Finance Minister Nirmala Sitharaman highlighted the Centre’s commitment to supporting States through timely tax devolution and clearing GST compensation arrears to spur economic growth.
During a pre-budget meeting with State finance ministers, Sitharaman encouraged States to utilise the scheme offering 50-year interest-free loans for specific reforms. She highlighted the Union Government’s role in providing stimulus through timely tax devolution, Finance Commission grants, and settling GST compensation arrears, according to an official statement.
Addressing the ‘Scheme for Special Assistance to States for Capital Investment,’ Sitharaman noted its benefits and urged States to leverage these funds for citizen-centric reforms and sector-specific projects, some of which are conditional.
Union Finance Minister Smt. @nsitharaman chairs the 53rd meeting of the GST Council, at Bharat Mandapam, New Delhi, today.
Along with the Union Finance Minister, Union Minister of State for Finance Shri @mppchaudhary; Chief Ministers of Goa and Meghalaya; Deputy Chief Ministers… pic.twitter.com/9zge8ahX8R
— Ministry of Finance (@FinMinIndia) June 22, 2024
In the meeting, States offered valuable suggestions for the upcoming Union Budget 2024-25 and presenting State-specific requests. Rajasthan’s Finance Minister and Deputy CM Diya Kumari highlighted the need for increased allocations to projects like the Eastern Rajasthan Canal Project (ERCP), Jal Jeevan Mission (JJM), national highways, and railway lines.
Union Finance Minister Smt. @nsitharaman chaired #PreBudget consultation with Finance Ministers of States/ Union Territories (with Legislature) for taking suggestions for Union Budget 2024-25, in New Delhi, today.
Read more ➡️ https://t.co/ex4dhbPU0E pic.twitter.com/YB2zytcNi1
— Ministry of Finance (@FinMinIndia) June 22, 2024
Meanwhile, Karnataka’s Finance Minister Krishna Byre Gowda pressed for the release of Rs 5,300 crore earmarked for the Upper Bhadra Water Project, urging its classification as a national project. He advocated for cesses and surcharges to be included in the divisible pool of central taxes, ensuring equitable distribution among states.
Gowda further sought an enhancement in the central share for urban and rural housing schemes, aiming to increase benefits to beneficiaries significantly.
