Srinagar: Jammu and Kashmir government is all set to present a Rs 1.25 lakh crore budget next month.
A top official of the finance department told The Kashmir Monitor that budget estimates will be Rs 25000 crore more than last fiscal.
“The UT budget announcement will be made in the winter session of parliament. Right now, we don’t have a fixed date, but it shall be presented before March,” he said.
The budget for Jammu and Kashmir is likely to go up to Rs 1.25 lakh crore with a focus on industries, health, and education.
He said the Jammu and Kashmir administration has completed all the departmental process related to the budget.
“Every department has made the estimations. We have formulated a financial plan document. We held several discussions and meetings with the union government,” the official said.
This will be the second budget for Jammu and Kashmir by the Centre after converting the erstwhile state to union territory in August 2019.
For 2020-21, Jammu and Kashmir got an enhanced budgetary allocation of 1 lakh crore from Rs 88,911 crore in 2019-20.
Last year, the Jammu and Kashmir budget was presented by the union finance minister Nirmala Sitharaman.
An official said as per the provisions of J&K Re-organization Act 2019, the UT’s budget will be presented by the Union Finance Ministry in the Parliament.
“In absence of the elected government, the budget will be again passed by the parliament after thorough discussions,” he said.
Officials said there will be a massive reform in the health sector followed by education and business. “The union government has already made an announcement of Rs 28,000 for the industrial sector,” said another official.