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India announce interim Budget of Rs. 1.18 lakh crore forof Jammu and Kashmir

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budget for jammu kashmir: Sitharaman proposes Rs 1.18 lakh cr interim Budget  for J&K for 2024-25 - The Economic Times
  1. India has announced an interim Budget of Rs. 1.18 lakh crore for fiscal 2024-25 for the union territory of Jammu and Kashmir.
  2. This budget amount is approximately 4.5 times more than the amount Pakistan is seeking from the International Monetary Fund (IMF) to tackle its economic crisis.
  3. Finance Minister Nirmala Sitharaman presented the interim budget on the day Pakistan observed “Kashmir Solidarity Day.”
  4. The budget proposal reflects India’s commitment to the economic development of Jammu and Kashmir.
  5. Jammu and Kashmir came under the Centre’s rule in June 2018 after the collapse of the Bharatiya Janata Party (BJP) and the Peoples Democratic Party (PDP) coalition government.
  6. Sitharaman announced a fiscal deficit of Rs. 20,760 crore and a 7.5% growth in gross State domestic product (GSDP) for Jammu and Kashmir in the interim budget.
  7. The capital expenditure for the fiscal year has been proposed at Rs. 38,566 crore, representing 14.64% of the GSDP.
  8. Revenue receipts for the next fiscal stood at Rs. 97,861 crore.
  9. Sitharaman credited the significant budget allocation to key reforms implemented after the abrogation of Article 370, which enabled the introduction of “path-breaking” measures and promoted inclusive development.
  10. She emphasized the security forces’ efforts in combating terrorism, stating that the Centre has adopted a zero-tolerance policy against terrorism.
  11. Meanwhile, the IMF has approved a $3 billion bailout package for financially struggling Pakistan, with an additional $700 million loan tranche approved in January after completing the first review of the country’s economic reform program.
SourceTOI

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