Rapid growth

In the new union budget, the central government has kept the welfare and development in focus while allocating funds to Jammu and Kashmir.

The Budget 2023-24 for Jammu and Kashmir is yet another major initiative towards rapid growth and welfare of common man in the Union Territory. This reflects the commitment of the government to ensure holistic and inclusive development besides implementation of welfare programmes and execution of various schemes for all segments of the society.

Allocation of Rs 35,581.44 crore in the Union Budget for J&K, as announced by Finance Minister, Nirmala Sitharaman, will accelerate the growth of the Union Territory.

Appreciably, the Central grants in the Revised Estimates for ongoing financial year of 2022-23 have been hiked by about Rs 9000 crore and were now pegged at Rs 44538.13 crore.

The Jammu and Kashmir administration will spend the amount for mitigation of natural disasters, to meet the expenditure incurred on account of permanent restoration of infrastructure which was damaged due to 2014 floods, rehabilitation, preservation and restoration of Dal-Nageen lake in Srinagar.

The Power projects in Jammu and Kashmir have been sanctioned significant funds for expediting construction work while there has been provision for industrial development in the UTs of J&K and Ladakh in the annual budget.