The budgetary proposals


This will be for the first time that budget of Jammu and Kashmir will surpass Rs one lakh crore and the Central Government has given full and final authority to the UT Government for expenditure following release of balanced amount of the budget for current financial year of 2019-20. Jammu and Kashmir Government mainly the Finance Department has completed entire exercise for finalization of budget for next financial year of 2020-21-both within the Union Territory as well as with the Union Finance Ministry. The Administrative Council will give nod to the budgetary proposals which have also been thoroughly discussed by the JK Government officials with the Union Finance Ministry and since J&K is without the Assembly at present, its budget will be approved by the Parliament.Union budget is likely to be presented by Finance Minister Nirmala Sitharaman on February 1, the Jammu and Kashmir budget could be presented either the same day or later. However, it will be presented and passed by both Houses of the Parliament in the budget session.
Budget of Jammu and Kashmir has to be approved by the Parliament in the absence of Legislature in the Union Territory as elections haven't been held to the Legislative Assembly so far. Whenever elections are held in the Union Territory of Jammu and Kashmir, its budget will be presented and approved by the Assembly. The Union Territory of Ladakh hasn't been granted the Legislature and it will continue to get budgetary allocations from the Central Government after the Parliament approval like other UTs without Legislature.
During current financial year of 2019-20, Jammu and Kashmir's budget was to the tune of Rs 88,911 crore. However, following bifurcation of the erstwhile State of Jammu and Kashmir into two Union Territories of J&K and Ladakh, part of current financial year's budget has been diverted to Ladakh UT. Jammu and Kashmir UT's budget for next financial year of 2020-21 could be around Rs 1.2 lakh crore with focus on development and all other major projects. Jammu and Kashmir had adopted the practice of passing the budget in January though current financial year's budget was approved in December, 2018, to give ample time to the District Development Commissioners, Head of Departments etc to finalize developmental works well in advance in view of limited working season in some of the districts which remain snow bound for four to five months during winter.

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