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Budget over Rs 1 lakh crore for J&K

The Centre presented a budget of Rs 1 lakh crore for Jammu and Kashmir on March 17, 2020, for 2020-21 and said the “highest ever allocation” reflects its commitment to make the Union Territory a “model of development”. The budget was kept by Minister of State for Finance (MoS) Anurag Singh Thakur and presented by Union Finance Minister Nirmala Sitharaman.

  • He hoped to achieve a GDP growth of 11 percent, making the UT one of the fastest-growing Union Territories.
  • “The capital component of the budget has increased considerably and the expected revenue receipts are Rs 91,100 crore while the revenue expenditure is expected to be Rs 62,664 crore.
  • Capital receipts are estimated at Rs. 10,329 crores and capital expenditure are expected to be Rs. 38,764 crore which is 27% higher than the budget of previous years.
  • In respect of the union territory of Ladakh, the erstwhile state of Jammu and Kashmir, the total budget estimate for the last 5 months is estimated at Rs.

Key Allocation:

  • Jammu and Kashmir have a rich source of cultural heritage sites, he said, adding that Rs. 100 crore has been earmarked for its conservation during 2020-21.
  • A tourism infrastructure of Rs. 1,000 crore will also be taken up under the Pradhan Mantri Vikas Karyakram to be spent on various projects.
  • Allocation of Rs.5,284 crore has been made for rural development for the year 2020-21, which is Rs.
  • 2,392 crores, which is Rs. 1,000 crores more than previous years’ budget allocation for the school and higher education sector.
  • 2,000 crore has been allocated for 2020-21 to fill up 50,000 vacant posts, he said, an allocation of Rs. 1,268 crore has been made for health and medical education.
  • An allocation of about Rs. 494 crore has been made to improve industrial infrastructure, while in the current financial year it was Rs. 227 crores.

Apart from the above, the government also submitted a separate expenditure plan of Rs.55,317.81 crore for the last five months of the current financial year.

Jammu and Kashmir
About Rajdhani – Srinagar (Summers), Jammu (Winter)
Lieutenant Governor – Girish Chandra Muramu

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