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Kashmir Visuals
Monday, May 20, 2024

FM presents J-K interim budget 2024-25, revised estimates for current fiscal in Parliament

UT’s total budget estimates for 2024-25 expected to be Rs 1.18 lakh crore

NEW DELHI, FEB 5: The Revised Estimates for 2023-24 and Interim Budget 2024-25 of Government of Jammu and Kashmir were today placed before the Parliament by Union Finance Minister, Nirmala Sitharaman.

The two Appropriation Bills on the Supplementary Budget for 2023-24 and Vote on Account for 202425 will be considered by the Lok Sabha and Rajya Sabha in this regard.

As per an official handout, the Finance Department of the UT had drafted the Supplementary Budget for the current year and the Interim Budget for the next financial year. For this, the Department had assessed the revenue receipts of the UT Government from GST, motor spirit tax, excise, and stamp duty.

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Further, the non-tax revenue from electricity and water supply, mining royalty, timber sales, annual rent from industrial lands, etc. were also examined. The own revenue of the UT Government has been estimated at Rs. 20,867 crore. The UT Government also pursued Government of India for getting central financial assistance.

Lieutenant Governor, Manoj Sinha and Chief Secretary, Atal Dulloo led the UT’s efforts in this direction. Crucial meetings were held in August 2023, October 2023 and January 2024 in Ministry of Home Affairs and Ministry of Finance to review these demands of the UT Government. Union Home Minister and Union Finance Minister personally reviewed the fiscal management of the UT Government in recent months, said the handout.

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Accordingly, the Central Government has agreed to provide ₹41751.44 Cr to the UT Government in this financial year and ₹ 37277.74 Cr in the next financial year. These assistance figures have been duly captured in the Revised Estimates of 2023-24 and the Budget Estimates of 2024-25 of the Union Government. This assistance will be provided under the MHA’s demand no 58 for assistance to the UT. This assistance includes the normal assistance (resource gap) to the UT Government, equity contribution for hydropower projects at Kiru, Kwar and Rattle, etc. These assistance figures are captured in the Union Budget which is already before the Parliament and the same will be taken up for discussion before the UT’s interim budget.

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