Jammu & Kashmir Interim Budget: Govt Allocates Rs 1.18 Lakh Crore Targeting For 7.5% GDP Growth In State

Finance Minister Nirmala Sitharaman on Monday proposed an Interim Budget of Rs 1.18 lakh crore for the fiscal year 2024-25 for the Union Territory of Jammu & Kashmir. The budget aims for a 7.5 percent growth in the Gross State Domestic Product (GSDP) and outlines a fiscal deficit of Rs 20,760 crore.

The proposed capital expenditure for the fiscal is Rs 38,566 crore, equivalent to 14.64 percent of the GSDP. On the other hand, revenue expenditure is estimated at Rs 80,162 crore, with projected revenue receipts for the next fiscal standing at Rs 97,861 crore.

For the "Vote on Account" for 2024-25, total receipts are estimated at Rs 59,364 crore, excluding ways and means advances of Rs 16,568 crore. This includes Rs 48,930 crore as revenue receipts and Rs 10,434 crore as capital receipts. The total gross receipts for the proposed "Vote on Account" are estimated at Rs 75,932 crore, including ways and means advances of Rs 16,568 crore.

Parliament's approval has been sought for Rs 75,932 crore, encompassing ways and means advances of Rs 16,568 crore. The full budget for the Union Territory will be presented after the conclusion of the 2024 general elections and the formation of a new government.

Finance Minister Sitharaman emphasized the crucial reforms undertaken in 2019, facilitating "path-breaking" measures by the Union Territory Government. These measures include the decentralization of the governance structure, promotion of inclusive development, increased revenue generation, and infrastructure development.

According to Sitharaman, the government is committed to maintaining law and order for security while simultaneously implementing initiatives for economic and social development. A zero-tolerance policy against terrorism has been adopted, and security forces are taking effective and continuous action to counter terrorism. The Finance Minister highlighted the significant improvement in the security scenario in Jammu and Kashmir due to these measures and efforts.

In addition to fiscal details, Sitharaman pointed out the government's focus on security and development. Security forces are actively countering terrorism, and the overall security situation in Jammu and Kashmir has seen a significant improvement.

The Interim Budget for Jammu & Kashmir outlines a comprehensive fiscal plan for the upcoming fiscal year, balancing capital and revenue expenditures while aiming for substantial economic growth. The proposed budget reflects the government's commitment to security, economic development, and inclusive governance. The Finance Minister's emphasis on the positive impact of reforms and the improved security scenario underlines the government's proactive approach in addressing both economic and security challenges in the region.