Rs 118728 Cr Spending in J&K Budget 2024 to 2025

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Budget: Jammu Kashmir Spending Rs 118728 Cr In 2024-25

Rs 118728 Cr Spending in J&K Budget 2024 to 2025 Jammu and Kashmir is anticipated to spend Rs 1,18,728 crore in the fiscal starting April 1, 2024. It includes an expenditure of Rs 80,162 crore on committed heads including salary, pensions and establishments as the capital expenditure stands at Rs 38,566 crore.

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Union Finance Minister Nirmala Sitharaman along with Jammu and Kashmir Lt Governor Manoj Sinha lighting a lamp during the inauguration of the new Income Tax Office ‘Chinar’, in Srinagar on Monday, November 22, 2021. KL Image by Bilal Bahadur

The budget proposals were presented by Finance Minister, Nirmala Sitharaman in the Lok Sabha on Monday.

On the income side, the budget estimates suggest Rs 20654 crore (17.39 per cent of total income from all sources) will be Jammu and Kashmir’s own tax revenue, Rs 9661 crore (8.13 per cent) will be non-tax revenue, Rs 56814 crore (47.85 per cent) will come from centre as devolution and grant in aid and the government will create additional resource mobilisation of Rs 10732 crore, which 9.03 per cent of the total fund requirement in the year.

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Hon’ble Lieutenant Governor Shri Manoj Sinha lauded J&K UT’s Interim Budget 2024-25 and expressed gratitude to the Hon’ble Prime Minister Shri Narendra Modi and Hon’ble Finance Minister Smt. Nirmala Sitharaman.

The Lt Governor tweeted:

“Grateful to Hon’ble PM Shri Narendra Modi Ji & Hon’ble FM Smt. Nirmala Sitharaman Ji for J&K’s interim Budget 2024-25, which is dedicated to farmers, women, youth, marginalized section of society and seeks to strengthen the grass-root democracy in the Union Territory.

Interim budget highlights the govt’s commitment of rapid economic growth & it ensures that the growth is socially inclusive and sustainable. It focuses on fast expansion of agricultural economy & addresses the issue of regional imbalances & seeks to bridge rural-urban divide.

The budget 2024-25 creates an enabling environment for investment & seeks to accelerate industrial growth. The budget will ensure that industries generate more employment, provide support to thrust areas identified for investment & it will encourage start-up ecosystem in the UT.

Budget focuses on skill development & employment of Nari Shakti. It seeks to ensure that benefits of rapid economic growth flow equitably to the women in rural & urban areas, SHGs are empowered & women-owned business enterprises are provided access to resources & networks”.

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