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Monday, May 20, 2024

LG expresses gratitude to PM, FM; lauds budget

Government streamlines expenditure

Lieutenant Governor Manoj Sinha expressed his appreciation for the interim budget 2024-25 of J&K UT. He also expressed gratitude to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.
The Lt Governor expressed gratitude to PM Narendra Modi and FM Nirmala Sitharaman for J&K’s interim Budget 2024-25. The budget is focused on supporting farmers, women, youth, and marginalized sections of society, while also aiming to enhance grassroots democracy in the Union Territory.
According to him, the interim budget emphasizes the Government’s dedication to achieving rapid economic growth while also ensuring that this growth is socially inclusive and sustainable. It emphasizes the rapid growth of the agricultural economy and aims to tackle regional imbalances and bridge the gap between rural and urban areas.
The budget for 2024-25 aims to foster investment and drive industrial growth by creating a favorable environment.The budget aims to boost employment opportunities in various industries and provide support to key investment areas. Additionally, it seeks to foster the growth of the start-up ecosystem in the UT,” Sinha stated.
He mentioned that the budget has a strong emphasis on skill development and employment opportunities for women. Our goal is to make sure that the advantages of economic growth are distributed fairly among women in both rural and urban areas. We aim to empower self-help groups and provide women-owned businesses with the resources and networks they need.
The Revised Estimates for 2023-24 and Interim Budget 2024-25 of Government of Jammu and Kashmir were presented to the Parliament today by Union Finance Minister, Nirmala Sithraman, according to an official statement.
The Finance Department of the UT has prepared the supplementary budget for the current year and the Interim Budget for the next financial year. In order to do so, the Department evaluated the revenue receipts of the UT Government from various sources such as GST, motor spirit tax, excise, and stamp duty. In addition, the examination also included the non-tax revenue generated from electricity and water supply, mining royalty, timber sales, and annual rent from industrial lands. The UT Government also sought financial assistance from the Government of India.
The UT’s efforts were led by Lieutenant Governor, Manoj Sinha, and Chief Secretary, Atal Dulloo. Important meetings took place in August 2023, October 2023, and January 2024 at the Ministry of Home Affairs and Ministry of Finance to assess the demands of the UT Government. The Home Minister and the Finance Minister conducted a thorough review of the fiscal management of the UT Government in recent months.
In line with recent developments, the Central Government has agreed to allocate Rs 41751.44 cr to the UT Government for this financial year, followed by Rs 37277.74 cr in the next financial year. The assistance figures have been included in the Revised Estimates of 2023-24 and the Budget Estimates of 2024-25 of the Union Government.
This support will be offered in accordance with the MHA’s request number 58 for aid to the UT. This support encompasses the usual aid provided to the UT Government, as well as the equity contribution for hydropower projects at Kiru, Kwar, and Rattle, among others. These assistance figures are included in the Union budget.
In addition to this, the Government of Jammu and Kashmir has prepared its supplementary budget for 2023-24 and Vote on Account for 2024-25. The Finance Department has also prepared the two Appropriation Bills (Supplementary Demands and Vote on Account) to be presented to the Parliament.
The revised estimates for 2023-24 are generally lower than the budgeted estimates for the same period. This is due to the UT Government’s successful efforts in streamlining its expenditure. The additional requests for the fiscal year 2023-24 amount to Rs 8,712.90 crore and are related to the Departments of Finance, Power Development, Hospitality and Protocol, and Cooperatives.
The Finance Department has requested a supplementary budget to address debt repayment, while the Power Development department is seeking funds for power procurement. The Hospitality and Protocol department plans to develop the new J&K Bhawan at Dwarka, New Delhi. The land for this project will be allocated by DDA. The Cooperative department is in need of additional funding for its new project, Assistance to Primary Agricultural Credit Societies (PACS).These additional demands are being proposed to address the supplementary demands for the current year 2023-24.
The interim budget for 2024-25 includes provisions for various ongoing initiatives such as infrastructure development, sustainable agriculture, new industrial estate, PRI level works, employment generation, tourism development, and social inclusion.As part of the interim budget preparations, extensive consultations were conducted with all departments and stakeholders to ensure that ongoing initiatives were accounted for and realistic budgetary figures were determined. Expenditure proposals were finalized by assessing the financing needs of infrastructure projects and the social and economic measures taken by Departments.
The budgetary exercise emphasized the importance of promoting the common good within the available resources. The budgetary estimate for the next financial year 2024-25 is approximately Rs 1,18,728 cr, while the UT Government has proposed a Vote on Account for Rs 59,364 cr.
The interim budget for 2024-25 includes a revenue expenditure of Rs 40,081 cr and a capital expenditure of Rs 19,283 cr.

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