Srinagar, Jun 18 Jammu and Kashmir government today approved a structured scheme for the financing of district plans with a view to moving away from the practice of ad- hocism which used to create liabilities and led to unfinished projects.
"Under the new modus operandi, three components of allocated Capital Plan will be equally distributed in clearing past liabilities, completing ongoing works and taking up new projects.
"From now on, the expenditure approved at district board meetings will only be for development works and not salaries, which will lay a sound foundation for creation of durable assets," said Chief Minister Mufti Mohammad Sayeed, who okayed the new financing methodology while chairing the District Development Board meetings of Baramulla and Kupwara.
At the meeting which was held in Baramulla, Sayeed described the new system as a huge step forward that would ensure infrastructure development and proper utilisation of capital.
"By separating revenue and capital components, the Capital Expenditure Plans have been made potent instruments of? development," he said while stressing on prioritising the completion of abandoned projects.
Lauding state Finance Minister Haseeb Drabu for making capital funding more meaningful, the Chief Minister stressed on utilising modes of institutional financing through schemes implemented by NABARD, Asian Development Bank and World Bank.
Linking the devolution of power to the strengthening of institutions at the grassroots level, Sayeed placed high priority on proper expenditure.
"For this, a transparent and accountable system of governance has to be firmly entrenched," he said.
Xxxxx
|
