J&K gets Rs 37,277 Cr under UT grants

Srinagar, Feb 1: Finance Minister Nirmala Sitharaman unveiled the interim Union Budget for the fiscal year 2024-25, designating a substantial sum of Rs 37,277.74 Cr for Jammu and Kashmir under UT grants.

The interim union budget, presented in the Lok Sabha on Thursday, outlines the financial initiatives and developmental projects for J&K.

Of the total amount, Rs 35,619.30 Cr has been earmarked as central assistance to bridge the financial disparity.

Additionally, the budget documents accessed by Greater Kashmir reveal an allocation of Rs 279 Cr to the Union Territory Disaster Response Fund.

This fund is strategically designed to cater to the mitigation of expenses incurred due to disasters arising from natural calamities, emphasising the government’s commitment to disaster preparedness and recovery efforts in J&K.

The Interim Union Budget has detailed allocations for key development projects in the UT.

A significant portion of the grants, including Rs 130 crore, Rs 476.44 crore, and Rs 171.23 crore, has been earmarked for equity contributions to crucial hydroelectric power projects - 624 MW Kiru, 800 MW Ratle, and 540 MW Kwar.

These allocations underscore the government’s commitment to bolstering the energy infrastructure in J&K.

Furthermore, the budget allocates Rs 500 Cr for the Jhelum-Tawi Flood Recovery Project, which has recently received an extension in its completion deadline from the World Bank.

This financial provision highlights the government's proactive stance in addressing and mitigating the impact of natural disasters in the region.

In addition, an allocation of Rs 101.77 Cr has been specified to meet the resource gap funding for various infrastructure projects, emphasising the importance of
sustained development in Jammu & Kashmir. Notably, this interim budget marks the last financial announcement by the BJP-led government before the upcoming Lok Sabha
elections scheduled for April-May this year.