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Interim J&K budget presented in Parliament

Finance Minister Nirmala Sithraman on Monday presented the Jammu and Kashmir Interim Budget 2024 and revised estimates of J&K for the current fiscal in the Parliament.

Srinagar, Feb 5,2024:  Finance Minister Nirmala Sithraman on Monday presented the Jammu and Kashmir Interim Budget 2024 and revised estimates of J&K for the current fiscal in the Parliament.

The two Appropriation Bills on the Supplementary Budget for 2023-24 and Vote on Account for 2024-25 will be considered by the Lok Sabha and Rajya Sabha.

The Finance Department of the UT had drafted the Supplementary Budget for the current year and the Interim Budget for the next financial year.

For this, the Department had assessed the revenue receipts of the UT government from GST, motor spirit tax, excise, and stamp duty. Further, the non-tax revenue from electricity and water supply, mining royalty, timber sales, annual rent from industrial lands, etc were also examined.

“The own revenue of the UT government has been estimated at Rs 20,867 crore. The UT government also pursued the Central government for getting central financial assistance,” an official statement said.

The statement said that the Central government has agreed to provide Rs 41,751.44 crore to the UT government in this financial year and Rs 37,277.74 crore in the next financial year.

It said that these assistance figures have been duly captured in the Revised Estimates of 2023-24 and the Budget Estimates of 2024-25 of the Central government.

“This assistance will be provided under the MHA’s demand no 58 for assistance to the UT. This assistance includes the normal assistance (resource gap) to the UT government, equity contribution for hydropower projects at Kiru, Kwar and Rattle,” the statement said.

It said that these assistance figures are captured in the Union Budget which is already before the Parliament and the same will be taken up for discussion before the UT’s interim budget.

“Government of Jammu and Kashmir has drafted its Supplementary Budget for 2023-24 and Vote on Account for 2024-25. The Finance Department also drafted the two Appropriation Bills (Supplementary Demands and Vote on Account) for placing before the Parliament,” it said.

The statement added that the revised estimates for 2023-24 is overall lower than the budgeted estimates 2023-24 as the UT government was successful in streamlining its expenditure.

“The supplementary demands for 2023-24 of Rs 8,712.90 crore pertain to the four departments of finance, power development, hospitality and protocol and cooperatives. The supplementary budget is required by the Finance Department in view of the repayment of debt, while the Power Development department needs to provide for power procurement,” it said.

“The Hospitality and Protocol Department intends to develop the new J&K Bhawan at Dwarka, New Delhi for which land will be allotted from DDA. The Cooperative Department requires the funding additionally for its new CSS, Assistance to Primary Agricultural Credit Societies (PACS).These additional demands are proposed to be catered with Supplementary Demands for the current year 2023-24,” it said.

It said that the Interim Budget makes provisions for the ongoing initiatives for infrastructure development, sustainable agriculture, new industrial estate, PRI level works, employment generation, developing tourism, and social inclusion.

“During preparation of the interim budget proposals, consultations were held with all the departments and various stakeholders to provide for ongoing initiatives and arrive at realistic budgetary numbers,” it said.

It added that for finalising expenditure proposals, assessment of financing needs of infrastructure projects, social and economic measures undertaken by departments was undertaken.

It said that the budgetary estimate for the next financial year 2024-25 is about Rs 1,18,728 crore.

“The UT government has proposed the Vote on Account for Rs 59,364 crore and this Interim Budget covers revenue expenditure of Rs 40,081 crore and capital expenditure of Rs 19,283 crore,” the statement said.

It said that the Interim Budget of Jammu and Kashmir for 2024 provides for the ongoing measures and schemes as follows:

Rs 2959 crore provisioned for tap-water connectivity for rural areas under Jal Jeevan Mission with Rs 532 crore as UT share

Rs 934 crore for transforming agriculture and allied sectors of the UT through the Holistic Agriculture Development Programme (HADP), including provisions for IFAD funded J&K Comprehensive Investment Plan (JKCIP)

Rs 1907 crore for rejuvenating school education infrastructure and services through funding under Samagra Shiksha Abhiyan.

Provision of improving road connectivity with Rs 1683 crore for PMGSY roads

Rs 300 crore for CRF roads, and Rs 1000 crore NABARD scheme

Rs 1313 crore for strengthening decentralised governance by providing for local area works of panchayat and urban local bodies

Rs 1271 crore for strengthening infrastructure and services in the health sector under National Health Mission mechanism

Rs 1093 crore for rural housing under PMA was Yojana-Grameen scheme

Rs 1000 crore for comprehensive social security coverage for Old aged, Widow and Disabled pensions by saturation approach

Rs 660 crore for J&K’s equity in the hydro electric projects at Ratle, Kwar, and Kiru, which would provide a stable revenue source and cheaper power.

Rs 505 crore for timely procurement of machinery, equipments, prosthetic aids and drugs in health sector through the dedicated corporation

Rs 500 crore for capitalisation of the banks, including Cooperative Banks, Rural Banks, J&K Bank, etc

Rs 450 crore for infrastructure of new colleges and universities as per NEP vision

Rs 430 crore for women empowerment intervention of Ladli Beti and Marriage Assistance

Rs 400 crore for construction of transit accommodations for Kashmiri Pandit employees

Rs 400 crore for development of industrial estates and related infrastructure

Rs 370 crore under Swachh Bharat Abhiyan (Urban) scheme

Rs 390 crore for Flood Management Project of River Jhelum

Rs 450 crore for GST reimbursement to ensure timely reimbursement of the claims

Rs 272 crore for DDC/BDC grants improving local governance at district and block level

Rs 174 crore development of model schools under PM-Shri scheme

Rs 150 crore for developing rooftop solar and other avenues of new and renewable energy

Rs 140 crore for creation of sports infrastructure

Rs 100 crore for conclusion of World Bank funded Jhelum Tawi Flood Recovery Project

Rs 100 crore for Mission Youth programmes for education, skilling, and employment

Rs 100 crore for heritage preservation

Rs 91 crore for new tourism destinations, new circuits, Sufi circuit and identified religious circuits, ropeways, highway resting place and promotion of golf

Rs 70 crore under infrastructure for welfare of tribals for construction of Tribal hostels/milk villages/ nomad shelters/libraries for Gujjars

Rs 100 crore for sewerage projects in urban areas

Rs 70 crore for development of new townships and affordable housing and Rs 50 crore for Dal development

Rs 40 crore for tourism promotion and Rs 15 crore for the festival promotion and for promotion of cinema/theatre

Rs 40 crore for meeting incentives as per the provisions of the Industrial Policy and Start-ups

Rs 15 crore for trade promotion through J&K TPO

Rs 100 crore for Youth startup/Job fairs/employment fairs

Rs 30 crore for establishment of cold storage and Rs 30 crore for high density plantation

Rs 80 crore for establishment of DDC/BDC/PRI accommodation and offices as also for security arrangements of DDC/BDC/PRI representatives

Rs 59 crore for construction of Police Housing colony and relief and rehabilitation

Rs 45 crore for construction of bunkers and for digitisation and CCTVs in police stations

Rs 30 crore for improving quality in schools, school infrastructure, for career counseling and for introduction of additional streams in schools

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