Srinagar: Jammu and Kashmir government would be spending Rs 1,18,500 crore in fiscal 2023-24, according to budget estimates that Finance Minister Nirmala Sitharaman presented to the Lok Sabha on Monday,
“The total expenditure is estimated to be Rs 1,18,500 crore, capital expenditure would be Rs 41,491 crore and revenue expenditure Rs 77,009 crore,” reads a copy of Budget 2023-34 document presented in the Parliament by Union Finance Minister Nirmala Sitharaman.
The tax/GDP ratio is projected at 8.82 percent for 2023-24, which is higher than the previous year of 7.77 percent.
The debt/GDP ratio for 2023-24 is 49 percent and GDP growth for the year 2023-24 has been projected at Rs 2,30,727 crore which shows a growth of 10 percent over the previous year.
As per the document, the Finance Minister said, “Budget 2023-24 for Jammu and Kashmir shall again cross the Rs 1 lakh crore mark, an indicator of our commitment to make Jammu and Kashmir a model of development. The total budget estimates for the fiscal is Rs 1,18,500 crore, of which developmental expenditure is of the order of Rs 41,491 crore.”
The capital component of the budget has increased substantially. The expected revenue receipts are Rs 1,06,061 crore whereas revenue expenditure is expected to be Rs 77,009 crore, thereby making available revenue surplus for capital expenditure to the tune of Rs 29,052 crore.
The Capital Receipts are projected at Rs 12,439 crore and Capital Expenditure is expected to the tune of Rs 41,491 crore while 35 percent of the earmarked budget would be spent on development and infrastructure projects.
For Agriculture and Horticulture sectors, an allocation of about Rs 2526.74 crore has been made under the Capital Expenditure for the year 2023-24, which is Rs 1239.45 crore more than the previous year’s budget allocation.
For Animal, Sheep Husbandry, and Fisheries sectors, an allocation of about Rs 629.70 crore has been made under Capital Expenditure for the year 2023-24 which is Rs 267.84 crore more than the previous year’s budget allocation.
In the Health and Medical Education sector, an allocation of about Rs 2097.53 crore has been made under Capital Expenditure for the year 2023-24 which is Rs 214.97 crore more than the previous year’s budget allocation.
For the Rural sector, an allocation of about Rs 4169.26 crore has been made under Capital Expenditure for the year 2023-24.
For the Power sector, an allocation of about Rs 1964.90 crore has been made under Capital Expenditure for the year 2023-24.
For Tourism and Culture sectors, an allocation of about Rs 457.39 crore has been made under Capital Expenditure for the year 2023-24 which is Rs 54.31 crore more than the previous year’s budget allocation.
For Jal Shakti Department, an allocation of Rs 7161 crore has been made under Capital Expenditure for 2023-24, which is Rs 3191 crore more than the previous year’s budget allocation.
For the Housing and Urban Development sector, an allocation of about Rs 2928.04 crore has been made under Capital Expenditure for the year 2023-24 which is Rs 674.78 crore more than the previous year’s budget allocation.
For the School and Higher Education sector, an allocation of about Rs 1521.87 crore has been made under Capital Expenditure for the year 2023-24 which is Rs 193.61 crore more than the previous year’s budget allocation.
For the Road and Bridge sector, an allocation of about Rs 4062.87 crore has been made under Capital Expenditure for the year 2023-24 which is Rs 98.99 crore more than the previous year’s budget allocation.
For the Industries and Commerce sector, an allocation of about Rs 741.79 crore has been made under Capital Expenditure for the year 2023-24 which is Rs 283.40 crore more than the previous year’s budget allocation.
For the Social Security sector, an allocation of about Rs 98.92 crore has been made under Capital Expenditure for the year 2023-24.
For Tribal Affairs, an allocation of about Rs 446.76 crore has been made under Capital Expenditure for the year 2023-24 which is Rs 13.97 crore more than the previous year’s budget allocation.
An allocation of about Rs 1102 crore has been made for the year under Revenue and Capital Expenditure 2023-24, which is Rs 267 crore more than the previous year.
For Youth Empowerment, Employment, Entrepreneurship, skill Development and Sports Activities, an allocation of about Rs 396.63 crore has been made under Capital Expenditure for the year 2023-24.
Around Rs 207.75 crore has been allocated for the forest, ecology, and environment sector under capital expenditure for the years 2023–2024, which is Rs 68.52 crore more than the budgeted amount for the previous year.
For Food Civil Supplies and Consumer Affairs, an allocation of about Rs 390.87 crore has been made under Capital Expenditure for the year 2023-24 which is Rs 21.49 crore more than the previous year’s budget allocation.
For Security-Related Activities, an allocation of Rs 1197 crore has been made for the year 2023-24.