Srinagar (Jammu and Kashmir): As Finance Minister Nirmala Sitharaman presents her 7th straight Budget in the Parliament on Tuesday, Jammu and Kashmir territory's budget for the fiscal year 2024-25 will be unveiled in the Lok Sabha on Wednesday. Union Finance Minister Nirmala Sitharaman is expected to present the budget details for Jammu & Kashmir shortly after delivering the Union budget for the ongoing fiscal year.
Earlier this year, on February 5, Sitharaman presented an interim budget of Rs 59,634 crore for the region. Reports indicate that the total budget estimates for Jammu & Kashmir are projected to be Rs 1.18 lakh crore, with revenue expenditure estimated at Rs 80,000 crore and capital expenditure likely around Rs 38,000 crore.
This marks the fifth consecutive budget for Jammu & Kashmir presented in Parliament since the imposition of Central rule in the former state. The budget is presented in Parliament as Jammu & Kashmir currently lacks its own Assembly. Since June 19, 2018, when the BJP withdrew support from the Mehbooba Mufti-led government, Jammu & Kashmir has been without an elected government.
Following the collapse of the PDP-BJP government, the 2019-20 budget was approved by the then J&K Governor as head of the State Administrative Council. After Jammu & Kashmir was restructured into a Union Territory in August 2019, its budgets were presented in Parliament.
