The Jammu and Kashmir government on Thursday unveiled a Rs 80,313 crore budget with multiple sops for farmers and industry while announcing the implementation of 7th pay commission from April with 1 per ent DA. It also introduced a slew of new initiatives and capital infusion in Central Cooperative Banks in the state besides various amnesties.
“Despite being liberal, my budget numbers for the year 2018-19 are looking good. I propose to spend Rs 80,313 crore in the course of the year. Of this, Rs 29,128 crore is going to be the capital spending. This is by far the highest capital spend in the economy of J&K,” Finance Minister Haseeb Drabu said in the Legislative Assembly.
He proposed to raise about Rs 9,000 crore in the next financial year, Rs 331 crore higher than the last year.
Speaking at press conference, Drabu said: “It is balanced budget with aim of restructuring, cleaning up, protecting industries, welfare of employees serving in difficult conditions, addressing youth. It is generally a budget people call it election budget”.
Compared to last year, he said, the state will finance an additional capital expenditure of Rs 3,282 crore with an additional borrowing of only Rs 331 crore.
“The incremental borrowing to capex ratio is 1:10. This must be the best ratio anywhere in the country.”
He said the revenue receipts position is looking even better. The aggregate revenue receipts are estimated to be Rs 64,269 crore compared to Rs 55,307 crore in the current financial year.
The state’s own tax revenue is estimated to be more than Rs 11,000 crore. “As a result, I am not leaving any funded gap in the budget this year”, Drabu said. He said that for 2018-19, the state government has decided to launch a Completion Plan for languishing bridges, schools and water supply schemes.