Major development push

21/03/2020

The Central Government has also approved 100 percent provision for the Union Territory of J&K share in all Centrally Sponsored Schemes which means the J&K Government won't have to contribute any amount in the Central schemes. Previously, when J&K was the State, it had to contribute the State share ranging between 10 to 30 percent depending upon the scheme. A major development push for Jammu and Kashmir has been announced by the Central Government in which it has been approved an assistance of Rs 30478 crore for the Union Territory and announced 100 percent provision for the UT share in respect of all Centrally Sponsored Schemes.This will give push to development works and projects, both in Centre and State sectors, in the newly created Union Territory of Jammu and Kashmir. The Finance Ministryhas approved an assistance of Rs 30478 crore for the Union Territory of Jammu and Kashmir for development and Rs 279 crore for Disaster Response Fund. All development works and projects to be undertaken by the Union Territory Government will receive major boost in Jammu and Kashmir with Central assistance and not only the ongoing projects and development works will get boost but several new projects will also be taken up shortly and the Central funding was ultimately aimed at making J&K a model Union Territory as promised by Prime Minister Narendra Modi and Union Home Minister Amit Shah.
The document has listed resources of the Union Territory of Jammu and Kashmir for the Financial Year of 2020-21 as 53 percent from the entitled Central grants, 11 percent from borrowings, 19 percent from share of Central Taxes, 13 percent from UT's Own Tax Revenue and four percent from UT's Own Non-Tax Revenue. Jammu and Kashmir will, however, incur 38 percent expenditure on capital and developmental works followed by whopping 30 percent amount on salaries, seven percent each on pensions and interest payments and 18 percent on other issues.
The Union Territory will have Revenue Receipts to the tune of Rs 91,100 crore for the next Financial Year of 2020-21 and Rs 62,664 crore worth Revenue Expenditure. It will have Revenue Surplus available for capital expenditure to the tune of Rs 28,436 crore, Capital Receipts of Rs 10329 crore & Capital Expenditure Rs 38764 crore," the document revealed. Capital Expenditure contribution towards GDP has been pegged at 19.28 percent while expected Growth in Gross State Domestic Product is 11 percent. Jammu and Kashmir will have total revenue budget of Administrative sector at Rs 11,627 crore, of which expenditure to the extent of 69.7 percent is expected to be spent on the Home Department while total revenue budget of Social sector is Rs 20846 crore. Of this, the extent of 53.3 percent will be spent on Education Department. Total revenue Budget of infrastructure sector is Rs 24,523 crore. Of this, amount to the extent of 63.6 percent will be spent through the Finance Department while total revenue budget of Economic sector is Rs 5541 crore of which expenditure to the extent of 25.01 percent will be spent on Agriculture Production Department.

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