JAMMU, FEB 08: In a significant development, the Parliament deliberated on the Revised Estimates for 2023-24 and Interim Budget 2024-25 of the Government of Jammu and Kashmir, commencing on Tuesday. Union Finance Minister, Nirmala Sithraman, presented two Appropriation Bills on the Supplementary Budget for 2023-24 and Vote on Account for 2024-25 on February 5, 2024.
The ongoing efforts of the UT Government received appreciation from the Parliamentary Standing Committee, with Chief Secretary Atal Dulloo, Principal Secretary Finance Santosh Vaidya, and Secretary Planning Mohammad Aijaz representing Jammu and Kashmir before the Committee. These efforts highlighted the developmental initiatives of the UT government before the Parliamentary Standing Committee.
The Lok Sabha deliberated on the Bills on February 6 and 7, passing both on Wednesday. Subsequently, after seeking approval from the President of India, the Bills were considered by the Rajya Sabha, which approved them on Thursday.
The Finance Department of the UT Government drafted both Bills, considering the revenue receipts from various sources such as GST, motor spirit tax, excise, stamp duty, non-tax revenue from electricity and water supply, mining royalty, timber sales, and annual rent from industrial lands. The own revenue of the UT Government has been estimated at Rs. 20,867 crore.
Lieutenant Governor Manoj Sinha and Chief Secretary Atal Dulloo led the UT’s efforts in this direction, with crucial meetings held in August 2023, October 2023, and January 2024 in the Ministry of Home Affairs and Ministry of Finance to review the demands of the UT Government.
As a result of these efforts, the Central Government agreed to provide Rs. 41,751.44 crore to the UT Government in the current financial year and Rs. 37,277.74 crore in the next financial year. These figures were duly captured in the Revised Estimates of 2023-24 and the Budget Estimates of 2024-25 of the Union Government, including assistance for hydropower projects at Kiru, Kwar, and Rattle.
The Finance Department drafted its Supplementary Budget for 2023-24 and Vote on Account for 2024-25, with the supplementary demands for 2023-24 amounting to ₹8,712.90 crore. These demands pertain to the Finance, Power Development, Hospitality and Protocol, and Cooperatives departments.
The Parliament also approved the interim budget for 2024-25, covering revenue expenditure of Rs. 40,081 crore and capital expenditure of Rs. 19,283 crore. This interim budget caters to ongoing initiatives in Jammu & Kashmir, promoting social inclusion, enhancing transparency, augmenting revenues, and stepping up infrastructure development, along with measures for sustainable agriculture, industrial estate, employment generation, and tourism development.
Additionally, the Parliament approved the UT’s Vote on Account for Rs. 59,364 crore, reflecting the interim budget’s provisions and ensuring continued support for the UT’s development endeavours.
With the Parliamentary nod to the two Appropriation Bills on the Supplementary Demands for 2023-24 and Vote on Account for 2024-25, the UT Government will now focus on expediting infrastructure projects and social and economic measures and meeting the revenue realization targets.
