Feb 1: Jammu and Kashmir finance department has proposed over Rs one lakh crore
budget for the new Union Territory.
“In absence of elected government in Jammu and
Kashmir, the budget has to be approved by the Parliament. We have proposed a
budget of over Rs 1 lakh crore for the new Union Territory,” said an official
of finance department.
year, State Administration Council headed by the then Governor Satya Pal Malik
had approved Rs 88,911 crore budget for Jammu and Kashmir.
administration has already discussed budget proposals with the Union Finance
Ministry to avoid any last minute hiccups.
The budget will be presented by Union Finance Minister Nirmala
Sitharaman and has to be passed by both the houses of Parliament.
the Legislative Assembly is dissolved, or its functioning as such Assembly
remains suspended, on account of an order under section 73, it shall be
competent for the President to authorize, when the House of the People is not
in session, expenditure from the Consolidated Fund of the Union territory of
Jammu and Kashmir pending the sanction of such expenditure by Parliament,”
reads the J&K Re-organization Act 2019.
Union Territory of Ladakh hasn’t been granted the Legislature and it will
continue to receive budgetary allocations from the central government.
Saturday, Union Finance Minister proposed allocation of Rs 30,757 crore for
Jammu and Kashmir, and Rs 5,958 crore for Ladakh for fiscal 2020-21.
is for the first time that Jammu and Kashmir and Ladakh have been allocated
separate funds since erstwhile state has been reorganized into two Union
Jammu and Kashmir was passing the budget in January in order to give ample time
to heads of departments, district development commissioners and other officials
to ensure optimum utilization of financial resources.
reorganization of state of J&K, the administration had to divide the
budgetary allocation in the middle of the fiscal in order to ensure that
developmental works continue without any hiccups.