J&K Gets Rs 1.18 lakh Crore Budget: "The total budget estimates for the fiscal year are Rs 1,18,500 crore, of which developmental expenditure is in the order of Rs 41,491 crore," Sitharaman said in her budget address, which was tabled in the Lok Sabha.
Aims To Double GDP In Next Five Years: The budget commits to doubling the UT's GDP in five years and includes themes such as good governance, strengthening grass-root democracy, promoting sustainable agriculture, facilitating investment and industrial growth, job creation, accelerated development, and inclusive growth, and women empowerment and social inclusion.
UT To Get Light Metro Rail Soon: Sitharaman stated that Kashmir is expected to be connected to the rest of the country by the end of 2023 and that the government also intends to build light metro rail in Jammu and Srinagar during the following fiscal year.
Revenue Projections: She stated that revenue revenues are estimated to be Rs 1,06,061 crore, while revenue expenditure is expected to be Rs 77,009 crore, leaving a revenue surplus of Rs 29,052 crore available for capital investment. "The tax/GDP ratio is predicted at 8.82 percent for 2023-24, up from 7.77 percent the previous year," Sitharaman stated. She stated that the debt/GDP ratio for 2023-24 is 49%, and the GDP growth for the Union territory for 2023-24 is predicted at Rs 2,30,727 crore, a 10% increase over the previous year.
Households To Get Functional Tap Connections: Sitharaman stated that all 18.36 lakh households in Jammu and Kashmir would have functional tap connections by 2023-24 and that every family will receive drinking water with a least 55 litres per capita per day and of mandated quality on a regular, long-term, and sustainable basis.
Budget Allocation Pattern: The finance minister has allocated Rs 2,526.74 crore to agriculture and horticulture, Rs 2,097.53 crore to health and medical education, Rs 4,169.26 crore to the rural department, Rs 1,964.90 crore to the power sector, Rs 7,161 crore to Jal Shakti, Rs 2,928.04 crore to housing and urban development, Rs 1,521.87 crore to education, and Rs 4,062.87 crore to road and bridge construction.
Union Finance Minister Nirmala Sitharaman on Monday presented Rs 1,18,500 crore budget for J&K Union Territory, with a focus on good governance ,strengthening grassroots democracy, promoting sustainable agriculture, facilitating investment and industrial growth, women empowerment and social inclusion. This was the fourth consecutive budget of J&K which was tabled in the Parliament.Budget figuresThe total budget estimates for 2023-24 for J&K is Rs 1, 18,500 crore, documents lying with news agency.According to the budget documents, out of Rs 1, 18,500 crore, Rs 41,491 crore have been allocated for capital expenditure( development) and Rs 77,009 crore provisioned for revenue expenditure(salaries, pensions, interest payment, etc).Budget speechIn her speech, which was tabled in the Lok Sabha, the Finance Minister said that the budget 2023-24 for Jammu and Kashmir shall again cross Rs 1 lakh crore mark, an indicator of our commitment to make J&K a model of development.“The total budget estimates for the fiscal is Rs. 1,18,500 crore, of which developmental expenditure is of the order of Rs. 41,491 crore,” she said, adding that the capital component of the budget has increased substantially.“The expected revenue receipts are Rs 1,06,061 crore whereas Revenue expenditure is expected to be Rs 77,009 crore, thereby making available revenue surplus for capital expenditure to the tune of Rs 29,052 crore,” reads her budget speech.She said the capital receipts are projected at Rs 12,439 crore and capital expenditure is expected to the tune of Rs 41,491 crore.“35% of the earmarked budget shall be spent on development and infrastructure projects,” she said.In her budget speech, the Finance Minister said that J&K has witnessed unprecedented development and improvement in law and order situation since August 2019. “The Union Territory of Jammu and Kashmir has witnessed unprecedented level of development in various sectors since historic changes in August, 2019. The people of Jammu and Kashmir not only welcomed but have embraced these changes with open heart. The law and order situation has improved appreciably. Pace of development in all critical sectors such as power, tourism, road connectivity, urban sector, health, sports, water and rural development etc., is remarkable,” reads the speech.She said J&K has been among top performers in the country for implementation of Pradhan Mantri Gram Sadak Yojana (PMGSY), Amrit Sarovar, SVAMITVA Scheme, Azadi Ka Amrit Mahotsav, Nasha Mukt Abhiyan and renewable energy development.
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