SRINAGAR: For the second consecutive year, Jammu & Kashmir’s annual budget would be presented in the parliament due to absence of Legislative Assembly in the Union Territory, which is under central rule for more two and a half years.
Officials told news agency—Kashmir News Observer (KNO) that Central government would present the annual budget of UT for next fiscal 2021-22 after March when second half of budget session would begin.
“The Union Finance minister is likely to present the UT’s second budget in 2nd or 3rd week of March,” they said, adding that discussions have been held between officials of J&K government and centre over the matter.
The annual budget of the Union Territory is required to be presented and approved by Parliament as there is no legislature in Jammu and Kashmir currently and law-making powers of the UT Assembly are vested with the Parliament.
On March 17 last year, Union Finance Minister Nirmala Sitharaman had presented Rs 101428 crore budget for 2020-21. Of which Rs 38,764 crore were for capital expenditure and Rs 62,664 crore for revenue expenditure.
According to officials, there is unlikely an increase in the UT’s budget because Central government did not enhance its grant for UT in the Union Budget presented earlier this month in the Parliament.
In the Central budget, Rs 30,757 crore central government has been allocated for J&K for 2021-22.
The Union Finance Minister also announced a gas pipeline for J&K in the budget.