J&K Budget

Recently Recently Union Finance Minister, Smt. Nirmala Sithraman presents JK interim budget 2024-25 & revised estimates for current fiscal in Parliament.

The Central Government has agreed to provide Rs 41751.44 Cr to the UT Government of Jammu and Kashmir in this financial year and Rs 37277.74 Cr in the next financial year. These assistance figures have been duly captured in the Revised Estimates of 2023-24 and the Budget Estimates of 2024-25 of the Union Government. This assistance will be provided under the MHA’s demand no 58 for assistance to the UT. This assistance includes the normal assistance (resource gap) to the UT Government, equity contribution for hydropower projects at Kiru, Kwar and Rattle, etc. These assistance figures are captured in the Union Budget which is already before the Parliament and the same will be taken up for discussion before the UT’s interim budget.

Building on this, Government of Jammu and Kashmir drafted its Supplementary Budget for 2023-24 and Vote on Account for 2024-25. Finance Department also drafted the two Appropriation Bills (Supplementary Demands and Vote on Account) for placing before the Parliament.

The revised estimates for 2023-24 is overall lower than the budgeted estimates 2023-24 as the UT government was successful in streamlining its expenditure. The supplementary demands for 2023-24 of Rs 8,712.90 Cr pertain to the four Departments of Finance, Power Development, Hospitality and Protocol and Cooperatives.