New Delhi: The Indian government has transferred a higher-than-normal amount of 1.18 trillion rupees ($14.31 billion) in taxes to state governments to help speed up capital spending, it said in a statement on Monday.
The transfer is a part of monthly shifting of federal taxes to states, but was higher than the normal monthly devolution amount of 591.40 billion rupees, the government said.
“One advance installment, in addition to the regular installment due in June 2023 is being released to states to enable them to speed up capital spending,” the statement said.
($1 = 82.4329 Indian rupees)
(Reporting by Nikunj Ohri; Editing by Nivedita Bhattacharjee)
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