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Centre releases Rs 45,000 cr additional devolution; Nagaland receives Rs 258 cr

KOHIMA: The Centre has released Rs 45,000 crore as additional devolution to 28 states, including Nagaland, in the financial year 2020-21.

The fund was released in the true spirit of fiscal federalism, according to the finance ministry, to share the revenue growth seen in quarter 4 of 2020-21.

Nagaland has earned an additional devolution of Rs 258 crore. Nagaland’s cumulative releases for the financial year 2020–21, including additional devolution, was Rs 3,409 crore.

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According to the finance ministry, this represents a rise of 8.2 per cent over RE 2020-21. According to RE 2020-21, the states will earn Rs 5,49,959 crore or 41 per cent of the shareable pool of taxes and duties.

However, based on initial estimates of shareable pool that would be obtained in 2020-21, the ministry of finance has devolved a sum of Rs 5,94,996 crore, it said.

The additional Rs 45,000 crore was allocated in two instalments of Rs 14,500 crore and Rs 30,500 crore. The 14th daily instalment of devolution was released on March 26, along with Rs 14,500 crore, while the second instalment of Rs 30,500 crore was released to the states on March 31, it added.

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