The power of the double engine i.e. financial assistance from the Central Government is going to play a big role in materializing the concept of Strong Uttarakhand by the year 2025. In the interim budget of the Center for the year 2024-25, the state will receive an amount of approximately Rs 4645 crore in the form of increased state share in central taxes and special capital assistance. Along with this, the benefit of the huge increase proposed in the budget of the Centre’s flagship schemes and capital items will be visible in the form of increased pace of infrastructure development works in Uttarakhand. Just before the Lok Sabha elections, the interim budget of the Center has increased the enthusiasm of Devbhoomi Uttarakhand. On the basis of the recommendations of the 15th Finance Commission, the state share received by the state as share in central taxes has increased.
According to the revised estimates of the budget, this increase in the state share will be applicable from the current financial year 2023-24 only. Earlier there was a provision of Rs 11419.78 crore for the state in the year 2023-24. In the revised estimate, this amount has increased to Rs 12348 crore. In this way the state will receive Rs 928 crore more. The state’s share in central taxes in the financial year 2024-25 is estimated to be around Rs 13637 crore. This is Rs 2217 crore more than the original estimate of last year. This increase in state share is considered important from the point of view of economic development of the state.
Rs 1500 crore will be given as special capital assistance
The central government has also increased the revised estimate of 50-year interest-free loan in special capital assistance for the next financial year from Rs 1 lakh crore to Rs 1.30 lakh crore. The way has been cleared for the state to get about Rs 1500 crore for development and construction works in the form of special capital assistance. In the interim budget, the size of the budget spent on capital items has increased by 11.1 percent. Besides, the allocation of funds for the ambitious flagship schemes of the Center has also been increased. All the Himalayan regions including Uttarakhand will directly benefit from this. Due to their special status, these states get more grants from the Center in all centrally funded schemes including flagship ones. Due to its own limited financial resources, Uttarakhand is more dependent on central schemes for infrastructure development.
Allotment of more funds in these schemes will provide benefits
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