Srinagar: Union Finance Minister, Nirmala Sitharaman would present J&K’s Budget 2023-24 in the Parliament on Monday.
The Union Finance Ministry has finalised J&K’s annual budget for the fiscal year 2023-24, which is expected to be tabled in Lok Sabha on the first day of the session on March 13, when the Parliament resumes after a one-month hiatus.
As per the Lok Sabha business schedule, the Union Finance Minister would present a statement (Hindi and English versions) of estimated receipts and expenditures of J&K for the year 2023-24.
“The budget will be bigger in terms of numbers than past years,” authorities said.
According to them, the Union Finance Ministry has given the budget final touches in conjunction with the Finance Department of J&K, and it is ready for presentation in the Parliament.
“If all goes well, the budget will most likely be presented in the Parliament on the first day of the session following a one-month break, on March 13,” says the official.
They said that both the Finance Ministry and the J&K administrations had finished a roughly six-month-long budget preparation exercise.
The exercise has been completed, and the budget is ready for presentation, they said, adding that it would be J&K’s fourth consecutive budget to be presented before the Parliament in absence of a legislature.
This year’s J&K budget announcement, like prior years, is unlikely to spark substantial discussion.
The budget must be approved by March 31, and it would take effect on April 1.
The budget is being presented before the Parliament because, in the absence of an elected government in J&K, it has been given the authority to make laws for J&K.
This would be J&K’s fourth budget presented to the Parliament in a row.
Union Finance Minister Nirmala Sitharaman presented the J&K budgets for 2020-21, 2021-22, and 2022-23 in front of the Parliament.
After BJP withdrew its support from the Mehbooba Mufti-led government in June 2018, citing the deteriorating security situation in the erstwhile state, J&K was placed under the Governor’s control.
Days before the former state under the President’s rule under Article 356 of the Indian constitution, the budget for 2019-20 was approved by the State Administrative Council (SAC), which was overseen by the Governor, in December 2018.