GoI releases Rs. 7,183.42 crore to 14 states as revenue deficit grant
- The central government has released Rs. 7,183.42 crore as a revenue deficit grant to 14 states including Andhra Pradesh, West Bengal, Rajasthan, Punjab, Assam and Kerala. The Department of Expenditure, Ministry of Finance released the money. This is the 2nd monthly installment of Post Devolution Revenue Deficit (PDRD) grant to states. The grant has been released as per the recommendations of the Fifteenth Finance Commission.
Also read: Weekly Current Affairs (Sci & Tech) Bitbank: Which city has reported India's first case of the new COVID variant XE? - The States which 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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- Fifteenth Finance Commission recommended Post Devolution Revenue Deficit (PDRD) grant to states. Post Devolution Revenue Deficit (PDRD) grant is provided under Article 275 of the Indian Constitution.
- The Fifteenth Finance Commission has recommended a total Post Devolution Revenue Deficit (PDRD) Grant of Rs. 86,201 crore to 14 states for the financial year 2022-23.
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- The Department of Expenditure (Ministry of Finance) will release the grant to the recommended states in 12 equated monthly installments (EMIs). With the recent release, the total amount of Revenue Deficit Grants released to the States in 2022-23 has gone up to Rs. 14,366.84 crore.
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