Parliament Greenlights j-k Budget Plans for 2023-24 and 2024-25

Parliament Greenlights j-k Budget Plans for 2023-24 and 2024-25

Asif Iqbal | February 8, 2024 | 10:54 PM IST | Jammu Kashmir | Follow on Google News

Parliament Greenlights j-k Budget Plans for 2023-24 and 2024-25.image/Jammu link news

Parliament Greenlights j-k Budget Plans for 2023-24 and 2024-25

The Parliament commenced discussions on the Revised Estimates for 2023-24 and the Interim Budget for 2024-25 for the Government of Jammu and Kashmir starting Tuesday.

On February 5, 2024, Union Finance Minister Nirmala Sithraman presented the two Appropriation Bills concerning the Supplementary Budget for 2023-24 and the Vote on Account for 2024-25.

The Parliamentary Standing Committee lauded the ongoing initiatives of the Union Territory (UT) Government on Tuesday. Chief Secretary Atal Dulloo, Principal Secretary Finance Santosh Vaidya, and Secretary Planning Mohammad Aijaz represented Jammu and Kashmir before the committee, emphasizing the developmental initiatives.

The Lok Sabha deliberated on the Bills on February 6 and 7, passing both on Wednesday. Following the President of India’s approval, the Rajya Sabha endorsed the Bills on Thursday. The UT Government’s Finance Department formulated these Bills, assessing revenue receipts from various sources, including GST, motor spirit tax, excise, stamp duty, and non-tax revenue from electricity and water supply, mining royalty, timber sales, and industrial lands’ annual rent, estimating the UT Government’s own revenue at Rs. 20,867 crore.

The UT Government sought central financial assistance from the Government of India, led by Lieutenant Governor Manoj Sinha and Chief Secretary Atal Dulloo. Meetings in August 2023, October 2023, and January 2024 at the Ministry of Home Affairs and Ministry of Finance reviewed the UT Government’s demands. The Central Government approved Rs. 41,751.44 crore for this fiscal year and Rs. 37,277.74 crore for the next fiscal year. These figures were integrated into the Revised Estimates for 2023-24 and the Budget Estimates for 2024-25 of the Union Government.

Building on this, the Finance Department drafted the Supplementary Budget for 2023-24 and Vote on Account for 2024-25, along with two Appropriation Bills. The revised estimates for 2023-24 are lower than the budgeted estimates due to successful expenditure streamlining.

The supplementary demands for 2023-24 amount to ₹8,712.90 crore and pertain to the Departments of Finance, Power Development, Hospitality and Protocol, and Cooperatives. These are needed for debt repayment, power procurement, the development of J&K Bhawan in Dwarka, and additional funding for the Cooperative department’s new CSS.

The Parliament approved the interim budget for 2024-25, allocating funds for ongoing initiatives in J&K, social inclusion, transparency enhancement, revenue augmentation, and infrastructure development. The budget covers various sectors, including agriculture, education, road connectivity, health, rural housing, social security coverage, hydroelectric projects, machinery procurement, cooperative banks, infrastructure development, and more.

With the parliamentary approval of the Appropriation Bills, the UT Government will now focus on accelerating infrastructure projects, implementing social and economic measures, and achieving revenue realization targets.

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Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.