Union Budget And Other Economic Policies
• In keeping with the true spirit of co-operative federalism, NDA Govt. devolved a 42% share of the divisible pool of taxes to States. The devolution to the states would be of the order of Rs. 5.24 lakh crore in 2015-16 as against the devolution of Rs. 3.38 lakh crore as per revised estimates of 2014-15. Another Rs. 3.04 lakh crore would be transferred by way of grants and plan transfers. Thus, total transfer to the States will be about 62% of the total tax receipts of the country.
If the Ministry of Finance is able to garner some additional resources during the year from tax buoyancy, then the Finance Minister promised to increase allocations to MGNREGA by Rs. 5,000 crore; Integrated Child Development Scheme (ICDS) by Rs. 1,500 crore; Integrated Child Protection Scheme (ICPS) by Rs. 500 crore; and the Pradhan Mantri Krishi Sinchai Yojana by Rs. 3,000 crore; and the initial inflow of Rs. 5,000 crore into the NIIF.