Shillong, June 11: The start of Prime Minister Narendra Modi’s third term in office has turned out to be a windfall for the northeast- particularly Meghalaya, with the Finance Ministry announcing the release of Rs 1,39,750 crore installment of tax devolution for the states in the country, and Meghalaya getting the third highest amount, after Assam and Arunachal Pradesh, for the north east.
This release of funds from the tax devolution will enable state governments to accelerate development and capital spending.
Meghalaya has been granted Rs 1071.90 crore- ahead of Manipur (Rs.1000.60 crore), Tripura (Rs.989.44 crore), Nagaland (Rs. 795.20 crore), Mizoram (Rs. 698.78 crore) and even the tourism sought after state of Sikkim (Rs.542.22 crore).
Given its size and population, Assam received the highest amount for the north east- Rs. 4371.38 crores, followed by Arunachal Pradesh with Rs. 2455.44 crore.
The Interim Budget 2024-25 had a provision of Rs 12,19,783 crore towards devolution of taxes to states. With this release, the total amount devolved (for FY 2024-25) to states till June 10, 2024 is Rs 2,79,500 crore.
As per the allocations, Uttar Pradesh has got the highest amount of Rs 25069.88 crore. The state with the second highest allocation is Bihar with Rs 14056.12 crore. The state in the third spot is Madhya Pradesh with Rs 10970.44 crore.
