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Central govt releases Rs 1.42 lakh crore to states
The Business Guardian
|March 02, 2024
In a significant Lat enhancing move aimed the financial capabilities of state governments nationwide, the Union Government has authorized the release of two installments of tax devolution totalling Rs 1.42 lakh crore.
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The decision, as highlighted in a press release, is geared towards extending vital support to state administrations in funding a range of social welfare programs and infrastructure development schemes.
This latest allocation of funds reaffirms the government's commitment to decentralization and empowering states to effectively address local needs.
It complements the earlier disbursement of Rs 71,061 crore on February 12, 2024, constituting a substantial financial injection for state governments.
The distribution of funds among states has been carefully orchestrated, with allocations tailored to meet individual state requirements and developmental priorities. From populous states like Uttar Pradesh and Maharashtra to smaller ones like Sikkim and Mizoram, every state stands to benefit from this strategic infusion of funds.
This story is from the March 02, 2024 edition of The Business Guardian.
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