Finance Minister Nirmala Sitharaman presented a Rs 1.18 lakh crore budget for Jammu and Kashmir in the Lok Sabha on Monday, with a focus on providing housing in rural areas and water tap connections to 18.36 lakh families.
Pankaj Chaudhary, Union Minister of State for Finance, presented the budget for Jammu and Kashmir.
Here Are The Key Points From The J&K Budget:
- 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.
(With Inputs From PTI)