Consider the following statements 1 The Post Devolution Revenue Deficit Grants are provided to the s...........

Economic Affairs Public Finance and Debt Management

Consider the following statements:

1. The Post Devolution Revenue Deficit Grants are provided to the states under Article 275 of the Indian Constitution

2. The grants are released to the States as per the recommendations of the 15th Finance Commission to meet the gap in revenue Accounts of the States post devolution.

Which of the statements given above is/ are correct?

1 Only

2 Only

Both 1 and 2

None of the above

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Explanation:

Explanation:
The Post Devolution Revenue Deficit Grants are provided to the States under Article 275 of the Constitution. The grants are released to the States as per the recommendations of the Fifteenth Finance Commission to meet the gap in Revenue Accounts of the States post devolution. The Fifteenth Finance Commission has recommended a total Post Devolution Revenue Deficit grant of Rs.1.18 lakh crore to 17 States in the financial year 2021-22, of which an amount of Rs.98,710 crore has already been released, as on 6th January 2022.