Major Concern

With the present financial year coming to end in over two months, the state is gearing up for the new budget. While it would be interesting to see how the state deals with a number of challenges on fiscal and financial front in its upcoming budget, the delay of funds — a major concern that has now become a perennial problem for J&K— needs immediate attention.  Chief Minister Omar Abdullah on Sunday said that the state government was expecting release of Rs 1900 crore pending annual budget grant soon “as the issue has already been taken up with the Centre.” Interestingly, the amount is pending with the centre even as the current financial year is ending in just over two months. The release of the amount at the eleventh hour, as has been seen in the past years, puts the state departments in an awkward position inasmuch as either they find it difficult to spend the money in full within the shortest possible time, or if they spend, the productive use is not ensured. For this reason, many departments prefer surrendering the funds at the end of the year than to spend them in a hurry which could earn them audit paras. This is something that has happened consistently over past many years. We have seen that at the end of the year either the funds are being surrendered, or deliberately shifted from one region of the state to another. Of course a third situation could be visualized where the works have already been completed, expenditures booked but the payment not released for want of funds. But even in that case delaying the payment to the contractors/firms executing the works causes avoidable hardships to them and brings disrepute to government agencies. And from the economic point of view, such a practice is not good for the overall growth of any market economy. To arrest this trend once and for all, the state finance ministry needs to take up the issue seriously with the concerned ministry at the Centre and ensure that the funds promised or allocated to the state are released without much ado.

Lastupdate on : Tue, 15 Jan 2013 21:30:00 Makkah time
Lastupdate on : Tue, 15 Jan 2013 18:30:00 GMT
Lastupdate on : Wed, 16 Jan 2013 00:00:00 IST




  • del.icio.us
  • StumbleUpon
  • Digg
  • TwitThis
  • Mixx
  • Technorati
  • Facebook
  • NewsVine
  • Reddit
  • Google
  • LinkedIn
  • YahooMyWeb
  • Print News

Enter the Security code exactly as you see it in the image security code is CaSe SeNsItIvE(Cookies must be enabled)
  • MORE FROM EDITORIAL

  • Kashmir

Candidate applies as female, appears ‘male’

KU: ‘Sex-Change Case’ Figures In Written Test For JA’s

GK NEWS NETWORK

Srinagar, Jan 15: The recently held written test for appointment of Junior Assistants at the University of Kashmir has triggered a lot of suspense after a candidate applied as female but appeared as ‘male More



  • Srinagar City

IGP chairs security meet

‘Keep check on trouble mongers, devise proper traffic plan to shrines’

EID-E-MILAD-UN-NABI (SAW) CELEBRATIONS

Srinagar, Jan 15: Inspector General of Police, Kashmir S M Sahai chaired a security meeting for ensuring smooth culmination of Eid-Milad-un-Nabi (SAW) and R-Day here.  On the occasion, the IGP directed More




  • Jammu

Army threatens to avenge killings

We Have Definite Plans To Retaliate: Gen Parnaik

GK NEWS NETWORK

Jammu, Jan 15: The Indian Army has a "definite plan" to avenge the killing of two soldiers by Pakistani troops, Lt Gen KT Parnaik declared on Tuesday. "We have definite plans to retaliate but not More



  • South Asia

Pak aims to develop smaller lighter nuclear warheads: Report

PRESS TRUST OF INDIA

Washington, Jan 15: Expanding its nuclear arsenal at a rapid pace, Pakistan is now aiming to develop smaller and lighter atomic warheads more suitable for use on missiles, the Bulletin of the Atomic Scientist More



  • GK Features

‘Tell us,where is our son?’

Eight years after his disappearance, Shabir’s ailing parents live in misery

KASHMIR’S DISAPPEARED

MAJID MAQBOOL

“We don’t want to talk about our son,” the ailing mother of Shabir Ahmad Dar,  who disappeared eight years ago, says at the door of their modest two-room home in Noorbagh, Qamarwari. “We’re tired More



ADD
Designed Developed and Maintaned By Imobisoft Ltd /Algosol Software Solutions