New Delhi, Dec 15 (IANS): The government on Sunday said that based on the recommendations of 15th Finance Commission (XV-FC), Rs 71,889 crore has been released to the states under various heads for FY 2024-25.
New Delhi, Dec 15 (IANS) The government on Sunday said that based on the recommendations of 15th Finance Commission (XV-FC), Rs 71,889 crore has been released to the states to date under various heads for FY 2024-25.
The 15th Finance Commission had recommended the grants-in-aid of Rs 71,889 crore to the state governments under heads like grants to local bodies; post devolution revenue deficit grant; central share of state disaster response fund and state disaster mitigation fund and health sector grant, among others, for the year 2024-25 (upto December 10).
In a post on X social media platform, the Ministry of Finance also said that “based on the recommendation of @MinOfPower, Department of Expenditure @FinMinIndia allowed additional borrowing of 0.5 per cent of GSDP worth around 1.56 lakh crore linked to performance in power sector for FY2024-25”.
“The Department of Expenditure @FinMinIndia allows extra borrowing ceiling of nearly Rs 9.40 lakh crore to states in FY2024-25,” it further added.
According to the ministry, Direct Benefit Transfer (DBT) through Public Financial Management System (PFMS) supports ‘Digital India’ by enabling electronic payment and receipt for ministries/departments in both centre and states.
“Department of Expenditure @FinMinIndia has been consistently improving DBT linkages between beneficiaries and onboarding with external systems to facilitate greater #EaseOfLiving,” the ministry posted.
Meanwhile, the government has also unveiled the Delegation of Financial Powers Rules, 2024 — a landmark initiative that aims to imbue financial regulations with simplicity and clarity for streamlined decision-making and enhanced operational efficiency.
Also, based on the recommendation of the New Pension System (NPS) Review Committee, the Union Cabinet chaired by Prime Minister Narendra Modi approved the Unified Pension Scheme (UPS) in August this year.