SRINAGAR — Union Finance Minister Nirmala Sitharaman on Wednesday proposed an allocation of Rs 35581.44 crore Central assistance for Jammu & Kashmir in the Union budget for 2023-24.
Out of the budgetary provision of 35581.44 crores for J&K, Rs 33923 crore has been proposed to meet the resource gap, the documents available with the news agency KNO reveal.
According to the budget documents, Rs 279 crore grant has been proposed as a contribution towards Union Territory Disaster Response Fund, Rs 130 crore grant towards equity contribution for the 624 MW Kiru hydroelectric project and a Rs 500 crore grant towards equity for Rattle 800-MW hydroelectric project.
As per budget announcements made by the FM, Rs 101.77 crore provision has been kept to meet the expenditure on account of the Jhelum-Tawi Flood Recovery Project (JTFRP) in Jammu & Kashmir and Rs 171.23 crore funding resource gap for infrastructure projects.
As per revised estimates for the ongoing fiscal, special fiscal support of Rs 9486.13 crore has been proposed for Jammu & Kashmir to meet the resource gap of the Union Territory.
In the 2022-23 budget estimates, the Union Government had proposed Rs 35581 crore as Central assistance for Jammu & Kashmir while the revised estimates show that the allocation has been increased to Rs 44538.13 crore for the UT.
It is worthwhile to mention that the Government of India is allocating Central assistance for Jammu & Kashmir in the Union budget after it was downgraded to a Union Territory.