The Jammu and Kashmir Administration is all set to project budget for next financial year 2021-22 to be around 1.25 lakh crore which is higher than the current fiscal year.
Since the Jammu and Kashmir Legislative Assembly is absent at present after abrogation fo Article 370, the budget will likely be passed through Parliament along with the national budget.
The top officials of the Finance Department in the J&K government are holding regular meetings with the government officials of the Union Territory to discuss their requirements. They are also in contact with the Union Home and Finance Ministries.
Once civil secretariat opens in Jammu, meetings with other stakeholders will also take place.
Jammu and Kashmir got 1 lakh crore budget in the financial year of 2020-21. For 2019-20, the number was 88,911 crore. For the third consecutive term, the budget of Jammu and Kashmir will see steep rise. Finance Minister Nirmala Sitharaman can be expected to present J&K’s budget in the parliament.
Till Jammu and Kashmir holds assembly elections and it gets its legislature, its budget will be passed in the Parliament. However, once the Union Territory has its own government, then it can make its budget according to the grants by the Central Home and Finance Ministries.
The 1.25 lakh crore budget is called quite sufficient by many. The budget will first be finalized by the Finance Department and then it will be approved by the Administration Council. Since the Union Home Ministry has significant authority over the Union Territories, it will clear the budget before it goes to the Parliament.
The Finance Department officials said that they are ready for the budget whether Parliament introduces it in winter session in December or in budget session in February and March. Their preparations for the budget are in full swing and all the work related to it will be finished before time. The Union budget is generally passed in the Parliament on 1 February.
J&K’s budget might pass along with it or a day after. Many believe that 1.25 lakh crore is a good amount and it will be more than enough to carry forward development projects.