As Union Finance Minister Nirmala Sitharaman presents the annual budget of Jammu and Kashmir next week, her main focus will be to boost the economy and Per Capita Income along with improving lives of people engaged in sectors like Agriculture, Horticulture and Social Welfare in general.
The budget is being given a final touch by the Finance Department of Union Territory and the Union Finance Ministry as of now. The government can also aim to generate self-employment opportunities for the youth under ‘Atamnirbhar Bharat’ apart from providing employment opportunities.
An official said that every sector will get adequate focus in the budget as no sector can be ignored. However, a special focus will be given on Agriculture, Horticulture and Social Welfare in the annual budget for financial year of 2021-22. Last year, Finance Minister Nirmala Sitharaman presented annual budget of Jammu and Kashmir in the Parliament on 17 March. It could be presented in Lok Sabha around March 15 this year. Sources that final date for presentation of the budget hasn’t been finalized by now though.
The annual budget has to be passed in the Parliament before March 31 as it has to be implemented from April 1. However it is not finalized yet still, the official sources said that annual budget of Jammu and Kashmir for 2021-22 could be around Rs 1.25 lakh crore. It is increased by around 25 percent from current financial year of 2020-21. Annual budget for this year was Rs 1.01 lakh crore.
Sources said that the Finance Department has also held the Drawing and Disbursing Officers (DDOs) accountable on many issues of the financial discipline. They are of the opinion that around Rs 1.25 lakh crore budget for Jammu and Kashmir is “quite significant” and it was almost expected.
Jammu and Kashmir’s annual budget has witnessed a constant rise in these past three years. In 2019-20, J&K had an annual budget of Rs 88,911 crore which increased to Rs one lakh crore for 2020-21 and is now expected to reach Rs 1.25 lakh crore mark in the financial year of 2021-22.