Jammu and Kashmir Interim Budget | Sitharaman proposes ₹1.18 lakh crore for 2024-25

Union Finance Minister Nirmala Sitharaman speaks in the Lok Sabha during the Budget session of Parliament, in New Delhi, on February 5, 2024. | Photo Credit: PTI

Finance Minister Nirmala Sitharaman on February 5 proposed an interim Budget of ₹1.18 lakh crore for fiscal 2024-25 for the Union Territory of Jammu & Kashmir.

The interim Budget envisages a fiscal deficit of ₹20,760 crore and a 7.5% growth in gross State domestic product (GSDP).

Read: Jammu and Kashmir Interim Budget—at a glance

The capital expenditure for the fiscal has been proposed at ₹38,566 crore, which is 14.64% of the GSDP, as per the interim Budget tabled by Ms. Sitharaman in Parliament.

The revenue receipts for the next fiscal stood at ₹97,861 crore.

According to Ms. Sitharaman, the crucial reforms undertaken in 2019 enabled "path-breaking" measures by the Union Territory Government to decentralise governance structure, promote inclusive development, upscale revenue generation and step up infrastructure development.

Also read | Puffed-up and poll-ready: Nirmala Sitharaman’s first Interim Budget

"The Government is maintaining law and order to ensure security while simultaneously implementing initiatives for economic and social development. The Government has adopted a policy of zero tolerance against terrorism," Ms. Sitharaman said.

Security forces are taking effective and continuous action in countering terrorism.

Due to the effective measures and efforts taken, the security scenario in Jammu and Kashmir has significantly improved, Ms Sitharaman added.