Srinagar: The central government of India has submitted a new fiscal year budget for the Jammu and Kashmir Union Territory in both Houses of Parliament.
This is the first budget of the occupied Jammu and Kashmir which includes Rs 1 lakh crore. Presenting the budget, Union Minister of State for Finance Anurag Singh Thakur claimed that the central government was paying special attention to the development of the areas governed by the partition of Jammu and Kashmir and the budget for the Jammu and Kashmir under the budget 2020-21. Rupees have been allocated which is the largest budget ever.
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Inu Rag Singh Thakar said that the Indian government has also allocated Rs 55,317.81 crore for the last five months of this fiscal. Anurag Singh Thakur said in both the Rajya Sabha and Lok Sabha Houses, Rs 23,910.95 for capital expenditure and Rs 31,406.86 crore for financial expenditure have been placed in the budget.
Jammu and Kashmir received UT status from October 31, 2019. Earlier, former Indian Union Finance Minister Nirmala Sita Raman had presented a budget of Rs 88,911 crore for the year 2019-20. The crore will be exceeded which will start the construction and development of Jammu and Kashmir.
For Ladakh, which was separated from the former state of Jammu and Kashmir, Rs 5,754 crore has been allocated for the last five months of 2019, while Rs 4,618.35 crore has been earmarked for capital expenditure and Rs 1,135.65 crore for financial expenditure.
Anurag Singh Thakur said that after the abrogation of section 370 and the restoration of the state, the refugees and refugees of Pakistan-administered Kashmir (Azad Kashmir) and West Pakistan have been entitled to civil rights which have been denied these rights since 1947. Now, the aforementioned people can get citizenship rights just like the rest of the country and the government is committed to meeting their resettlement needs.
Referring to the economics of Jammu and Kashmir, he said that the local income is estimated at 11326 crores Of this, the revenue of Rs 5462 crore is estimated from the central tax.