“Given the fact that four months is very short time for any Government to prepare a blue print for the revival of local economies the critics and the political opposition do not find any big faults in the budget presented by Chief Minister Omar Abdullah in assembly”.
Undoubtedly this year’s total outlay Rs 1,12,310 Crore is less than last year’s but the allocations to different key sectors and the welfare measures announced for the people of lowest income group in AAY category leave no scope to cast aspersions on the intentions and future plans of the newly elected Government headed by Omar Abdullah. Given the fact that four months is very short time for any Government to prepare a blue print for the revival of local economies the critics and the political opposition do not find any big faults in the budget presented by Chief Minister Omar Abdullah in assembly last week in Jammu. Taking care of the people of the lowest income group under AAY category by announcing 200 units free power to those AAY families connected with PM Suryaghar Bijli Yojna increasing marriage assistance for AAY girls from Rs 50,000 to Rs 75,000 and increase of 10 Kg ration to the present quota of 35 Kgs per AAY family. The launch of Lakhpati Didi Scheme for women entrepreneurs is yet another reformative measure announced by the Chief Minister in this year’s budget the first in last ten years. Reforms for the power sector highlighted in the budget are also focused on stability of domestic power supply in Jammu & Kashmir. The allocation of Rs 2,021.37 crore for the power sector and greater focus on reducing the Aaggregate Technical and Commercial (AT&C) losses standing presently at nearly 50% shows the Government intentions to smoothen power supply in future across Jammu & Kashmir. However the real challenge for the Government like the previous popular regimes would be harnessing 20,000 MW hydropower potential of Jammu & Kashmir and people won’t be sure about Omar Abdullah Government combating this challenge till the time it prepares a blueprint for harnessing this huge hydropower potential in both Kashmir Valley and Jammu division.
“Despite the announcement of a reformative and progressive budget the rise of public debt rising to 52% of GSDP in 2023-24 is the main worry for the newly elected Government and as such there will be probably no short cut to striking a balance between the reformative welfare measures and a policy financial austerity demanding huge cuts on unwanted expenditure in coming few years”.
Increase in the allocations of tourism, horticulture and agriculture sectors shows Government’s interest in infrastructural development which can give major boost to entrepreneurship and employment across Jammu & Kashmir. The plan of establishing two skill universities highlighted in the budget by the Chief Minister would be most likely a new area of interest for youth in education and employment. The announcement of a new MSME policy for focus on local business highlighted in the budget once implemented would most probably boost entrepreneurship and employment across Jammu & Kashmir. Despite the announcement of a reformative and progressive budget the rise of public debt rising to 52% of GSDP in 2023-24 is the main worry for the newly elected Government and as such there will be probably no short cut to striking a balance between the reformative welfare measures and a policy financial austerity demanding huge cuts on unwanted expenditure in coming few years.
