Finance, Home Ministries seek detailed proposals for budget; Admn almost ready

UT likely to propose Rs 1.2 lakh crore budget

FM-JK officials meet to discuss new projects, works

Sanjeev Pargal

JAMMU, Jan 6: The Union Ministries of Finance and Home have sought detailed proposals from the Jammu and Kashmir administration for inclusion in annual budget for the next financial year of 2023-24 which is expected to be present in second half of budget session of Parliament in March. The JK administration is almost ready with the proposals.
This will be fourth straight budget of Jammu and Kashmir to be presented in Parliament by the Finance Minister in absence of Legislative Assembly in the Union Territory due to delay in conduct of Assembly elections.
Official sources told the Excelsior that the Union Ministries of Finance and Home have invited detailed proposals from the Jammu and Kashmir administration which they expect to be incorporated in annual budget of the UT for 2023-24. The J&K administration has almost drafted its response and will submit ti to the two Ministries.
While annual budget of the Union Government is generally presented on January 31 or February 1, the UT budget is likely to be tabled in the Parliament in second half of the budget session in March.
“The J&K administration is ready with the proposals as it has already conducted extensive exercise on budgetary proposals for 2023-24 with top officers of the Finance Department and others having taken series of meetings with all Government departments to ascertain their requirements,” sources said, adding the UT administration would shortly submit the proposals to the two Ministries.
Current year’s budget of Jammu and Kashmir (2022-23) was to the tune of Rs 1,12,950 crore and the UT administration is expecting the budget to touch Rs 1.20 lakh crore for next fiscal. Spending such a huge amount also needs resources, sources pointed out but said J&K administration has been doing well on the fiscal front.
“If Jammu and Kashmir gets Rs 1.20 lakh crore worth budget for 2023-24, it will be a good achievement for the UT administration,” the sources said, adding the Union Finance Ministry is also expected to meet top officials of the J&K administration including those dealing with Finance to have their views on new projects and schemes proposed for next financial year before giving final touch to the budget.
Finance Minister Nirmala Sitharaman had presented J&K’s budget for 2020-21 on March 17, 2020, 2021-22 on March 17, 2021 and 2022-23 on March 14, 2022.
The budget for 2019-2020 was adopted by the then State Administrative Council (SAC) here while budget of 2018-19 was last to be presented in the Assembly of erstwhile State of Jammu and Kashmir by then Finance Minister Dr Haseeb Drabu before the Government collapsed after withdrawal of support to Mehbooba Mufti-led coalition Government by the BJP in June 2018.
It may be mentioned here that Goods and Services Tax (GST) in Jammu and Kashmir for the month of December recorded 28 significant percent growth.
The Government is also expecting significant budgetary allocations for both urban and rural local bodies though spending by the District Development Councils (DDCs), Block Development Councils (BDCs) and Panchayats remain an area of concern. The Central and J&K Governments have been giving special focus to DDC, BDCs and Panchayats ever since elections were held to them.
“Healthy grant for DDCs, BDCs and Panchayats will lead to further development in rural areas,” sources pointed out.
The Union Home Ministry has major say in budget of the Union Territories. This is more so in cases of the Union Territory of Jammu and Kashmir as it has to spend a lot on Security Related Expenditure (SRE) due to three decades long militancy.
“In view of financial discipline maintained by Jammu and Kashmir, the Finance Ministry is expected to increase the budget for next financial year as compared to current fiscal year,” sources said but added that the hike would be nominal as J&K’s budget has already crossed Rs one lakh crore for the past three years.
Describing around Rs 1.2 lakh crore worth budget for Jammu and Kashmir as “quite significant”, sources said this will help in boosting infrastructure development across the Union Territory.