Jammu, Mar 4: Amid economic slowdown witnessed at the national level due to the high inflationary conditions and gloomy global economic scenario, increasing revenue expenditure and shaky economy at the state level, Jammu and Kashmir Finance Minister Abdul Rahim Rather will be presenting the annual budget 2012-13 in the Legislative Assembly here on Monday.
 This will be the twelfth budget of Abdul Rahim Rather in his political career and fourth of the National Conference-Congress alliance in the state.
 As already reported by Greater Kashmir, the government will be projecting tentative figures with regard to the central plan allocation depicting 10 percent hike from the last year due to non-finalization of this year’s plan by the Planning Commission of India.
 The state had managed to get approved plan size of Rs 6600 crore, highest ever plan allocation given to any state, for the current financial year. The annual plan outlay topped by a provision of Rs 1200 Crore under the Prime Minister’s Reconstruction Plan and state also made an allocation of Rs 850 Crore under the matching grant for various Centrally Sponsored Schemes, which had expected to enable it to access over Rs 2200 Crore funding under various central flagship programmes.
 Official sources said the entire capital expenditure was worked out to be Rs 10,000 Crore during the current financial year itself. In addition to this under the recommendations of the Special Task Force set up to assess the developmental needs of Jammu, Leh and Kargil, funds to the tune of Rs 250 crore were also released to the regions, this year.
 As per advance estimates, GSDP of Jammu and Kashmir State at Constant (2004-2005) prices for the year 2011-12 has been estimated at Rs 4136734 lakh as against Rs 3873897 lakh in the year 2010-11.
 If official sources are to be believed, officials of Planning and Finance Departments have been working over night from last two days to give final shape to the budge to be presented by Rather in the Legislative Assembly tomorrow morning.
 “It is a hectic exercise and we have virtually burnt midnight oil to give final shape to the budget document”, a senior official of finance department said, preferring not to be named.
 An official spokesman said the budget will be tabled before the Assembly at 11 am. This will be the 12th Budget to be presented by AR Rather in the State Legislature so far.
 Before this he has presented budgets in 1983, 1984, 1987, 1988, 1989, 2000, 2001, 2002, 2009, 2010 and 2011. Rather has also presented vote of Account on two occasions.
 It was reliably learnt that the government will be riding on the high revenue collection, this financial year, especially in sale tax, property tax and stamp duty to put a “healthy economic face”.
 Though the budget will be “innovative and growth-oriented”, there is unlikely to be any major decisions expected especially with regard to tax rebate, sources claimed.
 They said the government, like previous year, has once again given thrust to agriculture, horticulture, industry and power sectors.
 Beside industrialists and tax payers, the government employees are expecting some kind of sop from the government this year. Apart from relief to local population and unemployed, the state government employees would be watching the Budget with great concern to see whether or not the government has kept their demands in mind.
 The government is also expected to announce some schemes for the rural areas of the state, where people continue to suffer in the absence of proper facilities for education, health care and communication. As per Census 2011 the state has a population of 125 lakh comprising 66 lakh males and 59 lakh females. Out of this population 73 percent live in rural areas and 27 per cent live in urban areas.

Lastupdate on : Sun, 4 Mar 2012 21:30:00 Makkah time
Lastupdate on : Sun, 4 Mar 2012 18:30:00 GMT
Lastupdate on : Mon, 5 Mar 2012 00:00:00 IST