SRINAGAR: The Government has designated Rs 42,277.74 crore to Jammu and Kashmir in the National Budget for 2024-25, a slight increase of 1.5 percent from the Rs 41,751.44 crore allocated to the region in the previous financial year.
In the budget unveiled by Finance Minister Nirmala Sitharaman in the Rajya Sabha on Wednesday, an amount of Rs 40,619.3 crore has been earmarked as Federal Assistance to Union Territories to cover the financial shortfall in Jammu and Kashmir.
This includes a sum of Rs 7900 crore, allocated as an advance from the Contingency Fund of India, which will be reimbursed to the fund once the Demands for Grants for 2024-25 are approved by Parliament and the corresponding Appropriation Act is signed by the president, according to the budget document.
The government has designated Rs 279 crore to Jammu and Kashmir as grants for the Union Territory Disaster Response Fund to cover expenses related to disaster mitigation from natural events.
The budget has allocated Rs 130 crore to the Union Territory as grants for the equity contribution for the 624-MW Kiru Hydro Electric Project (HEP), while Rs 476.44 crore has been granted for equity in the 800-MW Ratle HEP. Additionally, a grant of Rs 500 crore has been provided to cover the expenses for the Jehlum and Tawi Flood Recovery Project (JTFRP).
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The Centre has also designated Rs 171.23 crore to J&K as grants for equity contribution for the 540-MW KWR HEP, the document indicated.
It has allocated Rs 101.77 crore as support for the Union Territory’s capital expenses to bridge the funding gap for infrastructure initiatives.
Alongside the total budget of Rs 42,277.74 crore, the Centre has also allocated Rs 9789.42 crore to the Jammu and Kashmir Police.