In the recently presented interim budget for the financial year 2024-2025, the Finance Minister allocated a significant amount of funds to Jammu and Kashmir, signalling the government’s commitment to the development and recovery of the region. Among the notable provisions, Rs 500 crore has been earmarked for the Jhelum Tawi Flood Recovery Project. The funds underscore the government’s commitment to addressing the challenges posed by natural disasters. This financial injection will play a crucial role in the rehabilitation and reconstruction efforts in the region. The government has diligently allocated ample funds to ensure the timely completion of hydroelectric projects in Jammu and Kashmir, recognising their pivotal role in bolstering the country’s energy capacity. Rattle, Kiru, and Kwar all get ample funding. Investments in hydroelectric projects contribute to both energy security and environmental sustainability. These projects not only enhance the energy infrastructure of the region but also contribute to economic development and job creation.
The budget also allocates Rs 101.77 crore for capital expenditure support and Rs 279 crore for disaster response, reflecting the government’s commitment to addressing both developmental and emergency needs in UT. The funds designated for capital expenditure will likely contribute to various developmental projects that foster economic growth and improve the overall quality of life in the UT. Emphasising the future-oriented nature of technological advancements, particularly in the realm of artificial intelligence (AI), the government has extended its support to this transformative field. J&K is set to benefit from the establishment of a Central Project Management Unit (CPMU) at IIT Jammu, aligning with the global trajectory towards AI integration across sectors. In cognizance of the security challenges prevalent in the region, the government has demonstrated its proactive stance by allocating substantial funds to key security agencies. Such allocations underscore the government’s commitment to addressing the security concerns of the region comprehensively. Allocated funds demonstrate a comprehensive approach to regional development, with a focus on infrastructure, energy, disaster response, and cutting-edge technology. The initiatives outlined in the budget are poised to significantly contribute to the holistic growth and resilience of the Union territory.
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