Union Budget 2024-25 allocates ₹42,277.74 crore for bridging J-K’s resource gap

SRINAGAR — The Union Finance Ministry has proposed to allocate Rs 42277.74 crore for Jammu & Kashmir in the Union budget 2024-25, which was presented by Finance Minister Nirmala Sitharaman in the Parliament on Tuesday.

Of Rs 42277.74 crore proposed for J&K, Rs 40619.30 crore have been kept for bridging the resource gap of the Union Territory.

As per budget documents available with the news agency KNO, the Central assistance of Rs 40619. 30 crore also includes a sum of Rs 7900 crore, sanctioned as advance from the Contingency Fund of India which stands recouped to Contingency Fund of India after demands for grants 2024 are passed by Parliament and the connected Appropriated Act is assented by the President of India.

In the Union budget, Rs 279 crore has been kept as a grant for contribution towards J&K’s Union Territory Disaster Response Fund. The UT Disaster Response Fund would meet the expenditure on account of the mitigation of disasters caused due to natural calamities.

The Union Finance Ministry has also proposed to allocate grants towards equity contribution of 624 Megawatt Kiru power project, 800-MW Rattle power project, 540-MW Kwar project and Jhelum-Tawi Flood Recovery Project (JTFRP).

As per budget documents, Rs 130 crore, Rs 476.44 crore, Rs 171.23 crore and Rs 500 crore grants have been respectively earmarked for equity contribution towards these projects.

Moreover, Rs 101. 77 crore have been proposed to bridge the resource gap in funding for infrastructure projects.