FM’s presentation of the Rs 1,18,390 crore budget for J&K for the fiscal year 2024-25 is a strategic move aimed at mitigating the UT’s fiscal stress. The additional budget allocation of Rs 17,000 crore to J&K underscores a significant commitment to addressing the UT’s fiscal challenges and fostering its socio-economic development. The Rs 12,000 crore earmarked for the JKP and power sector subsidy are important takes of budget. Historically, J&K has grappled with financial management issues, leading to high fiscal stress exacerbated by major expenditures not supported by adequate revenue. The central Government’s intervention, therefore, comes as a crucial lifeline facilitating resources to be used for developmental and welfare projects. The focus areas of the budget are comprehensive and forward-looking, encompassing infrastructure development, strengthening governance, promoting sustainable agriculture and industrial growth, and fostering employment generation. The emphasis on building physical and social infrastructure is particularly noteworthy, as it lays the foundation for long-term economic growth and social stability.
Moreover, the budget’s support for industrial development, with the creation of 46 new industrial estates and a revamped Private Industrial Estate Development Policy, signals a robust push towards economic diversification and job creation. This is complemented by initiatives in the tourism sector aimed at developing off-beat destinations and enhancing J&K’s appeal as a prime film-making location. Sufficient budgetary provisions have been allocated for every infrastructure and hydroelectric project. The commitment to grassroots governance and empowerment of local Government institutions is another cornerstone of the budget. Focusing on local bodies and reservations, the Government is strengthening democratic processes and fostering inclusive governance. The UT’s fiscal management strategy reflects a disciplined approach towards financial sustainability. The Government’s efforts to enhance the execution speed of centrally sponsored schemes and curb revenue expenditure through austerity measures are commendable. This financial boost, along with targeted reforms and initiatives, sets J&K on a path towards sustainable growth, improved governance, and enhanced quality of life for its residents.
Follow our WhatsApp channel
