India releases 729.6 billion rupees to states as tax devolution – statement

NEW DELHI (Reuters) – India’s federal government has released 729.6 billion rupees ($8.8 billion) to states as tax devolution for financing various social welfare measures and infrastructure development schemes, the government said in a statement on Friday.

($1 = 83.1862 Indian rupees)

(Reporting by Nikunj Ohri, writing by Sakshi Dayal; Editing by Toby Chopra)