Govt seeks to double J&K GDP in 5 years, presents Rs 1.18 lakh crore budget for FY24

New Delhi, Listing out good governance, boosting investment and doubling GDP in five years among others as key theme of Jammu and Kashmir (J&K) Budget 2023-24, the government on Monday presented a budget of Rs 1.18 lakh crore for the Union Territory (UT) in Lok Sabha.
The budget includes a developmental expenditure of Rs 41,491 crore for the coming fiscal.
“The budget 2023-24 for Jammu and Kashmir shall again cross Rs 1 lakh crore mark, an indicator of our commitment to make Jammu and Kashmir a model of development. The total budget estimates for the fiscal is Rs 1,18,500 crore, of which developmental expenditure is of the order of Rs. 41,491 crore,” read the Budget document presented in Lok Sabha.
The expected revenue receipts are Rs 1,06,061 crore whereas revenue expenditure is expected to be Rs 77,009 crore in FY24, thereby making available revenue surplus for capital expenditure to the tune of Rs 29,052 crore.
The government has also sought Parliament nod for additional expenditure of Rs 3,711 crore for the current financial year.
The original grant for the financial year 2022-23 was Rs 1,12,950 crore.
“The total receipts of 2023-24 are estimated at Rs 1,18,500 crore. Of which, Rs.1,06,061 crore are revenue receipts, Rs. 12,439 crore are capital receipts and Rs 30,000 crore are Ways & Means Advances,” said the budget document.