Prime Minister Narendra Modi with Finance Minister Nirmala Sitharaman.The Ministry of Finance on Thursday (6 May) released the second monthly instalment of the Post Devolution Renevue Deficit (PDRD) grant of Rs 9,871 crore for the year 2021-22 to 17 states, reports Economic Times.
With the latest tranche of PDRD grant, the government has already released Rs 19,742 crore to the various state governments so far in FY22. These grants are provided by the centre to the States under Article 275 of the Constitution in monthly instalments to help them meet the gaps in their revenue accounts.
The grants are released to the States by the Centre based on recommendations of the Finance Commission. The 15th Finance Commission had recommended the release of PDRD grants to 17 States.
These states include Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttarakhand and West Bengal.
It should be noted that in total, the 15th Finance Commission has recommended a total Post Devolution Revenue Deficit Grant of Rs 1,18,452 crore in the financial year 2021-22.
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