LG-Sinha Highlights Key Budget Points for J-k

LG-Sinha Highlights Key Budget Points for J-k

Asif Iqbal | February 11, 2024 | 06:05 PM IST | Jammu Kashmir | Follow on Google News

LG-Sinha Highlights Key Budget Points for J-k.image/daily excelsior

LG-Sinha Highlights Key Budget Points for J-k

The Budget 2024-25 for Jammu and Kashmir encapsulates the expressed needs and aspirations of its people, demonstrating the UT Administration’s commitment to fostering peace, progress, and prosperity. With a focus on accelerating economic development and embracing a multi-dimensional approach, the budget aligns with the government’s ambition to double the region’s economy in the coming years.

Here are the key figures and highlights from the Budget 2024-25:

Budget Size/Key Figures:

• The Budget for 2024-25 stands at Rs. 1,18,728 crore, a slight increase from the previous year’s Rs. 1,18,500 crore.
• Revenue Receipt Estimates for 2024-25 are Rs. 97,861 crore, with Capital Receipt Estimate at Rs. 20,867 crore.
• Sector-wise allocations for Revenue Expenditure include Administrative Sector (Rs. 12,580 crore), Social Sector (Rs. 24,600 crore), Infrastructure Sector (Rs. 12,675 crore), and Economic Sector (Rs. 5,306 crore).
• Capital Expenditure for 2024-25, contributing 14.64% to GDP, amounts to Rs. 38,566 crore.

Economic Indicators:

• The projected GDP for 2024-25 is Rs. 2,63,399 crore, reflecting a growth of 7.5%.
• The tax/Gross Domestic Product (GDP) ratio for 2024-25 is projected at 7.84%, slightly higher than the previous year’s 6.56%.

Interim Budget Details:

• The Vote on Account for part of the financial year 2024-25 estimates total receipts at Rs. 59,364 crore, excluding ways and means advances.
• Own revenues, including tax and non-tax, are estimated at Rs. 15,158 crore.
• Central assistance and CSS/ PMDP are expected to contribute Rs. 18,639 crore to Jammu and Kashmir.
• The estimated net expenditure is Rs. 59,364 crore, covering capital expenditure of Rs. 19,283 crore and revenue expenditure of Rs. 40,081 crore.

Focus Areas:

• Good Governance
• Strengthening Grass-root Democracy
• Promoting Holistic and Sustainable Agriculture
• Promoting Jammu and Kashmir as an Investment Destination
• Employment Generation
• Developing New Tourism Destinations
• Accelerated Development & Inclusive Growth
• Women Empowerment
• Social Inclusion

E-Governance Initiatives for 2024-25:

• Implementation of e-office in all offices and panchayats.
• Establishment of physical verification units in Jammu & Srinagar.
• Revitalization of Public Private Partnership (PPP) and Viability Gap Fund (VGF) cell in the Finance Department.
• Full implementation of PM Gati Shakti.
• Adoption of emerging technologies like Artificial Intelligence (AI), Machine Learning (ML), and Internet of Things (IOT) for efficient service delivery by the Information Technology Department.

Sector-wise Key Features for 2024-25:

Agriculture & Allied Sectors (Allocation of Rs. 2029.95 Crore under Capital expenditure for 2024-25):

• Establishment of 2000 Kisan Khidmat Ghars for doorstep services to the farming community.
• Strengthening of Departmental Seed Multiplication Farms.
• Implementation of the Competitiveness Improvement of Agriculture and Allied Sectors project in Jammu and Kashmir (JKCIP) with an estimated value of USD 100 million loan from IFAD.
• Construction of 283 borewells and distribution of 520 irrigation pump sets.

Health & Wellness (Allocation of Rs. 1427.61 Crore under Capital expenditure for 2024-25):

• Operationalizing two Cancer institutes at Jammu and Srinagar.
• Increasing DNB Seats to 400 to improve specialist availability.
• Health records saturation through the creation of ABHA IDs for 1.35 crore population.

Rural Development & Panchayati Raj (Allocation of Rs. 3730.83 Crore under Capital expenditure for 2024-25):

• Generation of 400 lakh mandays under MGNREGA.
• Completion of training for around 7000 candidates under the HIMAYAT scheme.
• Formation of 12,000 additional Self Help Groups (SHGs) under NRLM.

Power Sector (Allocation of Rs. 1875 Crore under Capital expenditure for 2024-25):

• Extension of power supply to Tulail Valley in Gurez.
• Creation of 02 new grid sub-stations and construction of 03 new transmission lines.

Tourism & Culture (Allocation of Rs. 469.20 Crore under Capital expenditure for 2024-25):

• Development of infrastructure in 20 off-beat tourist destinations.
• Promotion of cultural sites and heritage restoration.

Water Supply & Irrigation (Allocation of Rs. 5038.74 Crore under Capital expenditure for 2024-25):

• Functional tap connections for all households in Jammu and Kashmir.
• Completion of major medium irrigation schemes and flood control schemes.

Housing & Urban Development (Allocation of Rs. 2329.55 Crore under Capital expenditure for 2024-25):

• Implementation of sewerage treatment plants.
• Completion of projects under AMRUT 2.0 and Smart Cities Mission.

Education (Allocation of Rs. 1300.10 Crore under Capital expenditure for 2024-25):

• Establishment of 2000 Kindergartens.
• Infrastructure upgrade for 233 schools under PM SHRI Scheme.

In summary, the Budget 2024-25 for Jammu and Kashmir outlines a comprehensive strategy to foster economic growth, enhance social well-being, and promote sustainable development in the region.

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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.