J&K Budget 2023: FM presents ₹ 1.18 lakh crore budget, aims to double UT’s GDP within five years

The Union Territory of Jammu and Kashmir has been allocated a budget of ₹1.18 lakh crore for the year 2023-24, with a focus on providing housing in rural areas and water tap connections to 18.36 lakh households. Finance Minister Nirmala Sitharaman presented the budget on Monday in the Lok Sabha, while Union Minister of State for Finance Pankaj Chaudhary tabled it for the Union territory of Jammu and Kashmir.

The budget has set a goal of doubling the GDP of the Union Territory in five years, and it encompasses several objectives such as good governance, enhancing democracy at the grassroots level, encouraging sustainable agriculture, promoting investment and industrial growth, generating employment, accelerating development and promoting inclusivity, as well as empowering women and fostering social inclusion.

Sitharaman announced that Kashmir is likely to be connected to the rest of the country through a rail network by the end of 2023. The administration also intends to introduce a light metro rail system in Jammu and Srinagar in the upcoming fiscal year.

In her budget speech, Sitharaman shared that the total budget estimate for the fiscal year is ₹1,18,500 crore, with developmental expenditure of the order of ₹41,491 crore. The expected revenue receipts are ₹1,06,061 crore, while revenue expenditure is expected to be ₹77,009 crore, leaving a revenue surplus of ₹29,052 crore for capital expenditure.

Sitharaman projected the tax/GDP ratio at 8.82% for 2023-24, which is higher than the previous year’s 7.77%. The debt/GDP ratio for 2023-24 is pegged at 49%, and the GDP growth for the Union Territory for 2023-24 is projected at ₹2,30,727 crore, which shows a growth of 10% over the previous year.

The finance minister also promised that all 18.36 lakh households in Jammu and Kashmir will have functional tap connections by 2023-24. Every household will be provided drinking water with a minimum of 55 litres per capita per day and of prescribed quality on a regular, long-term, and sustainable basis.

Sitharaman allocated ₹2,526.74 crore to agriculture and horticulture, ₹2,097.53 crore to health and medical education, ₹4,169.26 crore to the rural department, ₹1,964.90 crore to the power sector, ₹7,161 crore to Jal Shakti, ₹2,928.04 crore to housing and urban development, ₹1,521.87 crore to education, and ₹4,062.87 crore to the construction of roads and bridges.

This budget is expected to contribute to the development of Jammu and Kashmir and bring the region closer to the rest of the country.

FAQs:

Q1: What are some of the objectives of the Jammu and Kashmir budget for the year 2023-24?

Some of the objectives include good governance, sustainable agriculture, investment growth, employment generation, inclusive growth, and women empowerment.

Q2: What is the total budget estimate for the fiscal year 2023-24 in Jammu and Kashmir?

The total budget estimate for the fiscal year is ₹1,18,500 crore, with developmental expenditure of the order of ₹41,491 crore.

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