Commissions in order to cover the revenue gap left by devolution. The Fifteenth Commission determined the eligibility of States to receive this grant, as well as the amount of grant, for the period 2020-21 to 2025-26, based on the difference between the State's assessed revenue and expenditure after accounting for assessed devolution during this time. Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, Uttarakhand, and West Bengal have been recommended by the Fifteenth Finance Commission for Post Devolution Revenue Deficit Grant for the fiscal year 2022-23. The following are the state-by-state specifics of the proposed Post-Devolution Revenue Deficit Grant for 2022-23, as well as the amount released to States as the first instalment: