Total budget estimates of UT for 2024-25 expected at Rs 1, 18,728 crore
Srinagar, Feb 05 : The Union Government on Monday unveiled Rs 59,364 crore interim budget for Jammu & Kashmir Union Territory, while the budgetary estimates for the next financial year 2024-25 are expected at Rs 1,18,728 crore.
Interim budget
The budget documents of J&K Union Territory laid in the Lok Sabha lay bare that Union Finance Ministry has proposed a vote-on-account for Rs 59,364 crore for Jammu and Kashmir.
The documents reveal that the capital expenditure involves Rs 19,283 crore and revenue expenditure Rs 40,081 crore.
The proposed interim budget includes Rs 48,930 crore as revenue receipts and Rs. 10,434 crore as capital receipts.
The documents show that total gross receipts in respect of proposed vote on account for 2024-25 are estimated at Rs 75,932 crore, including the provision for ways and means advances of Rs 16,568 crore.
The Union Finance Ministry has sought parliamentary approval only for Rs 75,932 crore, including the provision for ways and means advances of Rs 16,568 crore.
The interim budget was presented as Model Code of Conduct would come into place likely in the first week of March for Lok Sabha elections which would be held in April- May. The UT’s full budget would be presented once the next government is in place after 2024 parliamentary elections.
Budget estimates for 2024-25
The total budget estimates for the fiscal 2024-25 are Rs 1,18,728 crore, excluding the provision for ways and means advances. Of which the revenue expenditure is estimated at Rs 80,162 crore, crore and capital expenditure to be Rs 38566 crore.
The expected revenue receipts are Rs. 97,861 crore and capital receipts are Rs. 20,867 crore.
Fiscal Indicators
According to budget documents, the tax/GDP ratio is projected at 7.84 percent for 2024-25 which is higher than the previous year of 6.56 %.
These documents state that GDP for the year 2024-25 has been projected at Rs 2,63,399 crore, which shows a growth of 7.5 % over the previous year.
This was the fifth consecutive budget of J&K UT to be presented in the Parliament. After abrogation of Article 370 and reorganization of J&K into a UT, all budgets of J&K have been presented. This is being done as J&K is without its own Assembly since 2018—(KNO)