Image Credits - ETV Bharat
A decisive move reflecting the Indian government’s focus on regional development, the Lok Sabha has passed the Jammu & Kashmir budget for the fiscal year 2024-25. The approval came on July 30, 2024, with a clear majority, marking a significant step in the financial planning for the Union Territory.
The budget, presented by Jammu & Kashmir’s Finance Minister, aims to allocate substantial resources towards infrastructure development, healthcare, and education. With an emphasis on economic rejuvenation and welfare, the budget proposes increased funding for key sectors including roads, water supply, and power. Notably, it also outlines plans for expanding digital infrastructure and promoting tourism, which are seen as vital for the region’s growth and stability.
The Finance Minister highlighted that the budget reflects the central government’s commitment to improving living standards and promoting economic development in Jammu & Kashmir. The proposed initiatives include projects aimed at enhancing connectivity and boosting local industries, which are expected to create job opportunities and foster sustainable growth.
Opposition members, while acknowledging the budget’s focus on development, called for greater transparency and more targeted efforts to address specific regional issues such as unemployment and security. They urged the government to ensure that allocated funds are utilized effectively and to monitor the impact of development projects closely.
The passage of the Jammu & Kashmir budget follows a series of administrative and political changes in the region, including the revocation of its special status in 2019. The budget reflects ongoing efforts by the Indian government to integrate Jammu & Kashmir more fully into the national framework and to address developmental imbalances. The financial plan also aligns with the broader objectives of promoting peace and stability in the region, which has faced long-standing challenges related to conflict and underdevelopment. As implementation begins, the effectiveness of the budget’s measures will be closely watched by both regional stakeholders and the central government.