Final touch to be given after Union budget
*Preparations in full swing by Finance Department
Sanjeev Pargal
JAMMU, Jan 7: Pre-budget Economic Survey and annual budget of Jammu and Kashmir for the financial year of 2026-27 are likely to be tabled in the Legislature in first week of February and an exact date for presentation of two vital financial documents will be finalized following a meeting between Chief Minister Omar Abdullah and Speaker Abdul Rahim Rather in next few days.
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“While budget preparations are in full swing, the final figures will be incorporated once Union Finance Minister Nirmala Sitharaman presents Central budget in the Parliament, most likely on February 1,” official sources told the Excelsior and said the budget date has to be finalized taking Central budget into account.
They said the Central share for the Union Territory is reflected broadly in the Central budget which will determine what would be the total budget of Jammu and Kashmir for the next financial year of 2026-27.
“Once Sitharaman presents the Central budget in Parliament, the Finance Department of Jammu and Kashmir Government will incorporate figures and give final touch to the budget,” the officials said.
The Union Finance Minister has so far not revealed the date on which she will present budget but during past few years, it is being done on February 1. However, this year February 1 falls on Sunday. The things would be clear in next few days when schedule of the budget session of Parliament is announced by the Central Government.
The pre-budget Economic Survey will be tabled a day ahead of the budget in the Legislative Assembly which is expected to explain economic scenario of Jammu and Kashmir in detail.
Budget for next financial year, which will be second to be presented by Chief Minister Omar Abdullah, who holds charge of the Finance Department, and is expected to carry some significant proposals especially the commitments of National Conference Government.
Current financial year’s budget (2025-26) presented by Omar in the Assembly on March 7, 2025 was to the tune of Rs 1,12,310 crore down from 1,18, 728 crore of 2024-25. In 2023-24, J&K’s budget was worth Rs 1,18,500 crore.
In 2025, Omar presented J&K’s first budget in the Jammu and Kashmir Assembly after six years as last budget was tabled in the House in 2018 when then Finance Minister Dr Haseeb Drabu in the PDP-BJP coalition Government headed by Mehbooba Mufti. The BJP had withdrawn support to the PDP on June 19, 2018 leading to imposition of President’s Rule. The budget for 2019-20 was adopted by the State Administrative Council in December 2018 while rest of the budgets were presented in Parliament till Omar Abdullah Government was formed following Assembly elections in September-October 2024.
As reported, budget session of the Legislature will start on February 2 with the address of Lieutenant Governor Manoj Sinha to the MLAs at 10 AM.
Legislative Assembly Speaker Abdul Rahim Rather will release calendar for the Assembly session after date for the budget presentation is given by the Chief Minister. Tentatively, the budget is expected to be tabled in the House on February 5 or 6.
The budget session will be held in two parts in view of holy month of Ramzan beginning around February 20. The budget is expected to be passed before start of fasting month while rest of the business is likely to be taken up after Eid celebrations on March 21.
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