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, Nirmala Sitharaman, presented J&K’s first budget as Union Territory in Parliament.
“Last year we had a budget of over Rs 1 lakh crore, this year it is going
to cross over Rs 1.20 lakh crore as per our projections. The LG administration is keen to ensure speedy development and also give impetus to the economy which has been hit by the COVID pandemic,” said a senior finance department official.
“The Finance Department has held several meetings with the government officials of the Union Territory who have put forth their requirements for better delivery. Apart from consultation within the J&K administration, there have been several discussions about the budget with Union Government representatives.”
“The Finance Department after finalizing the financial plan document, it will be tabled before the Administrative Council chaired by Lieutenant Governor for approval and then presented before the GOI,” he said.
Financial Commissioner, Finance Department, Arun Kumar Mehta refused to divulge any details about the upcoming budget. “It is a secret document; I cannot share any details about it.”
However sources informed that the J&K’s Budget is likely to be passed during the upcoming Budget Session of Parliament which is likely to take place in February.
Jammu and Kashmir got 1 lakh crore budget in the financial year 2020-21.
For 2019-20, the number was 88,911 crore, it was the last budget of the erstwhile 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..
If the budget projected by the UT is implemented fully, it will be for the third consecutive term that the budget of Jammu and Kashmir sees growth of over 10 percent.