Finance Minister Nirmala Sitharaman Monday presented the interim budget for the Union Territory of Jammu and Kashmir for the year 2024-25 and Supplementary Demands for Grants 2023-24 in Lok Sabha.
The total budget estimates for fiscal 2024-25 are one lakh 18 thousand 728 crore rupees, excluding the provision for ways and means advances. The expected revenue receipts are 97 thousand 861 crore rupees and capital receipts are 20 thousand 867 crore rupees. Similarly, the revenue expenditure is estimated to be 80 thousand 162 crore rupees and capital expenditure to be 38 thousand 566 crore rupees. GDP for the year 2024-25 has been projected at two lakh 63 thousand 399 crore rupees which shows a growth of 7.5 per cent over the previous year.
According to the Budget document, the crucial reforms undertaken in 2019 enabled path-breaking measures by the Union Territory Government to decentralize governance structure, promote inclusive development, improve efficiency and transparency of public expenditure, upscale revenue generation, minimize wasteful expenditure and step up infrastructure development. The Government is maintaining law and order to ensure security while simultaneously implementing initiatives for economic and social development. The Government has adopted a policy of zero tolerance against terrorism. Security forces are taking effective and continuous action in countering terrorism. Due to the effective measures and efforts taken, the security scenario in Jammu and Kashmir has significantly improved.
Ms Sitharaman also presented a Supplementary Demands for Grants for 2023-24 seeking to authorize payment and appropriation of more than eight thousand 712 crore rupees from and out of the Consolidated Fund of the UT of Jammu and Kashmir for the period from the 1st of April 2023 to the 31st of March 2024.