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The government has made a modest increase in equalization grants to the state and local levels in the next fiscal year's budget. In the budget presented by Finance Minister Barshman Pun on Tuesday, 4 trillion 8 billion 87 crores have been allocated for financial transfer to the provincial and local levels. The allocated amount is in addition to the amount received by the provincial and local levels under the title of revenue.
The amount to be transferred to the provincial and local levels under the title of revenue is proposed to be 73 billion 330 million less than the current year. It is estimated that 1 trillion 73 billion 92 billion will be transferred to the state and local levels in the current year, 1 trillion 59 billion has been proposed for the next year.
Provinces and local levels have received budgets under the headings of equalization, special, conditional, supplementary and revenue sharing. Under this heading, the amount of revenue transfer to the provincial and local levels in the coming year has decreased compared to the current year. Provinces and local levels will receive 5 trillion 67 billion in estimated revenue distribution and subsidies. But if the revenue collection is low, the amount received from the said title may decrease.
In the current year, a total of 1.46 billion 2 crore was allocated to the province under the equalization grant of 58.67 billion and 87.35 billion to the local level. For the coming year, 60 billion has been allocated to the province and 88 billion to the local level.
Similarly, 25 billion 34 crores have been allocated to the province and 2 trillion 8 billion 88 crores for the local level towards conditional grants for the coming year. In the current year, 35.72 billion was allocated to the province and 1.91 billion 89 billion to the local level for conditional grants. The Finance Commission and municipalities have been lobbying to increase equalization grants by reducing grants such as conditional, special, and supplementary. 24.49 billion of the equalization grant allocated for the current year has not been sent to the local level.
6 billion 20 million has been allocated to the province and 7 billion to the local level for the coming year under the supplementary title. In the current year, 6.22 billion was allocated to the province and 7.5 billion to the local level. 4.4 billion has been allocated to the province and 8.5 billion to the local level for special grants for the coming year. In the current year, 4.46 billion was allocated for special grants and 8.73 billion was allocated to the local level.
