For third time, budget expected to surpass Rs 1 lakh cr
*Finalization in month-end meeting in Union capital
Sanjeev Pargal
JAMMU, Feb 11: Annual budget of Jammu and Kashmir will be presented in second half of the Parliament beginning March 8 and likely to continue for a month amidst reports that it could be Rs 1.10 lakh crore budget for next financial year of 2022-23, the highest ever, though spending of such a huge amount remained a concern for the Central Government.
While no date has been finalized for presentation of Jammu and Kashmir budget in the Parliament by Finance Minister Nirmala Sitharaman, official sources told the Excelsior that the budget might be presented around March 15 i.e. a week after resumption of the budget session after recess.
Budget session began on January 29 and the Parliament was adjourned today for a month long recess. It will resume sittings on March 8 and the session will continue for about a month.
Budget of Jammu and Kashmir has to be passed by the Parliament before March 31.
Previous two budgets of the Union Territory of Jammu and Kashmir were also presented in the Parliament by Sitharaman. Significantly, both the times i.e. in the years 2020 and 2021, the J&K budgets were tabled in Lok Sabha on March 17.
This will be third straight budget of Jammu and Kashmir which will be presented in the Parliament in the absence of Legislative Assembly in the Union Territory due to delay in conduct of Assembly elections.
According to sources, budget of Jammu and Kashmir could be to the tune of around Rs 1.10 lakh crore for the financial year of 2022-23 as against Rs 1.08 lakh for current fiscal year of 2021-22.
However, the spending of budget remained cause of concern for the Central Government.
“A month end meeting between Jammu and Kashmir Government and Finance Ministry officials is expected to finalize the UT budget,” sources said.
“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 two years.
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.
Describing Rs 1.10 lakh crore worth budget for Jammu and Kashmir (if approved by the Finance Minister) as “quite significant”, sources said since the Union Home Ministry is controlling authority of all Union Territories, it too has major say in finalization of J&K’s budget.
The Finance Department officials have already completed discussions with different Government departments of the UT to know their needs for the next financial year of 2022-23 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 Rs 88,911 crore worth budget which went up to Rs 1.01 lakh crore for 2020-21 and Rs 1.08 lakh crore in 2021-22. It is now expected to touch Rs 1.10 lakh crore in the financial year of 2022-23.
Last budget of Jammu and Kashmir which was presented in the Legislative Assembly was in January 2018 for the financial year of 2018-19. Later, the Assembly was dissolved after the BJP withdrew support to Mehbooba Mufti-led PDP-BJP Government.
The budget for 2019-20 was approved by the Governor as head of then State Administrative Council (SAC).
However, on August 5, 2019 the Central Government had scrapped special status of J&K and bifurcated it into two Union Territories of J&K and Ladakh. As elections to the J&K Assembly couldn’t be held, its budgets since then were tabled and passed in the Parliament.
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