Union Finance Minister, Nirmala Sitharaman, unveiled the interim Union Budget for the fiscal year 2024-25 in the Lok Sabha on Thursday, allotting a substantial sum of Rs 37,277.74 crore to Jammu and Kashmir. Out of this, a noteworthy Rs 35,619.30 crore has been earmarked specifically for addressing the resource gap in the region. This allocation comes as a crucial step towards bolstering the economic development and infrastructural needs of Jammu and Kashmir. The announcement holds particular significance as it marks the final budget presentation of the incumbent Prime Minister Narendra Modi-led government, just ahead of the impending Lok Sabha elections scheduled for April-May this year. Reacting to the budgetary allocation, J&K Lieutenant Governor, Manoj Sinha, lauded the Union Budget 2024, emphasizing its reflection of the transformative achievements of the past decade under Prime Minister Modi’s leadership. Sinha noted, the budget is dedicated to a better future for the common man, with an emphasis on inclusivity and social and geographical development across the country.”
“Allocation comes as a crucial step towards bolstering the economic development and infrastructural needs of Jammu and Kashmir. The announcement holds particular significance as it marks the final budget presentation of the incumbent Prime Minister Narendra Modi-led government, just ahead of the impending Lok Sabha elections scheduled for April-May this year.”
Highlighting the vision outlined in the budget, Sinha praised the finance minister for introducing schemes that cater to various sections of society, including significant provisions for the upliftment of the marginalized. He particularly commended initiatives such as the target of 3 crore Lakhpati Didi, a corpus of Rs. 1 Lakh Cr to accelerate innovations, and new schemes aimed at benefiting farmers and the economically disadvantaged. “The focus on inclusivity and development across all regions of the country has put the Indian economy on a fast-track, and these announcements will propel the nation toward faster and high growth,” Sinha stated in a post on his official account on social media platform X, formerly known as Twitter. The Lieutenant Governor expressed optimism about the budget’s potential to contribute to a more prosperous and equitable future for the people of Jammu and Kashmir.
“Overall, the budgetary allocation for Jammu and Kashmir in the interim Union Budget 2024-25 is poised to contribute significantly to the socio-economic development and overall progress of Jammu & Kashmir. The allocation of the interim Union Budget 2024-25 has sparked optimism and garnered praise from local residents, who see it as a transformative step towards prosperity.”
Kashmir Horizon View: The allocation of Rs 37,277.74 crore in the interim Union Budget for 2024-25 brings several tangible benefits to the Union Territory of Jammu and Kashmir. The substantial financial allocation will play a pivotal role in fostering economic growth and development in Jammu and Kashmir. Investments in infrastructure, industries, and other economic sectors are expected to create job opportunities and stimulate economic activities. A significant portion of the allocated funds, specifically Rs 35,619.30 crore, has been earmarked for bridging the resource gap in the Union Territory. This infusion of funds is aimed at addressing financial imbalances and supporting various developmental projects. The budget reflects a commitment to inclusive development, ensuring that the benefits reach all strata of society. Schemes and initiatives targeted at marginalized communities, farmers, and the poor are expected to uplift the living standards of a diverse population in Jammu and Kashmir. Emphasis on geographical inclusivity through the development of all regions Jammu & Kashmir signifies a balanced approach to growth. This approach ensures that the benefits of economic development are spread across urban and rural areas, fostering overall prosperity. The budget aims to address social inclusivity by covering all segments of society. Special provisions for different social groups, such as the announcement of schemes for specific castes and initiatives like Lakhpati Didi, indicate a commitment to reducing socio-economic disparities. The allocation of a corpus of Rs. 1 Lakh Cr to accelerate innovations is likely to boost entrepreneurship and technological advancements in Jammu and Kashmir. This investment can spur the growth of startups, research, and development activities, contributing to a more dynamic economy. The introduction of new schemes for farmers is a positive step towards bolstering the agricultural sector in the Union Territory. These initiatives may include financial assistance, technology adoption, and other measures aimed at enhancing the productivity and income of farmers. The acknowledgment of the historic achievements of the government and the outline of Prime Minister Narendra Modi’s vision for a developed India by 2047 reflect a long-term commitment to the prosperity and well-being of the people in Jammu and Kashmir. Overall, the budgetary allocation for Jammu and Kashmir in the interim Union Budget 2024-25 is poised to contribute significantly to the socio-economic development and overall progress of Jammu & Kashmir. The allocation of the interim Union Budget 2024-25 has sparked optimism and garnered praise from local residents, who see it as a transformative step towards prosperity. Rukhsar Ahmed, a local resident told Kashmir Horizon that this budget is like a breath of fresh air for us here in Srinagar. Finally, it seems like the government is genuinely investing in our future. “The focus on economic development and inclusivity gives us hope for a brighter and more prosperous Jammu and Kashmir,” he said. Shabnam Malik, Anantnag Farmer said that the agricultural schemes in this budget are a ray of hope for farmers like me. With new initiatives and financial support, we can modernize our practices and secure a better future for our families. It feels like our hard work is finally being recognized, he said. “The allocation for accelerating innovations is a signal that the government believes in the potential of our youth. This budget is an investment in our dreams,” Malik said.
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