FM Nirmala Sitharaman to present J&K’s annual budget in February

The Biz Reporter
Srinagar, Jan 14: Union Finance Minister Nirmala Sitharaman is expected to present the annual budget for Jammu and Kashmir in February, almost a month and a half ahead of the scheduled presentation in mid-March. The decision comes in light of the upcoming Parliamentary elections slated for April-May this year.
The last session of the 17th Lok Sabha is set to take place from January 31 to February 9, during which Sitharaman is anticipated to present the interim budget on February 1. The interim budget session will commence with President Droupadi Murmu addressing both Houses of Parliament.
A senior official said that Jammu and Kashmir’s administration is gearing up for a budget of around Rs 1.20 lakh crore or slightly more for the financial year 2024-25.
Officials have indicated that the Union Territory administration has been apprised of the early budget presentation by the Central Government, prompting them to expedite their preparations. The Finance Department is in the final stages of conducting budget meetings with various government departments to assess their requirements.
In the ongoing financial year of 2023-24, Jammu and Kashmir’s budget, amounting to Rs 1,18,500 crore, was presented in Parliament on March 13 by Union Minister of State for Finance Pankaj Chaudhary, amidst uproarious scenes. It was subsequently passed by both Houses of Parliament before March 31, as mandated by the Constitution.
However, due to the impending Parliamentary elections in April-May, the Election Commission of India is likely to impose the Model Code of Conduct around the first week of March. The last Parliament session of the current Lok Sabha is expected to be held from late January to the beginning of February 2024 to secure a Vote-on-Account for the Government of India.
Officials have stated that during this session, the annual budget of Jammu and Kashmir is likely to be introduced and passed by both Houses. “However, in case of any unforeseen issues, a Vote-on-Account can be taken for Jammu and Kashmir as well. A full budget may then be presented after the formation of the new government in the middle or end of May. Preparations by both the Central and UT Governments are being made, taking into account the possibility of a full budget presentation during this session,” officials informed.