FM, UT Admn making preparations for early presentation
*Expected to touch Rs 1.20 lakh cr
Sanjeev Pargal
JAMMU, Oct 25: Annual budget for next financial year of 2024-25 is likely to be presented in the Parliament next year in February nearly a month and half ahead of the scheduled presentation in middle of March because of Parliamentary elections due to be held in April-May next year.
The Jammu and Kashmir administration is aiming budget to the tune of Rs 1.20 lakh crore or slightly more for next financial year.
Officials told the Excelsior that the UT administration has been briefed about early presentation of budget by the Central Government for 2024-25 and accordingly preparations have been expedited. The Finance Department is about to complete budget meetings with different Government departments to ascertain their requirements.
In the ongoing financial year of 2023-24, Jammu and Kashmir’s budget which was to the tune of Rs 1,18,500 crore was presented in the Parliament on March 13 by Union Minister of State for Finance Pankaj Chaudhary amid uproarious scenes and was passed by both Houses of Parliament before March 31, a Constitutional requirement.
However, as per the officials, because of Parliamentary elections due in April-May, the Election Commission of India is likely to impose Model Code of Conduct around first week of March. The last Parliament session of the current Lok Sabha is likely to be held from the end of January to February start in 2024 to take Vote-on-Account for the Government of India.
“In this session itself, the annual budget of Jammu and Kashmir is likely to be introduced and passed by the two Houses,’’ the officials said.
However, they added, in case, some problems crop up, then Vote-on-Account can be taken for Jammu and Kashmir also and full budget presented after new Government is formed in the middle or end of May. Preparations by both Central as well as UT Governments are being made taking into account full budget presentation in last session of the present Government in January end-February start.
“If Jammu and Kashmir gets Rs 1.20 lakh crore worth budget for 2024-25, it will be a good achievement for the UT administration,” the officials said.
Current year’s budget of Jammu and Kashmir is to the tune of Rs 1, 18,500 crore while in last fiscal i.e. 2022-23, it was Rs 1, 12,950 crore.
Finance Minister Nirmala Sitharaman had presented J&K’s budget for 2020-21 on March 17, 2020, 2021-22 on March 17, 2021, 2022-23 on March 14, 2022 and 2023-24 on March 13, 2023.
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.
In the ongoing financial year, the Jammu and Kashmir’s budget focused on good governance, grassroots democracy, agriculture, Health and Medical Education, Social sector, industrial growth, employment and women empowerment.
The Finance Minister had 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 Rural Department; Rs 1,964.90 crore to 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 construction of roads and bridges.
Total revenue budget of Administrative sector was Rs 14069 crore of which 73 percent was expected to be spent on Home department. Similarly, the total revenue budget of Social sector was Rs 24,580 crore, of which, expenditure to the extent of 49 percent is scheduled to be done on Education.
Total Revenue budget of Infrastructure sector was Rs 32973 crore and 71 percent will be spent through the Finance Department.
In Administrative sector, Capital budget was Rs 1802 crore. Out of this, 44 percent is fixed for Home Department. In Rs 5023 crore Capital budget of social sector, 42 percent was allocated to Health and Medical Education Department.
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