Mokokchung, August 3 (MTNews): The department of Expenditure, Ministry of Finance on Wednesday released Rs. 377.50 crore for Nagaland as the 5th monthly installment of the Post Devolution Revenue Deficit (PDRD) grant as per the recommendations of the Fifteenth Finance Commission.
This installment has taken the total amount of PDRD grant released to the state during 2022-23 to Rs. 1,887.50 crore. The PDRD grant recommended by the 15th Finance Commission for the year 2022-23 for Nagaland is Rs. 4,530 crore.
The department has released a total of INR 7,183.42 crore to 14 states on Wednesday. The 15th Finance Commission has recommended a total of INR 86, 201 crore PDRD grant to 14 states for the financial year 2022-23.
The grant is released by the department of Expenditure to the recommended states in 12 equated monthly installments. The PDRD grants are provided to the states under Article 275 of the Constitution to meet the gap in revenue accounts of the states post devolution.
The States who have been recommended Post Devolution Revenue Deficit Grant by the Fifteenth Finance Commission during 2022-23 are : Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tripura, Uttarakhand and West Bengal.