Finance Minister Nirmala Sitharaman on Monday directed the finance secretary to add additional ₹47,541 crore to state cost, to increase their expenditure of post-pandemic recovery.
The directive was issued after a detailed discussion with chief ministers and state finance ministers on post-Covid economic speedy revival. During the meeting, some chief ministers requested for assigning a decentralisation of a part of their tax for the current financial year in order to increase the states' asset disbursement.
FM directed the finance secretary to issue an additional ₹47,541 crore along with the monthly tax devolution of ₹47,541 crore, adding to a sum of ₹95,082 crores to the individual states. The main motive is to substantiate the state expenditure on construction of the economy after its significant decline in post-COVID era. The GST compensation for this year had already been announced in November. Centre has frontloaded many dues off the state, to weave them out of the economic despair.
50-year capital expenditure for the state has been levied as a grant to do off with each's due. Many states have asserted similar schemes in future. States highlighted the need for offshore wind generation policy. Today's meeting was to seek states' ideas in moving growth upward, since in many of the issues such as manufacturing, development and investment.
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