O.P Sharma
The J&K State has to pay extra-ordinary attention to keep the economic position in sound health especially when the Indian economy too is in a difficult situation. It is certainly the opinion of the Government and the leading economists that though the fundamentals of our economy are still sound, some concrete fiscal and monetary measures need to be taken urgently. The Prime Minister and the Union Finance Minister, while expressing concern over the impending likely adverse impact, also underlined the hope that the economic situation will be brought on the recovery track and improvement.
Some of the measures initiated by the Reserve Bank of India as well as the Government have put somewhat halt to sliding Rupee against the Dollar. But the situation need action on the rising prices of essential commodities, effectively control the inflation and financial deficit. There is imperative requirement for lowering our imports and raising up the exports. Ways and means will have to be taken to devise strategy to cut our import bill of fuel. The country is faced with a serious economic situation which need drastic, remedial measures on the economic front.
The matter of great concern is still sky-rocketing prices of essential items like vegetables including onion; milk, meat, pulses, oil and fuel which are beyond the reach of the common masses. The Union Finance Minister has, in a recent statement, expressed hope that the basic fundamentals of our economy have sound footing and done fairly well while the economies of the most countries across the globe were facing serious crisis.
Jammu and Kashmir State with some of its problems like difficult terrain, century-old backwardness, lack of infrastructure and now coupled with serious impact of cross-border terrorism, has taken concrete measures to keep our economy fit and fine. The NC-Congress coalition State Government led by Chief Minister, Omar Abdullah has a very challenging task ahead in meeting the aspirations of the people at a time when there is scarcity of financial resources at its disposal.
In such a scenario, the State administration must gird up its loin and generate financial resources for carrying forward the development works and welfare schemes for the masses. First of all, the Omar Abdullah Government must ensure that every single paisa is judiciously and purposefully spent after plugging all possible loopholes in its spending. Undoubtedly, our hilly and border State is getting liberal Central assistance, which is our due constitutional right as an integral part of the largest democratic country. This money must be utilised as a catalyst for building a vibrant and self-sustaining economy of Jammu and Kashmir. Ultimately, the J&K State has to attain the status of self-generating economy.
The corruption must be completely rooted out so that the benefits of all development works percolate to all the deserving persons in Jammu and Kashmir. The Chief Minister must personally monitor the austerity measures and enforce strict financial discipline. Certainly, there is a strong case for cutting down the spendings especially by the Ministers and top bureaucrats who go on tours with a long convey of vehicles. The Government expenditure on fuel must be sharply cut. The Government spendings must be put at rational level to save the common man from being hit the hardest.
Mobilise Own Resources
The Jammu and Kashmir State is rich with natural resources like hydro-power potential, mineral wealth, horticulture, agriculture, handicrafts as well as tourism including pilgrimage which need to be fully explored and exploited for generating State’s own financial resources. The Chief Minister, Omar Abdullah has rightly stressed to harness the power potential as well as fully developing infrastructure for tourism. He has also laid a policy for creating more job avenues within and outside (even in the overseas). With our own resources we can better implement development works and welfare schemes suited to our immediate and urgent requirements. It is note-worthy that in the recent past, taxe collections have registered “some improvement” but there is big scope for efficient realization of taxes especially the huge outstanding arrears. A strong need is also for effective and efficient power and water revenue dues.
Long-term Perspective
Each and every citizen of Jammu and Kashmir must put in his best to bring the economy to upbeat and vibrant position through bold policy decisions and ensuring effective implementation of development programme after plugging all loopholes.
It is essential that the Central and State Governments pool their resources to face the challenge of difficult economic situation and speedily bring it to its sound health so that full benefits of all development projects and social welfare schemes flow to all the deserving people. It is also utmost essential to ensure balanced and equitable development of all the three regions as also all sections of society.
The State Government must take the best out of the Economic Advisor in the Finance Ministry as well as the reports of the J&K State Economic Commission to redesign the blue-print plan for fully restoring the financial health of Jammu and Kashmir. While the nation is faced with a difficult economic situation, the Jammu and Kashmir Government too must strictly put in place the austerity measures for maintaining our overall economy in good shape. The State Government should always see to it that the funds allocated for different projects are spent with due caution and care without wasting even a single paisa on purposeful and productive programmes. At all costs, the political and administrative corruption must be effectively curbed. In addition, the State Government has to carry forward the steps for ensuring much-needed durable peace, upscale the tempo of development to put this sensitive border State on the path of progress and prosperity as part of the country.
(Starline Syndicate Service)
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