Final touch in first week
Excelsior Correspondent
JAMMU, Feb 15: Annual budget of the Union Territory of Jammu and Kashmir for the financial year of 2021-22 will be tabled in the Parliament in second half of the budget session beginning March 8 and passed in both the Houses by the middle of next month.
Last year, the Jammu and Kashmir budget along with that of the Union Territory of Ladakh was introduced in the Parliament by Finance Minister Nirmala Sitharaman on March 17. This year, too, the J&K budget is expected to be moved in the middle of March and passed well before March 31, official sources told the Excelsior.
“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, adding that there has been no shortage of funds this year with the Treasuries and payments are being made well on time.
In addition to holding the Treasury Officers responsible for any fiscal indiscipline, the Finance Department has also fixed responsibility of the Drawing and Disbursing Officers (DDOs) on the same lines, sources said.
The budget, according to sources, is almost at the stage of finalization and will be given final touch in the first week of March. A series of meetings have already been held by top brass of the Finance Department with the Union Finance Ministry officials in New Delhi, they said.
It may be mentioned here that budget session of the Parliament had adjourned for break on February 13 and will resume sittings on March 8. During the session, Finance Minister Nirmala Sitharaman had presented annual budget.
The Jammu and Kashmir Government is set to project budget for next financial year of 2021-22 to the tune of around Rs 1.25 lakh crore, which will be higher than current fiscal year, which was to the tune of Rs 1.01 lakh crore, according to sources.
Describing Rs 1.25 lakh crore worth budget for Jammu and Kashmir as “quite significant”, sources said since the Union Home Ministry is controlling authority of all Union Territories, it has to clear the budget before it goes to the Parliament.
The Finance Department officials have completed discussions with different Government departments to know their needs for the next financial year of 2021-22 to incorporate them in the budget.
Jammu and Kashmir’s annual budget has seen steep hike during past three years. In 2019-20, J&K had 88,911 crore worth budget which went up to Rs one lakh crore for 2020-21 and is now expected to touch Rs 1.25 lakh crore in the financial year of 2021-22.
Regarding current financial year of 2020-21, sources said, there has been no financial crunch. There has been full cooperation of the Union Home and Finance Ministries to Jammu and Kashmir Government in implementation of the budget proposals, the sources said.
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