New Delhi [India], The Finance Ministry has announced the release of an additional tranche of tax transfers to the states for June 2024 to support state finances and boost economic growth. The total amount released to states for June now stands at Rs 1,39,750 crore.
The objective of this decision is to provide necessary financial resources to the states to accelerate their development projects and capital expenditure.
The ministry's decision came after a high-level meeting with the Finance Secretary and Secretary of the Department of Economic Affairs.
A thorough review of the economic and fiscal conditions was conducted during the meeting, which led to the conclusion that an additional tranche of funds would be necessary.The Finance Ministry has provided detailed state-wise details of the funds released, ensuring that each state gets its fair share to meet its specific development needs.
Notable allocations include Rs 25,069.88 crore for Uttar Pradesh, Rs 14,056.12 crore for Bihar, Rs 10,970.44 crore for Madhya Pradesh and Rs 10,513.46 crore for West Bengal.
As India grapples with the complexities of global economic dynamics, the central government's focus on providing strong financial support to states to sustain growth and promote growth is critical.
The objective of this decision is to provide necessary financial resources to the states to accelerate their development projects and capital expenditure.
The ministry's decision came after a high-level meeting with the Finance Secretary and Secretary of the Department of Economic Affairs.
A thorough review of the economic and fiscal conditions was conducted during the meeting, which led to the conclusion that an additional tranche of funds would be necessary.The Finance Ministry has provided detailed state-wise details of the funds released, ensuring that each state gets its fair share to meet its specific development needs.
Notable allocations include Rs 25,069.88 crore for Uttar Pradesh, Rs 14,056.12 crore for Bihar, Rs 10,970.44 crore for Madhya Pradesh and Rs 10,513.46 crore for West Bengal.
As India grapples with the complexities of global economic dynamics, the central government's focus on providing strong financial support to states to sustain growth and promote growth is critical.
