SRINAGAR: To initiate public expenditure reforms and effective management of resources, Jammu and Kashmir Government has announced advancing of budget presentation to January for the next fiscal.
“This will enable that the resources are available by March end and public works are started by April next year, when the working season starts,” Finance Minister Haseeb Drabu said addressing a budget preparatory meeting of the administrative secretaries here.
The minister asked them to evolve expenditure policies of their respective departments regardless of the resources required.
He emphasised quality of expenditure over the quantum of resources, insisting that it was the only way to ensure that the surging transaction costs on governance are used for productive changes.
To increase the capacity of the economy and infuse fiscal discipline, the annual Budget for 2016-17 would be presented in January instead of March followed by mid-year review in August, Drabu said.
“This will ensure that the objectives of the budget are met satisfactorily,” he said adding “if there are some problems, we can initiate course corrections like re-allocation, re-appropriation or other corrective measures within time.”
The Finance Minister said the biggest problem with State’s economy is that the system is not able to spend more due to short working period and other issues.
“So what I propose is to start early, so that planning and tendering process kick starts in right earnest and development activities do not suffer on this count and are insulated from vagaries of nature and short working seasons in some areas,” he said.
“Budget should not be about numbers but it must outline the fiscal policy and development strategy of the Government and must be directed towards policy outcomes on Government priorities,” he said. (AGENCIES)
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