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| With Rs 1696 cr hike, J&K gets Rs 37,277 cr in Union Budget | | | Early Times Report
Jammu, Feb 1: Jammu and Kashmir has been allocated Rs 37,277.74 crore in the interim Union Budget for the financial year 2024- 25, which was unveiled by Union Finance Minister Nirmala Sitharaman in the Lok Sabha on Thursday.
The central grants of Rs Rs 5958 crore including Rs 3163.34 crore as tribal area component were announced for the Union Territory of Ladakh which were the same as granted to the region for the ongoing financial year 2023-24.
“Of this, Rs 35,619.30 crore alone have been kept for bridging the resource gap in the Union Territory, while a sum of Rs 500 crore kept under Jhelum and Tawi Flood Recovery Project (JTFRP), which is an EAP assisted by a credit of $250 mn from the World Bank,” the document revealed.
JTFRP aims at both restoring essential services disrupted by floods and improving design standards & practices to increase resilience
This was the last budget of the Prime Minister Narendra Modi-led NDA government ahead of the Lok Sabha elections scheduled to be held in April-May this year.
The Union Budget has also made a provision of Rs 568.68 crore as Central Assistance for Pakul Dul HEP under J&K PMDP 2015 as a grant to Chenab Valley Power Projects Private Limited (CVPPPL).
The Union Finance Minister has doubled the amount of funds to Rs 100 crore to be provided for Industrial Development Scheme 2017 for Union Territories of Jammu and Kashmir and Ladakh, while she has kept the provision of Rs 300 crore (doubling the amount from Rs 150 crore in the last financial year) for Industrial Development Scheme of J&K.
The Industrial Development Scheme, 2017 for the Union Territory of Jammu and Kashmir and the Union Territory of Ladakh was notified on April 23, 2018.
The benefits under the scheme include the Central Capital Investment Incentive for access to credit (CCIIAC), a Comprehensive Insurance Incentive (CCII), and a Central Interest Incentive (CII).
As far as the provision of funds for the Ladakh region is concerned, Ladakh will get Rs 280.51 crore as Revenue Expenditure and Rs 2881.83 crore as Capital Expenditure totaling Rs 3162.34 crore. |
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