Finance ministry releases third installment of revenue deficit grant

The Ministry of Finance has released the third monthly instalment of its revenue deficit grant of Rs 98.71 billion to 17 states. With the release of this instalment, a total of Rs 296.13 billion has been released in the first three months of the current financial year as the Post Devolution Revenue deficit (PDRD) grant to states. These grants are released as per the recommendations of the Finance Commission in monthly instalments to meet the gap in the revenue accounts of states post devolution. The 15th Finance Commission has recommended PDRD grants for 17 states – Andhra Pradesh, Assam, Haryana, Himachal Pradesh, Karnataka, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttarakhand and West Bengal – in 12 monthly instalments.