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FM Nirmala Sitharaman presents ~Rs 1.42 Lakh Crore J&K Budget in Lok Sabha; 7.5%  GSDP Growth Projected

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J&K Budget in Lok SabhaOn March 14, 2022, the Union Minister Nirmala Sitharaman, Ministry of Finance presented Rs 14215009.87 crore(~1.42 Lakh Crore) Budget for the Union Territory (UT) of Jammu and Kashmir (J&K) in Lok Sabha, New Delhi (Delhi). She also presented supplementary Demands for Grants, and Demands for Excess Grants totaling Rs 18,860.32 crore for J&K.

  • The budget projected 7.5% Growth in GSDP (Gross State Domestic Product) of J&K.

Financial Status of J&K:

J&K government will be spending Rs 112950 crore in fiscal 2022-23 i.e. Revenue Expenditure: Rs 71615 crore, and Capital Expenditure: Rs 41335 crore (22 % of GSDP).

  • Revenue Receipts: Rs 102322 crore
  • Capital Receipts: Rs 10628 crore

i.Rs 32495 crore (29% of the overall expenditure) would go to salaries, Rs 9780 crore (9 %) on pensions, Rs 7427 crore (6%) on interest payment on debts, Rs 5000 crore on power purchases, Rs 4287 crore on the grant in aid, Rs 3319 crore to central sponsored schemes, among others.

ii.On the income side, Rs 68206 crore (34%) will come from the central government as grants, Rs 10600 crore is the GST (Goods and Service Tax), among others. 

Key Highlights:

i.Rs 150 crore are provisioned for development of New Industrial Estates in 2022-23

ii.8.93 Lakh farmers to be benefitted by distribution of High Yielding Varieties/Hybrid seed with an investment of Rs 23.97 crore. 

iii.There will be construction of 2 Cocoon Auction Markets for creation of marketing facilities with a provision of Rs 86.13 lakh.

iv.Annual milk production is expected to increase from current 2505 Thousand Metric Ton to 2800 Thousand Metric Ton during 2022-23.

v.Under Integrated Sheep Development Scheme (ISDS) around 1200 sheep/goat units to be established with creation of employment opportunities for around 2400 people.

vi.Fish production to be enhanced from current 24,000 Metric Ton to 33,000 Metric Ton along with doubling of the trout production from 1400 Metric Ton to 2800 Metric Ton during 2022-23. 

vii.Subsidized air freight to be provided under PARVAZ scheme to push trout exports to various cities and Middle East countries

viii.Under MGNREGA (Mahatma Gandhi National Rural Employment Guarantee Act), 426 lakh persondays to be generated.
ix.Under Rashtriya Gram Swaraj Abhiyan (RGSA), Capacity building and refresher training to be imparted to 112000 participants in phased manner. 

x.Under Pradhan Mantri Awas Yojana Gramin (PMAY-G) 54000 houses to be constructed during 2022-23.

xi.Under National Rural Livelihood Mission (NRLM), 21194 Self Help Groups (SHG) to be formed during 2022-23, 20000 revolving fund and 18000 bank linkage to be covered

1589 Water Supply Schemes are targeted to be completed during 2022-23.
xii.500 Kindergartens to be established in government schools 

xiii.200 Vocational laboratories to be established and 40 schools having vocational labs will act as hubs for imparting vocational/skill trainings

xiv.There will be Establishment of Centers for Invention, Innovation, Incubation and Training (CIIIT) at Jammu and Srinagar in collaboration with Tata Technologies during 2022-23 for skill development of students.
xv.For road connectivity, 543 new projects at an estimated cost of Rs 2237 crore to be sanctioned with NABARD (National Bank for Agriculture and Rural Development) funding will be taken up for execution during 2022-23.

xvi.There will be Establishment of 14 Milk villages in 2022-23.

Power Sector:

The J&K is all set to double the Hydropower Generation Capacity in next 3 years from existing capacity of 3500 MW. In this direction, 5 Mega Hydro-power projects viz Ratle (824 MW), Kirthai-II (930 MW) Sawalakote (1856 MW), Dulhasti-Stage II (258 MW) and Uri-I Stage-II (240 MW) having total capacity of 4134 MW have been taken-up for execution in collaboration with NHPC Limited

  • The likely investment in these projects is Rs 34882 crore and on completion will make J&K power surplus.

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Recent Related News:

The Jammu and Kashmir (J&K) government signed a Memorandum of Understanding (MoU) with University College Birmingham (UCB) at India Global Forum, held in Taj Dubai, United Arab Emirates (UAE) to achieve skill development of students.

About Jammu & Kashmir (J&K):
Lieutenant Governor– Manoj Sinha
Wildlife Sanctuary-Lachipora Wildlife Sanctuary, Limber Wildlife Sanctuary, Nandini Wildlife Sanctuary.
Airport – Srinagar International Airport, Jammu airport (Satwari Airport),