Sitharaman unveils Rs1.18 trillion J&K budget for FY24

Union finance minister Nirmala Sitharaman unveiled ₹1.18 trillion budget for Jammu & Kashmir Union Territory for FY24 which will include developmental capital expenditure of  ₹41,491 crore. The Budget which has aimed at doubling the UT’s GDP within five years has outlined good governance, strengthening grass-root democracy, promoting sustainable agriculture, facilitating investment & industrial growth, employment generation, accelerated development & inclusive growth, women empowerment and social inclusion as its key pillars.  

“The capital component of the budget has increased substantially.  The expected revenue receipts are ₹1,06,061 crore whereas revenue expenditure is expected to be ₹77,009 crore, thereby making available revenue surplus for capital expenditure to the tune of ₹29,052 crore,” Sitharaman said.  

Capital receipts are projected at ₹12,439 crore and 35% of the earmarked Budget shall be spent on development and infrastructure projects, she said in the Budget documents tabled in Parliament Monday.  

For agriculture and horticulture sectors, an allocation of about  ₹2526.74 crore has been made under capital expenditure which is Rs. 1239.45 crore more than previous year’s, while for health and medical education sector, an allocation of about  ₹2097.53 crore has been made. For rural Sector, an allocation of about ₹4169.26 crore has been made while for tourism and culture sectors, an allocation of about ₹457.39 crore has been made. The jal shakti department will get allocation of Rs. 7161 crore while housing and urban development will get Rs 2928.04 crore.  

Among new projects, Sitharaman said in the documents that under the Tourism Mission initiative 75 new destinations and 75 new tracks were being developed and opened up, while Film Tourism will be promoted as an important component in 2023-24. Caravan Tourism, a new tourism vertical will be opened and Vista Dome Services will be operationalized on Baramulla-Banihal Railway stretch in collaboration with Railways. Water parks will be developed at twin cities of Jammu & Srinagar and facilities will be created for water based activities at Dal Lake, Mansar Lake and Bhagliyar dam site.