Finance Minister Nirmala Sitharaman is scheduled to present the budget for Jammu and Kashmir for the fiscal year 2024-25 in the Lok Sabha immediately following the general budget session. This marks the fifth consecutive year that the budget of Jammu and Kashmir will be presented in the Parliament, reflecting the absence of a Legislative Assembly in the Union Territory.
The budget is anticipated to total around Rs 1.18 lakh crore, nearly matching the financial outlay of the previous year 2023-24. With elections looming in Jammu and Kashmir, there are expectations of significant welfare measures being included in the budget.
Sources within the Jammu and Kashmir Government’s Finance Department have confirmed the completion of all formalities for the budget, with a comprehensive document already submitted to the Union Finance Ministry following extensive consultations across various departments.
Earlier this year, on February 5, Sitharaman had presented an interim budget of Rs 59,634 crore for Jammu and Kashmir in light of the Lok Sabha elections. For the upcoming fiscal year, the total budget estimates for J&K are projected at Rs 1.18 lakh crore, with Rs 80 lakh crore allocated for revenue expenditure and Rs 38 lakh crore earmarked for capital expenditure.
Since June 19, 2018, when the BJP withdrew support to the Mehbooba Mufti-led government, Jammu and Kashmir has been without an elected government. Subsequently, budgets have been presented in the Parliament following its designation as a Union Territory on August 5, 2019.
The Supreme Court’s directive to the Election Commission of India on December 11, 2023, mandates Assembly elections in Jammu and Kashmir before September 30, 2024. This election, if conducted, will mark almost a decade since the last Assembly polls in the erstwhile State of Jammu and Kashmir held in November-December 2014.
The forthcoming budget is expected to emphasize several key areas including good governance, grassroots democracy, sustainable agriculture, promoting Jammu and Kashmir as an investment hub, employment generation, tourism development, accelerated growth, women’s empowerment, and social inclusion.
Noteworthy allocations from the interim budget earlier this year include Rs 1,284.45 crore for security-related activities in 2024-25, and Rs 2,029.95 crore for agriculture and allied sectors, reflecting a substantial increase from the previous year’s revised allocation. Additionally, the rural sector is set to receive Rs 3,730 crore under capital expenditure, while the tourism sector is earmarked Rs 357.70 crore, marking an increase of Rs 103.95 crore from the current fiscal year. Health and Medical Education has been sanctioned Rs 1,427.61 crore.
Jammu and Kashmir’s own revenue is estimated at Rs 20,867 crore, underscoring the financial landscape shaping the budgetary decisions.
Stay tuned as the details of the budget unfold in tomorrow’s parliamentary session, shedding light on the fiscal strategies set to steer Jammu and Kashmir towards comprehensive growth and development amidst its unique political landscape
