SRINAGAR, JAN 30: As anticipation builds, the Union Finance Minister is set to unveil the annual budget for the Union Territory of Jammu and Kashmir for the fiscal year 2024-25.
Official sources informed Morning Kashmir, that a much-awaited budget presentation is scheduled for the coming week and is expected to outline key fiscal policies and allocations for the region.
“The Jammu and Kashmir government, in its proactive approach, has already submitted the budget proposals for the financial year 2024-25 to the Government of India.”
The submission, made last week, includes comprehensive proposals covering various sectors and developmental initiatives aimed at fostering growth and addressing the unique needs of the Union Territory.
The budget presentation holds significance as it sets the financial roadmap for the region, encompassing allocations for infrastructure development, social welfare programs, education, healthcare, and other critical sectors.
It is an opportunity for the Union Finance Minister to align the fiscal policies with the developmental goals of Jammu and Kashmir and ensure an inclusive and sustainable growth trajectory.
Stakeholders, including policymakers, industry leaders, and the general public, will be keenly observing the budget announcement for insights into the government’s priorities and strategic allocations.
The Union Territory (UT) administration of Jammu and Kashmir has concluded its preparations for the budget proposals for the fiscal year 2023-24, along with revised estimates for the ongoing fiscal year 2024-25. According to sources, these proposals will be formally submitted to the Union Ministry of Home Affairs, initiating a series of discussions between the Jammu and Kashmir administration, the Ministry of Home Affairs (MHA), and the Union Finance Ministry. These discussions will play a crucial role in shaping the fiscal trajectory of Jammu and Kashmir for the upcoming year.
The Union Territory’s budget is expected to be presented in the Parliament in March, a process that has been a recurring necessity due to the absence of a Legislative Assembly in the Union Territory since June 19, 2018. The Union Finance Minister, Nirmala Sitharaman, is slated to announce the central assistance for Jammu and Kashmir in the Union Budget presentation on February 1. Last year, the Union Territory was allocated Rs 35,581.44 crore in central assistance. This marks the fourth consecutive year that Jammu and Kashmir’s budget will be presented in Parliament in the absence of an elected government. The law-making powers of the Union Territory Assembly are currently vested in the Parliament due to the lack of an elected government in Jammu and Kashmir since the abrogation of Article 370 and its reorganization. The budget for 2019-20 was approved by Governor Satya Pal as the head of the State Administrative Council, continuing the trend of presenting Jammu and Kashmir’s budgets in Parliament under the jurisdiction of the Union Finance Ministry.
