Finance Ministry releases third installment of revenue deficit grant to states

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The finance ministry has released the third monthly installment of revenue deficit grant of Rs 7,183 crore to 14 states. In fact the Fifteenth Finance Commission had recommended a total Post Devolution Revenue Deficit Grant of Rs 86,201 crore to 14 states for the financial year 2022-23. This is to be released in 12 equated monthly installments.

The states receiving this grant are Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, Uttarakhand and West Bengal.
With the release of the third installment for the month of June 2022, the total amount of revenue deficit grants released to the states in 2022-23 stands at Rs 21,550.25 crore.

Meanwhile Finance minister, in a virtual speech in the second BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting, said on India’s growth outlook, that the economic growth will continue to be supported by fiscal spending along with an investment push, imparting momentum to the economy based on the idea of growth at macro level complemented by all-inclusive welfare at micro level.

The government has proposed to significantly step up the public investment by raising capital expenditure by 35.4 per cent to Rs 7.5 lakh crore or 2.9 per cent of the GDP in the current financial year.

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IE&M Team
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