New Delhi, Apr 1 (IANS): The Ministry of Finance released Rs 45,000 crore as additional devolution to states in FY 2020-21.

An official statement said that this is an increase of 8.2 per cent over Revised Estimate 2020-21. As per RE 2020-21, Rs 5,49,959 crore, being 41 per cent of the shareable pool of taxes and duties, was estimated to be released to the states.

However, the Finance Ministry has devolved an amount of Rs 5,94,996 crore, based on the initial estimates of shareable pool that would be collected in 2020-21.

"The Ministry of Finance has released these amounts to share the revenue buoyancy seen in Q4 2020-21 and in the true spirit of fiscal federalism," said the statement.

The additional amount of Rs 45,000 crore was released in two instalments of Rs 14,500 crore and Rs 30,500 crore. The amount of Rs 14,500 crore was released along with the 14th regular instalment of devolution on March 26, whereas the second instalment of Rs 30,500 crore was released to the states on March 31.