Rs 7,183.42 crore Revenue Deficit Grant
Recently, the Department of Expenditure (Ministry of Finance) released Rs 7,183.42 crore as a revenue deficit grant to 14 states. This is the 2nd monthly installment of the Post Devolution Revenue Deficit (PDRD) grant to states.
Who recommended Post Devolution Revenue Deficit (PDRD) grant to states?
Fifteenth Finance Commission.
Which states were recommended for Post Devolution Revenue Deficit (PDRD) grant?
The 14 States that have been recommended for Post Devolution Revenue Deficit (PDRD) 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.
How is the eligibility of states decided?
The eligibility of States was decided by the Fifteenth Commission based on the gap between the assessment of a State’s revenue and expenditure after taking into account the assessed devolution.
How much Post Devolution Revenue Deficit (PDRD) grant is recommended?
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.
The grant will be released in how many installments?
The Department of Expenditure (Ministry of Finance) will release the grant to the recommended states in 12 equated monthly installments (EMIs).
How much amount has been released till now?
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.
Why Post Devolution Revenue Deficit (PDRD) grant is provided to the states?
To meet the gap in Revenue Accounts of the States post-devolution.
Under which article of the constitution the Post Devolution Revenue Deficit (PDRD) grant is provided?
Article 275 of the Indian Constitution.
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Month: Current Affairs - May, 2022
Category: Economy & Banking Current Affairs