Jammu, Feb 5: Welcoming the interim budget of Rs 1.18 lakh crore for Jammu and Kashmir, Lt Governor Manoj Sinha on Monday said it highlights the government’s commitment towards ensuring rapid economic growth of the Union Territory.
He also said that the budget seeks to strengthen democracy at the grassroots, encourage the start-up ecosystem in Jammu and Kashmir as well as enable an environment for investment to accelerate industrial growth.
Finance Minister Nirmala Sitharaman has proposed an interim budget of Rs 1.18 lakh crore for the fiscal 2024-25 for the Union Territory.
The interim budget envisages a fiscal deficit of Rs 20,760 crore and a 7.5 per cent growth in gross state domestic product (GSDP). The capital expenditure for the fiscal has been proposed at Rs 38,566 crore, which is 14.64 per cent of the GSDP, according to the budget tabled in Parliament on Monday.
