5th consecutive budget of UT in Parl
*Focus to be on Agri, tourism, development
Sanjeev Pargal
JAMMU, July 22: Finance Minister Nirmala Sitharaman will present Jammu and Kashmir budget for the year 2024-25 in Lok Sabha tomorrow soon after the general budget.
This will be fifth consecutive budget of Jammu and Kashmir to be presented in the Parliament in the absence of Legislative Assembly in the Union Territory.
The UT budget is expected to be around Rs 1.18 lakh crore, almost equal to last financial year of 2023-24.
However, this being the election year in Jammu and Kashmir, some welfare measures are expected in the UT budget.
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The Jammu and Kashmir Government mainly the Finance Department has already completed all formalities for the budget and submitted comprehensive document to the Union Finance Ministry. The Finance Department held detailed consultations with all departments.
On February 5 this year, Sitharaman had presented Rs 59,634 crore interim budget for J&K in the Parliament in view of Lok Sabha elections.
“The total budget estimates for J&K are expected to be Rs 1.18 lakh crore. Of which the revenue expenditure is expected to the tune of Rs 80 lakh crore and capital expenditure is likely to be Rs 38 lakh crore,” the sources said.
The budget document is being presented in the Parliament as J&K is currently without its own Assembly. Since June 19, 2018 when BJP withdrew support to Mehbooba Mufti-led Government, J&K is without an elected Government.
After the collapse of the PDP-BJP Government, the budget for 2019-20 was approved by then J&K Governor as head of the State Administrative Council. After J&K was made a Union Territory on August 5, 2019, its budgets were presented in the Parliament.
However, the Jammu and Kashmir budget will be presented here once it has the elected Legislative Assembly. The Supreme Court has directed the Election Commission of India on December 11, 2023 to hold Assembly elections in J&K before September 30, 2024.
If held, this will be after nearly 10 years that the Assembly elections will be conducted in Jammu and Kashmir. Last Assembly polls in erstwhile State of Jammu and Kashmir were held in November-December 2014.
The budget is expected to focus on good governance, strengthening grassroots democracy, boosting holistic and sustainable agriculture, promoting Jammu and Kashmir as an investment destination, employment generation, developing new tourism destinations, accelerated development and inclusive growth, women empowerment and social inclusion.
The interim budget of Jammu and Kashmir presented by the Union Finance Minister in the Parliament on February 5 proposed an allocation of Rs 1284.45 crore for 2024-25 on security related activities and Rs 2029.95 crore for agriculture and allied sectors, Rs 500.89 crore more than revised allocation of 2023-24. The rural sector was given Rs 3730 crore under capital expenditure for the next financial year. Tourism sector got Rs 357.70 crore, an increase of Rs 103.95 crore from current fiscal year. Health and Medical Education was sanctioned Rs 1427.61 crore.
Significantly, Jammu and Kashmir’s own revenue was estimated at Rs 20,867 crore.
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