In absence of an elected government in J&K, Union Finance Minister Nirmala Sitharaman is likely to present the budget of the Union Territory during the Budget session of Parliament scheduled to commence from Feb 1.
A senior finance department official informed that all the requisite formalities and consultations with the departments have been completed for the annual financial plan for the year 2021-2022 which is likely to be presented in the second week of February.
“Proposed budget plan has been formulated after due deliberations and inputs from the departments. Besides, the budget which is going to be the biggest in terms of volume has focused on economic revival, health, development and social sectors of the economy,” he said.
According to officials, Jammu and Kashmir administration is likely to project over Rs 1.20 lakh crore budget for fiscal 2021-2022 with the main objective of economic revival and impetus to the developmental scenario.
Officials informed that as J&K is presently without an elected legislative assembly and government, the budget as per the provisions of J&K Re-organization Act 2019 will be presented by the Union Finance Ministry and passed by Parliament.
In 2020 also the Union Finance Minister presented J&K’s first budget as Union Territory in Parliament.
For 2019-20, the number was 88,911 crore, it was the last budget of the state of J&K before it was downgraded into two union territories. At that time also there was no elected government, the budget was passed by then State Administrative Council which was headed by last governor of J&K State, Satya Pal Malik.