Editorial | Jammu & Kashmir FY24 budget focusses on doubling GDP within 5 years

Central Govt has not only instituted democracy and decentralisation through Panchayati Raj in its Union Territory of Jammu and Kashmir but has also delivered fast-paced development in the region. The budget tabled by the Finance Minster in the parliament is inclusive , people friendly and progressive . The increasing fund required for physical infrastructure including rail, road and power plants, and also in social infrastructures like hospitals and educational institutions is paving way for better kashmir . The Government presented a budget of 1 lakh 18 thousand 500 crore rupees for the Union Territory of Jammu and Kashmir for 2023-24 in the Lok Sabha. It includes developmental expenditure to the tune of 41 thousand 491 crore rupees. Besides, he also presented a statement showing the Supplementary Demands for Grants for Jammu and Kashmir for the years 2022-23. Under it, the Government has sought an additional 3 thousand 711 crore rupees for the Union Territory as part of the supplementary demands for grants.

Despite odds, Jammu and Kashmir has sustained the pace of development and expeditiously managed the expenditure both under revenue and development side. The overall GSDP growth during financial year 2021-22 has been 14.64 percent (1st Revised) as compared to financial year 2020-21.

During 2022-23, until January 2023, an investment of Rs 1547.87 crore has been received, the highest ever compared to any previous financial years.