Centre okays additional Rs 81,735 crore as tax devolution to states: FM Sitharaman

New Delhi, May 30 The Centre has approved an additional instalment of Rs 81,735 crore as tax devolution to the state governments, which will be released on June 2, Finance Minister Nirmala Sitharaman said on Friday.

In her address at the Lakshmipat Singhania-IIM, Lucknow National Leadership Awards in the national capital, FM Sitharaman said this release is in addition to the regular monthly instalment of tax devolution of Rs 81,735 crore, which will be released on June 10.

"The additional instalment of devolution to states is in line with the principle of co-operative federalism and the aim of becoming 'Viksit Bharat' by 2047, which can be realised through 'Viksit States' as envisioned by Prime Minister Narendra Modi," she emphasised.

The additional instalment of devolution will enable the states to speed up their capital spending, finance their development and welfare-related expenditure and also make available resources for priority projects/schemes of the states.

The Finance Minister further stated that India's industry and the manufacturing activity have all been good during Q4 of FY 2024-25, and there was a real GDP growth of 7.4 per cent in Q4 alone.

"For the entire FY 2024-25, the real GDP growth was 6.5 per cent. India is sustaining the growth, and it is the fastest growing economy for four years continuously," she mentioned.

She also said that science and technology-related investments have always been a priority in India.

“PM Modi looks at futuristic sciences as well and wants to invest in all of them. We need to be futuristic, and the kind of progress that we are seeing for every such investment assures me that with the industry really being leaders in such areas, we are sure to reach our 2047 goal of becoming Viksit Bharat,: said the Finance Minister.

She said the country is repeatedly proving that "we have people who achieve excellence in their chosen fields of activity".

"We are standing out, compelling the world to look at India with a certain sense of awe. We are in that part of India's history where it just requires confidence in our country's abilities and belief that we can definitely deliver the goal which PM Modi, on behalf of all the citizens, has laid out," FM Sitharaman stressed.

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