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Union Finance Minister Sitharaman Proposes Rs 1.18 lakh Cr Budget Estimation for FY25 for J&K

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Nirmala Sitharaman proposed an interim Budget of ₹1.18 lakhUnion Minister Nirmala Sitharaman, Ministry of Finance, proposed the budget estimation of Rs 1,18,728 crore for the fiscal year 2024-2025(FY25) for the Union Territory(UT) of Jammu and Kashmir(J&K).

  • The UT Government has proposed the “Vote on Account” or “Interim Budget” for Rs.59,364 Crore, which includes allocations of Rs 40,081 crore for revenue expenditure and Rs 19,283 crore for capital expenditure.

Note: The full budget of  J&K will be presented once the new government is elected after the conclusion of the 2024 general elections (will be held in or before May 2024).

Highlights of the budget: 

i.This outlined a fiscal deficit of Rs 20,760 crore and a 7.5% growth in gross State domestic product (GSDP).

ii.The capital expenditure for the FY25 has been proposed at Rs 38,566 crore, which is 14.64% of the GSDP. The revenue expenditure stands at Rs 80,162 crore.

iii.The Capital Receipts stand at Rs. 20,867 Crore and the revenue receipts is at Rs 97,861 crore.

iv.The Vote on Account includes revenue receipts of Rs 48,930 crore and Rs 10,434 crore as capital receipts.

Other Key figures of the Interim budget: 

i.Rs 2959 crore was provisioned for tap-water connectivity for rural areas under the Jal Jeevan Mission with Rs 532 crore as UT Share.

ii.Rs 1271 crore has been allocated to strengthen infrastructure and services in the Health sector.

iii.Rs 1093 crore has been allocated for rural housing under the Pradhan Mantri  Awas Yojana-Gramin (PMAY-G).

iv.Rs 934 crore has been allocated to transform agriculture and allied sectors through the Holistic Agriculture Development Program (HADP), including provisions for IFAD(International Fund for Agricultural Development) funded J&K Comprehensive Investment Plan (JKCIP).

v.Rs 390 crore has been set aside for the Flood Management Project of River Jhelum.

vi.The government has also allocated Rs 400 crore for the development of Industrial Estates and related infrastructure and Rs 430 crore for women empowerment intervention of Ladli Beti and Marriage Assistance

vii.Rs 660 Crore allocated for J&K’s equity in hydroelectric projects

  • The power projects: Ratle 850 Megawatt (MW) Hydroelectric (HE) project; Kwar 540 MW HE project and 624 MW Kiru HE project are being constructed in Ratle, Kwar, and Kiru in the Kishtwar district of the Jammu region.

Key Points: 

i.The budget focuses on strengthening democracy at the grassroots, encouraging the start-up ecosystem in J&K and enabling an environment for investment to accelerate industrial growth.

ii.The budget also highlights the government’s dedication towards rapid economic growth.

iii.This also focuses on women empowerment (‘Nari Shakti’) through skill development and employment of women.

iv.This also aims to ensure that economic growth also benefits women in rural and urban areas.

About Jammu & Kashmir: 
Lieutenant Governor– Manoj Sinha
National Park – Dachigam National Park; Kishtwar National Park
Wildlife Sanctuary – Thajwas – Baltal Wildlife Sanctuary; Gulmarg Wildlife Sanctuary