Aiming to equipped well to meet the demands of the festive season and also to foster sustained growth and long-term development projects, the Center has allocated funds for the State under the constitutional mechanism of tax distribution between the Center and State. State received Rs 13,987 crore as a part of its tax revenue devolution. This substantial disbursement, announced by the Finance Ministry on Thursday, includes an advance instalment in addition to the standard monthly release, effectively doubling the usual allocation of Rs 89,086.50 crore for October 2024. This allocation underscores the Central Government’s commitment to ensuring that states have the financial resources needed to stimulate development, especially during a period of increased economic activity ahead of the festive season.

 

Official familiar with the matter at Bhopal said that the Finance Ministry noted that the decision to release these funds was aimed at empowering states to ramp up capital spending and support essential welfare and developmental projects. This accelerated funding is intended to boost critical infrastructure projects such as road construction, public facilities, and other state-led development initiatives. As per the statement released by GoI in its State-wise distribution net proceeds of union for this financial year, the grand total for Madhya Pradesh is Rs 97906.09. Although it was provisional figures. As per accepted recommendations of the Fifteenth Finance Commission, the States’ share has been fixed at 41% of the net proceeds of shareable Central Taxes. There is 11% growth registered in GST collection in the month of April 2024 from Madhya Pradesh as compare to last year in the corresponding year.