FD’s meetings with Deptts to begin in a fortnight
Decision on budget session to depend on preparations
Sanjeev Pargal
JAMMU, Nov 4: The Union Territory Government has set the process in motion for finalizing Revised Estimates (REs) for current financial year of 2024-25 and after that the process for Budgetary Estimates (BEs) with Department-wise consultations will start as this will be for the first time since January 2018 that annual budget of Jammu and Kashmir will be presented in the Legislature.
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Officials told the Excelsior that the REs for current financial year of 2024-25 are being finalized by the Finance Department of the UT Government and the exercise is expected to be completed within a fortnight or so.
“The REs are prepared every financial year three to four months ahead of the annual budget to have detailed assessment of expenditure and revenue receipts during six to seven months of the budget approval,” the officials said.
As soon as the exercise of REs is completed, the exercise for new budget for next financial year of 2025-26 will start, they said, adding the process will begin with the Finance Department’s meetings with different departments of the UT Government to ascertain their requirements for the next fiscal.
The meetings could begin few days after adjournment of first Assembly session of Jammu and Kashmir which began today and will continue till November 8.
Charge of the Finance Ministry is being held by Chief Minister Omar Abdullah himself and he is expected to present first budget of the Jammu and Kashmir Union Territory unless the portfolio is assigned to any other Minister as there are still three vacancies in the Council of Ministry.
NC veteran Abdul Rahim Rather who was today unanimously elected as the Legislative Assembly Speaker was the Finance Minister in NC-Congress coalition Government from 2008-2014.
This will not only be the first budget of Jammu and Kashmir as a UT but will also be the first one after six years which will be presented in the Legislature.
Previously during the times of elected Governments, the budget used to be presented in January-February budget session of the Legislature. This time it will be seen when the National Conference Government decides to present the budget. The decision on the budget session will depend on preparations for the budget.
Dr Haseeb Drabu had presented last budget of Jammu and Kashmir State in the Legislative Assembly on January 11, 2018 for the financial year of 2018-19 worth Rs 80,313 crore. However, in June 2018, Mehbooba Mufti-led PDP-BJP coalition Government collapsed following withdrawal of support to the Government. In November, 2018, the Assembly was dissolved.
The budget for 2019-2020 was adopted by the then State Administrative Council (SAC) headed by then Governor Satya Pal Malik here on December 15, 2018 to the tune of Rs 88,911 crore.
Subsequent budgets of the Union Territory including 2020-21, 2021-22, 2022-23, 2023-24 and 2024-25 were presented and passed by the Parliament in the absence of Legislative Assembly in Jammu and Kashmir.
Ongoing financial year 2024-25 budget was presented in the Parliament by Finance Minister Nirmala Sitharaman on July 23, 2024 worth Rs 1,18,728 crore. However, an interim budget of the UT (Vote-on-Account) was taken on February 5, 2024 in the Parliament in view of Lok Sabha elections.
Budget for 2023-24 of Jammu and Kashmir was also to the tune of Rs 1,18,500 crore.
Own financial resources of Jammu and Kashmir will also be a concern for the new Government, the experts said, adding since there are high expectations from the new Government and ruling National Conference has also promised certain freebies, it will be a tough task for the new Finance Minister.
“Jammu and Kashmir has generally been dependent on the Central grants,” the experts said.
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