Maharashtra's Financial Windfall: Pre-Festive Tax Devolution

Maharashtra has received a financial boost ahead of the festive season, with an advance instalment of Rs 6,418 crore from the Central government. This was part of a total tax devolution of Rs 1,01,603 crore announced on Wednesday, intended to catalyze capital spending and developmental projects across states.

This additional funding is in supersession of the regular monthly devolution of Rs 81,735 crore scheduled for October 10, underscoring the urgency of fund availability. Ajit Pawar, Maharashtra's Deputy Chief Minister and state finance minister, extended his gratitude to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for disbursing these funds.

With the festival season approaching, the additional funds are expected to enhance Maharashtra's financial readiness for capital expenditure and facilitate ongoing welfare initiatives. Pawar emphasized the importance of these funds in supporting the state's economic agenda during this critical period.

(With inputs from agencies.)