Thankfully, post-2019, there's a noticeable change, with every rupee being meticulously utilized for J&K's advancement. With the full integration into the Union of India following the abrogation of Article 370 and 35A, there's a newfound confidence in the transparent utilization of funds allocated from Delhi.
It's not new for any of us that the Financial Minister proposed an interim budget for J&K for various years. However, during our statehood, significant agrarian, industrial, and sports infrastructure development remained elusive despite budget allocations by Union Financial Ministers. I've emphasized the lack of accountability which allowed unchecked expenditure from budgets earmarked for overall infrastructural progress. Often, projects were abandoned midway, yet bills were settled, revealing a system where contractors, often close associates of elite politicians, escaped scrutiny. Thankfully, post-2019, there's a noticeable change, with every rupee being meticulously utilized for J&K's advancement. With the full integration into the Union of India following the abrogation of Article 370 and 35A, there's a newfound confidence in the transparent utilization of funds allocated from Delhi. In this article, I'll delve into the interim Budget proposed by FM Nirmala Sitharaman for J&K for the fiscal year 2024-25, under the visionary leadership of PM Modi.
In a significant move aimed at bolstering the economic prospects of the Union Territory of Jammu & Kashmir, Finance Minister Nirmala Sitharaman presented an interim Budget of Rs 1.18 lakh crore for the fiscal year 2024-25. This interim Budget outlines a clear roadmap for fiscal management and growth-oriented policies, setting a positive tone for the region's economic trajectory.
The proposed interim Budget allocates a substantial capital expenditure of Rs 38,566 crore, representing approximately 14.64% of the Gross State Domestic Product (GSDP). This allocation underscores the government's commitment to prioritizing infrastructure development and investment in critical sectors. Despite fiscal constraints, the budget envisions a fiscal deficit of Rs 20,760 crore, signalling prudent financial management while striving for growth. The emphasis on maintaining fiscal discipline reflects the government's resolve to ensure long-term sustainability and stability in economic policies.
A notable aspect of the interim Budget is the projection of a 7.5% growth in Gross State Domestic Product (GSDP), indicating a positive outlook for the Union Territory's economy. This growth target reflects the government's optimism and confidence in the region's potential for economic expansion. The interim Budget also acknowledges the transformative reforms initiated in 2019, which have paved the way for progressive measures to decentralize governance, foster inclusive development, enhance revenue generation, and bolster infrastructure. These reforms underscore the government's proactive approach towards addressing structural challenges and creating an enabling environment for growth.
The interim Budget reiterates the government's unwavering commitment to maintaining law and order, crucial for ensuring security and stability in the region. Simultaneously, it emphasizes the implementation of initiatives aimed at fostering economic and social development, highlighting the government's multifaceted approach towards governance.With a policy of zero tolerance against terrorism, the government underscores its determination to safeguard the interests of the citizens and create an environment conducive to progress and prosperity.

A Shocking Comparison

In comparison to the IMF's recent bailout announcement for Pakistan, India's interim budget outstrips it by a staggering 4.72 times, emphasizing the magnitude of India's financial support for the J&K. This financial dedication underscores India's proactive stance towards fostering economic stability, infrastructure development, and inclusive growth in Jammu and Kashmir. This interim budget stands as a beacon of hope, signalling a renewed focus on addressing the socio-economic needs of the people of Jammu and Kashmir. By prioritizing investment in critical sectors and implementing transformative reforms, PM Modi aims to pave the way for sustainable development and prosperity in the J&K.

Bottom line

The interim budget for Jammu and Kashmir for the fiscal year 2024-25, spearheaded by Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman epitomizes a comprehensive vision for inclusive growth and prosperity. By prioritizing the welfare of farmers, women, youth, and marginalized sections of society, the budget underscores the government's commitment to fostering social equity and empowerment. With a strategic focus on rapid economic expansion, bridging regional disparities, and promoting grassroots democracy, the budget lays the groundwork for a transformative journey towards sustainable development. Moreover, by emphasizing skill development, employment generation, and support for women entrepreneurs, the budget sets a promising trajectory for enhancing livelihood opportunities and harnessing the full potential of the Union Territory's economy. As Jammu and Kashmir embark on this path of progress, the interim budget serves as a testament to the government's dedication to building a prosperous and inclusive future for all its citizens.

Email:----------------soulofkashmir1@gmail.com