New Delhi, Mar 13: Union Finance Minister Nirmala Sitharaman on Monday presented Rs 1,18,500 crore budget for Jammu Kashmir Union Territory for the next financial year 2023-24.
As per documents laid in the Parliament today, the total budget estimates for the fiscal is Rs. 1,18,500 crore, of which developmental expenditure is of the order of Rs. 41,491 crore.
“The capital component of the budget has increased substantially. The expected revenue receipts are Rs 1,06,061 crore whereas Revenue expenditure is expected to be Rs 77,009 crore, thereby making available revenue surplus for capital expenditure to the tune of Rs 29,052 crore,” reads the budget document.
This was the fourth consecutive budget of Jammu and Kashmir to be presented in the Parliament. The budgets for 2020-21, 2021-22, and 2022-23 were also presented in the Parliament in absence of an elected government in the Union Territory.
Pertinently, as reported earlier, the Union Budget 2023-24 on Wednesday allocated Rs 35,581.44 crore to Jammu and Kashmir, the majority of it being central assistance for the union territory. Other union territories
According to the Budget papers, Rs 35,581.44 crore has been allocated to Jammu and Kashmir, of which Rs 33,923 crore is central assistance.
The central assistance given to the union territory is to meet the resource gap and special fiscal support of Rs 9,486.13 crore.
The Jammu and Kashmir administration will have to spend the amount for mitigation of natural disasters, to meet the expenditure incurred on account of the permanent restoration of infrastructure which was damaged due to the 2014 floods, rehabilitation, preservation and restoration of Dal-Nageen lake in Srinagar.
The funds will also be spent as equity contributions for the 624 MW Kiru hydroelectric project, 800 MW Ratle hydroelectric project and 540 MW Kwar hydroelectric project, Jhelum Tavi flood recovery project and to meet the resource gap funding for infrastructure projects in Jammu and Kashmir.
