New Delhi, May 30: The Indian government has announced the approval of an additional instalment of ₹81,735 crore as tax devolution for state governments, set to be released on June 2, according to Finance Minister Nirmala Sitharaman. During her speech at the Lakshmipat Singhania-IIM, Lucknow National Leadership Awards in the capital, she noted that this extra instalment comes on top of the regular monthly tax devolution of ₹81,735 crore, which will be disbursed on June 10.
Sitharaman emphasized that this additional funding reflects the principle of co-operative federalism and aligns with the goal of achieving a ‘Viksit Bharat’ (Developed India) by 2047, a vision articulated by Prime Minister Narendra Modi. This financial support aims to enable states to accelerate capital expenditure, enhance development and welfare initiatives, and secure resources for priority projects.
The Finance Minister also highlighted positive trends in India’s industrial and manufacturing sectors during the fourth quarter of FY 2024-25, reporting a real GDP growth of 7.4 percent in this period. For the entire fiscal year, the economy saw a growth rate of 6.5 percent, sustaining its position as the fastest-growing major economy for four consecutive years. Sitharaman pointed out that investment in science and technology remains a priority, aligning with the Prime Minister’s focus on futuristic scientific advancements.
“We must adopt a forward-looking approach,” she stated, expressing confidence in the nation’s industrial leadership in these sectors, crucial for realizing the goal of a developed India by 2047. Sitharaman reiterated that India is consistently producing individuals who excel in various fields, compelling the world to regard the nation with admiration. She emphasized the need for confidence in the country’s potential and the belief that India can fulfill the ambitious goals set forth by the Prime Minister for all citizens.
Original Source: https://theshillongtimes.com/2025/05/30/centre-okays-additional-rs-81735-crore-as-tax-devolution-to-states-fm-sitharaman/
Category: NATIONAL,News Alert
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Publish Date: 2025-05-30 20:49:00
