New Delhi : The union government has released more than Rs.37,420 crore to the states for the current fiscal as first instalment of devolution as per the 14th Finance Commission’s recommendation, with Uttar Pradesh getting the highest share.
“The Government of India has released more than Rs.37,420 crore to all the states for financial year 2015-16 as the first instalment of devolution as per the 14th Finance Commission (FFC),” a finance ministry statement here said.
Uttar Pradesh has received the highest share at Rs.6,735.81 crore followed by Bihar at Rs.3,624.37 crore, Madhya Pradesh at Rs.2,835.75 crore, West Bengal at Rs.2,746.91 crore and Maharashtra at Rs.2,075.59 crore.
States getting the least funds include Sikkim at Rs.137.46 crore, Goa with Rs.141.51 crore, Mizoram at Rs.172.40 crore and Nagaland at Rs.186.68 crore.
The 14th Finance Commission has recommended a record 10 percent increase in the states’ share in the divisible pool of taxes to 42 percent, which will give the states an additional Rs.178,000 crore in 2015-16.
The commission also recommended a grants-in-aid of Rs.48,906 crore for 11 revenue deficit states for 2015-16.
The total devolution to the states in 2015-16 will be Rs.526,000 crore, representing an increase of Rs.178,000 crore over 2014-15.