Assam gets highest tax devolution funds in NE at Rs 4,371.38 crores under PM Modi's 3rd term

The start of Prime Minister Narendra Modi's third term in office has brought a significant financial boost for the Northeastern states through the release of tax devolution installments. Assam, being the largest state in the region, received the highest allocation of Rs 4,371.38 crore from the Finance Ministry's announcement of releasing Rs 1,39,750 crore as part of the tax devolution for states across the country.

👉 Centre releases ₹1,39,750 crore installment of Tax Devolution to States

👉 With today's release, total ₹2,79,500 crore devolved to States for FY2024-25 till 10th June 2024

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— Ministry of Finance (@FinMinIndia) June 10, 2024

Arunachal Pradesh secured the second-highest amount in the Northeast, with Rs 2,455.44 crore, reflecting the region's development needs. Meghalaya emerged as the third-highest recipient among the Northeastern states, granted Rs 1,071.90 crore, surpassing even the tourism-sought-after state of Sikkim, which received Rs 542.22 crore.

The other states in the region also received substantial funds, with Manipur receiving Rs 1,000.60 crore, Tripura Rs 989.44 crore, Nagaland Rs 795.20 crore, and Mizoram Rs 698.78 crore.

This substantial release of funds from the tax devolution is expected to enable state governments to accelerate development and capital spending, addressing regional infrastructure and development needs effectively.

On a national scale, Uttar Pradesh received the highest allocation of Rs 25,069.88 crore, followed by Bihar with Rs 14,056.12 crore and Madhya Pradesh with Rs 10,970.44 crore.

The Interim Budget 2024-25 had a provision of Rs 12,19,783 crore towards the devolution of taxes to states. With this release, the total amount devolved to states for the fiscal year 2024-25 has reached Rs 2,79,500 crore as of June 10, 2024.