Supplementary budget
Recently Union Finance Minister, Smt. Nirmala Sithraman presents JK interim budget 2024-25 & revised estimates for current fiscal in Parliament.
The supplementary budget is required by Finance department in view of the repayment of debt, while Power Development department needs to provide for power procurement. The Hospitality and Protocol department intends to develop the new J&K Bhawan at Dwarka, New Delhi for which land will be allotted from DDA. The Cooperative department requires the funding additionally for its new CSS, Assistance to Primary Agricultural Credit Societies (PACS).These additional demands are proposed to be catered with Supplementary Demands for the current year 2023-24.
The interim budget for 2024-25makes provisions for the ongoing initiatives for infrastructure development, sustainable agriculture, new industrial estate, PRI level works, employment generation, developing tourism, and social inclusion. During preparation of the interim budget proposals, consultations were held with all the Departments and various stakeholders to provide for ongoing initiatives and arrive at realistic budgetary numbers. For finalizing expenditure proposals, assessment of financing needs of infrastructure projects, social and economic measures undertaken by Departments was undertaken.
The budgetary exercise focused on the imperative of advancing the cause of the greater collective good within the realistically realizable resources. While the budgetary estimate for the next financial year 2024-25 is about Rs 1,18,728 Cr, the UT Government has proposed the Vote on Account for Rs 59,364 Cr.
