Budget 2022-23

With an aim to further strengthen the financial health of the Union Territory in all the sectors, officials from Jammu and Kashmir may meet Union Finance Minister Nirmala Sitharaman and will hold threadbare deliberations on the budget 2022-23. LG Sinha, known as ‘Vikaspurush’ and has been making all out efforts to revive the economy of Jammu and Kashmir that has been affected due to COVID pandemic likewise other parts of the world besides partially due to the situation erupted in view of revocation of Article 370 on August 5, 2019.LG Sinha will meet the Finance Minister for budget preparations 2022-23 that will remain focused on economic activities. Preparations are being made on bringing investment proposals of Rs 50,000 to 60,000 crore in Jammu and Kashmir during the budget announcement next year. The exercise is underway for the 2022-23 budget of Jammu and Kashmir and the process of estimated budget at the departmental level in the UT of J&K has almost been completed. After the revocation of Article 370, Jammu and Kashmir is expected to get a record budget this time. On her recent visit to Jammu and Kashmir, Sitharaman has hinted at giving a special focus to Jammu and Kashmir in the budget next year. The budget has been focused on key sectors like self-employment, youth, infrastructure, power, tourism, health, education, industry. Efforts are being made to invest heavily in the industrial sector in Jammu and Kashmir and the efforts are on to bring investment proposals of worth thousand crores in Jammu and Kashmir. So far it is being claimed that to achieve the target of Rs 30,000 crore by this year end. After the reorganization of Jammu and Kashmir, the budget of Jammu and Kashmir has increased manifold in the last two years. The maximum budget of Rs 108621 crore was given to Jammu and Kashmir by the Center for the year 2021-22 whereas earlier in the year 2020-21, Rs 101428 crore and in the year 2019-20, Rs 88911 crore budgets was announced. Many developmental works are already underway and the Centre is paying a special focus in Jammu and Kashmir to expedite the pace of progress.