Jammu : Finance Minister Nirmala Sitharaman early this week put forth an interim Budget of Rs 1.18 lakh crore for the fiscal year 2024-25 for Jammu & Kashmir.
The budget proposal outlined a fiscal deficit of Rs 20,760 crore that aims for a 7.5% growth in gross state domestic product (GSDP). It includes allocations of Rs 40,081 crore for revenue expenditure and Rs 19,283 crore for capital expenditure.
In a parliamentary session, Sitharaman presented the Revised Estimates for 2023-24 and the eagerly awaited Interim Budget for 2024-25. The Lok Sabha and Rajya Sabha are scheduled to deliberate on the Appropriation Bills for Supplementary Demands for 2023-24 and the Vote on Account for 2024-25 from February 7th to 9th.
The Finance Department of Jammu & Kashmir had crafted the Supplementary Budget for the ongoing fiscal year and the Interim Budget for the next, conducting a thorough assessment of revenue receipts.
As per the official handout, this assessment considered various revenue sources, such as GST, motor spirit tax, excise, stamp duty, and non-tax revenue contributors like electricity and water supply, mining royalty, timber sales, and industrial land rent, amounting to an estimated Rs. 20,867 crore.
Under the guidance of Lieutenant Governor Manoj Sinha and Chief Secretary Atal Dulloo, the persistent endeavors of the Union Territory (UT) have secured significant financial support from the Central Government.
A substantial amount of Rs. 41,751.44 Crore has been granted for the current fiscal year, and an allocation of Rs. 37,277.74 Crore has been approved for the upcoming fiscal year. These funds, seamlessly integrated into the Revised Estimates of 2023-24 and the Budget Estimates of 2024-25, encompass both normal assistance and equity contributions for crucial hydropower projects.
The Revised Estimates for 2023-24 highlight a noteworthy reduction from the initially budgeted figures, underscoring the UT government’s adept management of expenditures. The Supplementary demands for 2023-24, totaling Rs. 8,712.90 Crore, primarily address key sectors such as Finance, Power Development, Hospitality and Protocol, and Cooperatives.
Rigorous consultations with departments and stakeholders have ensured that the budgetary allocations are realistic and align with the envisioned goals.
The budgetary strategy remains committed to promoting the broader public welfare within the bounds of realistically achievable resources. The proposed budget estimate for the upcoming fiscal year, 2024-25, stands at approximately ₹1,18,728 Crore, with the J&K Government proposing a Vote on Account for ₹59,364 Crore.
Key allocations within the Interim Budget encompass a ₹2959 Crore provision for enhancing tap-water connectivity in rural areas as part of the Jal Jeevan Mission, a ₹934 Crore boost for the Holistic Agriculture Development Programme aimed at transforming agriculture, and ₹1907 Crore allocated for revitalizing school education infrastructure under the Samagra initiative.
