J-K budget growth-oriented futuristic one, says LG Sinha
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J-K budget growth-oriented futuristic one, says LG Sinha

J&K Economy Thrives: GDP & financial parameters surge in 4-year span  Sincere efforts turn J&K Bank into profitable institution  Rs 28,000 cr power dues pending since 18 years cleared 

Post by Arvind Sharma on Monday, February 12, 2024

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JAMMU, Feb 11:  Terming the interim Budget of Rs 1,18,728 crore for Jammu and Kashmir as "growth-oriented," Lieutenant Governor Manoj Sinha Sunday said that the financial indicators of the Union territory have shown consistent growth over the past four years.
 “ The Interim Budget resonates with the needs and aspirations of the region's populace,” the Lieutenant Governor said. 
Addressing a press conference in Jammu, Sinha underscored the budget's alignment with the UT Administration's commitment to peace, progress, and prosperity.
"The budget 2024-25 is primarily a growth-oriented budget and in line with the endeavours of the UT Government to double its economy in the next few years," remarked Sinha. He emphasized that the reforms implemented in the last four to five years have significantly boosted J&K's GDP from Rs 1.6 lakh crore in 2018-19 to Rs 2.64 lakh crore in 2021-22.
The size of the Budget for 2024-25 stands at Rs 1,18,728 crore, witnessing a notable increase from the previous fiscal year. Sinha highlighted that Revenue Receipt Estimates for 2024-25 amount to Rs 97,861 crore, with Capital Receipt Estimate at Rs 20,867 crore.
 “The immediate goal is to accelerate the pace of economic development in the UT of J&K and make it multi-dimensional,” Sinha said .
Parliament recently passed the 2024-25 interim Budget for Jammu and Kashmir, presented by Finance Minister Nirmala Sitharaman. The interim Budget envisages a fiscal deficit of Rs 20,760 crore and a 7.5 per cent growth in the gross state domestic product (GSDP).
Regarding the recent vote on account budget presented in Parliament for Jammu and Kashmir, the Lieutenant Governor remarked that the UT's economic condition has significantly improved compared to previous years. He emphasized the administration's focus on increasing capital expenditure while reducing revenue expenditure.
“The Budget 2024-25 is primarily a growth-oriented budget and in line with the endeavours of the UT government to double its economy in the next few years,” the Lt Governor said.
 “The financial progress of the UT was fully taken care of with focus on how to increase revenue and capital expenditure and minimize the wasteful expenditure and it was achieved successfully,” he said.
To another query about reservation to SC’s and opposition by certain sections, he said that some people will continue to do politics over the issue the way they did on the issue of providing land to landless. “Let them continue their job, we will do ours,” he said. 
He assured that there will be no change in their reservation policy after the addition of four new communities to the list. He termed as historic the passage of two Bills by the Parliament providing reservation to the other backward classes (OBCs) in local bodies and addition of four more communities -- Gadda Brahmin, Koli, Paddari Tribe and Pahari Ethnic group -- to the list of scheduled tribes (STs) in Jammu and Kashmir.
He said there will be no impact on the 10 per cent reservation of the STs, including Gujjars and Bakerwals, who were included in the list decades ago. “The Home Minister (Amit Shah) is on record having told the Parliament and public rallies in Rajouri (in Jammu) and Baramulla (north Kashmir) that the addition of the new communities will have no bearing on the reservation enjoyed by Gujjars, Bakerwals and other communities,” the Sinha said.
Asked about any initiative taken by his administration to counter any attempt by vested interests to mislead the public or disturb brotherhood by pitching Gujjars and Bakerwals against Paharis, he said, “No brotherhood is going to get disturbed in the Union Territory.
Meanwhile, highlighting the main achievement of his administration, the LG said that due to sincere efforts, the J&K Bank, which was once running in losses worth Rs 12,000 cr some years back, has now turned out to be a profit making institution with Rs 13,000 cr now.
  “This profit of J&K Bank is likely to touch Rs  18,000 cr soon,” Sinha said. 
The LG also said that there were huge power dues pending since 2005-06.
  “There were huge power dues pending worth Rs 28,000 cr since 2005-06 left by (Baap-Dadas) which we have cleared now,” LG Sinha said, while adding, “Now over 4.6 lakh Smart Meters have been installed in J&K”.  
Our aim is good governance, strengthening grass-root democracy and promoting holistic and sustainable agriculture besides promoting Jammu and Kashmir as an Investment Destination, he said.
“Our aim is employment generation, developing new tourism destinations, accelerated development & inclusive growth, women empowerment, social inclusion and e-Governance,” Sinha said.  
 
HIGHLIGHTS
Security related activities: Allocation of Rs 1,284.45 crore for security, including construction of 1,218 underground bunkers for border residents.
Surveillance and Infrastructure: Completion of CCTV installation at public places, enhancement of police facilities, and implementation of Inter-Operable Criminal Justice System (ICJS) Project.
Focus areas for Budget spending: Good governance, grassroots democracy, sustainable agriculture, investment promotion, employment generation, tourism development, inclusive growth, women empowerment, and social inclusion.
E-governance initiatives: Extension of e-office to all offices and panchayats, full implementation of PM Gati Shakti, and adoption of emerging technologies like AI, machine learning, and IoT for citizen service delivery.
Capital Expenditure Allocations:
Water supply and irrigation: Rs 5,038 crore
Rural development and panchayati raj: Rs 3,730.83 crore
Agriculture and allied sectors: Rs 2,029.95 crore
Health and wellness: Rs 1,427.61 crore
Power sector: Rs 1,875 crore
Tourism and culture: Rs 469.20 crore
Education: Rs 1,300.10 crore
Housing and urban development: Rs 2,329.55 crore
Connectivity (roads and bridges): Rs 4,108.87 crore
Industrial development: Rs 529.62 crore.
 
 
 

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