New Delhi, Feb 6 (KNN) Union Finance Minister Nirmala Sitharaman unveiled an interim budget of Rs 1.18 lakh crore for the fiscal year 2024-25 dedicated to Jammu and Kashmir on Monday.

In her address to the Lok Sabha during the interim budget session held in New Delhi, Sitharaman emphasised a fiscal deficit of Rs 20,760 crore and anticipated a 7.5 per cent growth in Gross State Domestic Product (GSDP).

The budget allocates Rs 38,566 crore for capital expenditure, amounting to 14.64 per cent of the GSDP, with revenue receipts projected at Rs 97,861 crore.

Sitharaman attributed the success of these initiatives to the structural reforms implemented in 2019, facilitating decentralised governance, inclusive development, revenue enhancement, and infrastructure augmentation.

Sitharaman highlighted the government's unwavering commitment to ensuring security and fostering economic and social progress, citing a zero-tolerance policy towards terrorism.

Notably, the security situation in Jammu and Kashmir has markedly improved due to effective measures and continuous efforts.

The budgetary planning, crafted by the finance department of the UT administration, hinges on assessing revenue receipts from various sources, including GST, excise, stamp duty, and non-tax revenue such as electricity and water supply, mining royalties, and industrial rents.

The UT administration also secured central financial assistance from the Union government, with Rs 41,751.44 crores allocated for the current fiscal year and Rs 37,277.74 crores for the next.

With an emphasis on advancing the collective welfare within realistic resource constraints, the interim budget underscores a vote on account for Rs 59,364 crore, encompassing revenue expenditure of Rs 40,081 crores and capital expenditure of Rs 19,283 crore for the financial year 2024-25.

(KNN Bureau)