Centre Allocates Rs 42,277.74 Crore to Jammu and Kashmir in 2024-25 Union Budget

Centre Allocates Rs 42,277.74 Crore to Jammu and Kashmir in 2024-25 Union Budget

Ashiq Butt | July 23, 2024 | 08:16 PM IST | Delhi, India, Jammu Kashmir | Follow on Google News

Centre Allocates Rs 42,277.74 Crore to Jammu and Kashmir in 2024-25 Union Budget

Centre Allocates Rs 42,277.74 Crore to Jammu and Kashmir in 2024-25 Union Budget

Key Highlights:

1. Rs 42,277.74 crore allocated to J&K, a 1.2% increase from the previous year.
2. Rs 40,619.3 crore earmarked for Central Assistance to UTs to meet resource gaps.
3. Significant funds dedicated to disaster response, hydroelectric projects, and police.

The Centre has allocated Rs 42,277.74 crore to Jammu and Kashmir in the Union Budget for 2024-25, marking a nominal hike of 1.2% from the Rs 41,751.44 crore allocated in the last fiscal year.

Finance Minister Nirmala Sitharaman presented the budget in the Lok Sabha, detailing that Rs 40,619.3 crore is designated as Central Assistance to Union Territories to address resource gaps in Jammu and Kashmir.

Included in this allocation is Rs 7,900 crore, sanctioned as an advance from the Contingency Fund of India. This amount will be recouped to the fund following the passage of the Demands for Grants for 2024-25 by Parliament and presidential assent to the connected Appropriation Act.

Additionally, Rs 279 crore has been allocated to the Union Territory Disaster Response Fund to cover expenses related to mitigating natural calamities.

For infrastructure development, the budget has set aside Rs 130 crore towards equity contribution for the 624-MW Kiru Hydro Electric Project (HEP) and Rs 476.44 crore for the 800-MW Ratle HEP.

Furthermore, Rs 500 crore is allocated for the Jhelum and Tawi Flood Recovery Project (JTFRP), and Rs 171.23 crore is earmarked as equity contribution for the 540-MW KWR HEP.

The budget also includes Rs 101.77 crore to support capital expenditure, addressing the resource gap for infrastructure projects. In addition to the overall budget, the Centre has allocated Rs 9,789.42 crore to the Jammu and Kashmir Police.

Ashiq Butt

Ashiq Butt – is VoM News's senior staffer worked since year 2015 and he deals with correspondency and social media handles. Hailing from Doda's Marmat, Ashiq has strong grip over the collection of the data and it's compiling feature.