States to get 7% more funds from Centre
The Centre would give states and union territories 7.0 per cent more resources at Rs 786.29 billion as compared to Rs 734.38 billion estimated this fiscal.
Presenting the details of allocation to states in the Budget for 2002-03, Finance Minister Yashwant Sinha proposed higher share of tax revenue and duties to states at Rs 612.35 billion, up by around 16 per cent from this year's revised estimate of Rs 528.45 billion.
The share of taxes was actually lower from the budgeted Rs 616.18 billion for 2001-02.
The grants to states had been proposed to increase by about 15 per cent to Rs 191.90 billion for 2002-03 as compared to the estimate of Rs 166.94 billion in the current fiscal, which was lower than the budgeted figure of Rs 185.38 billion in 2001-02.
Loans to states is slated to increase only marginally to Rs 5.90 billion as compared to Rs 5.82 billion in 2001-02 which went down from the budgeted estimate of Rs 5.89 billion for this fiscal.
The Budget has estimated a near 22 per cent increase in central assistance to states at Rs 441.21 billion as against the revised estimate of Rs 360.77 billion for 2001-02, which was marginally lower than the budgeted figure of Rs 376.40 billion for the year.
Grants were estimated at Rs 196.06 billion and loans at Rs 245.15 billion as compared to revised estimates of Rs 166.75 billion and Rs 194.02 billion respectively for 2001-02.
The Budget estimates for 2001-02 were Rs 188.47 billion and Rs 187.93 billion towards grants and loans.
PTI
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