The Union Budget for 2024-25 has allocated a special central package of ₹17,000 crore for Jammu and Kashmir.
This package aims to reduce the fiscal deficit to GDP ratio of the state to 3 per cent in 2024-25. This is part of the overall Central assistance of ₹67,133 crore for the fiscal year, compared to ₹55,000 crore in the previous year.
The Union government will also cover the salary, pension, and other costs of the Jammu and Kashmir Police, for which ₹12,000 crore has been allocated, including a special grant of ₹5,000 crore, compared to ₹10,000 crore in the previous year.
A sum of ₹279 crore has been allocated as grants towards the Union Territory Disaster Response Fund, ₹130 crore as grants for equity contribution for the 624-MW Kiru Hydro Electric Project, and ₹476.44 crore towards equity for the 800-MW Ratle Hydro Electric Project.
In addition, a grant of ₹500 crore has been allocated for the Jhelum and Tawi Flood Recovery Project, an increase from ₹450 crore last year.
The budget also includes ₹171.23 crore to Jammu as grants for equity contribution for the 540-MW KWR Hydro Electric Project.
Finance Minister Nirmala Sitharaman, who presented the Union Budget on July 23, marked her seventh consecutive budget speech.
Additionally, the Centre has significantly increased the budget allocation for the Union Territory of Ladakh by 32 per cent, from ₹4,500 crore last year to ₹5,958 crore for 2024-25.
According to an official spokesperson, "Ladakh UT has received ₹2,035.49 crore for establishment expenditure to meet secretariat-related expenses and the establishment of other departments and offices," up from ₹1,600 crore in 2023-24.
Prime Minister Narendra Modi praised the budget, stating, "This budget strengthens every section of society. It takes the country’s poor, villages, and farmers on the path of prosperity."
Union Home Minister Amit Shah described the budget as "game-changing," highlighting its focus on coupling economic growth with youth power.
Union Minister Sarbananda Sonowal called it a "visionary document" aimed at holistic growth.
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