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Financial Position Of J&K Has Improved: FM
(MENAFN- Kashmir Observer) New Delhi- Finance Minister Nirmala Sitharaman on Wednesday said that the financial position of the Union Territory of Jammu and Kashmir has improved.
Replying to the discussion on the Union Budget 2024-25 and Union Territory of Jammu and Kashmir Budget in Rajya Sabha, the minister said the government is on track to achieve the pre-announced fiscal deficit target of 4.5 per cent by 2025-26.
She said the UT has discontinued the earlier practices of running 'hundis' and overdrafts from J&K bank for its day-to-day cash management.
During the last four years, the J&K Bank has made a remarkable turnaround. From a loss of Rs 1,139 crore in 2019-20, the Bank had a profit of Rs 1,700 crore in the year 2023-24.
Replying to the discussion on the Union Budget 2024-25 and Union Territory of Jammu and Kashmir Budget in Rajya Sabha, the minister said the government is on track to achieve the pre-announced fiscal deficit target of 4.5 per cent by 2025-26.
She said the UT has discontinued the earlier practices of running 'hundis' and overdrafts from J&K bank for its day-to-day cash management.
During the last four years, the J&K Bank has made a remarkable turnaround. From a loss of Rs 1,139 crore in 2019-20, the Bank had a profit of Rs 1,700 crore in the year 2023-24.
The Union Territory of Jammu and Kashmir is in a healthy fiscal situation being able to meet the developmental aspirations of the people, she added.
ADVERTISEMENTFor comparison, in 2013-14, the last year of Congress-led UPA, only Rs 30,000 crore was allocated for agriculture.
Earlier on Tuesday, she said,
“We have provided substantial financial support of Rs 17,000 crore in the Union Budget of UT Jammu and Kashmir this year. It includes Rs 12,000 crore towards financing the cost of Jammu and Kashmir Police.”
“That's the burden we want to take on our shoulders, so that Jammu and Kashmir has more flexibility to spend money on development activities,” the Finance Minister
added.
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