SRINAGAR:The PDP-BJP coalition government led by Mufti Mohammad Sayeed on Sunday presented the first budget of Rs 46,473 crore and Finance Minister Haseeb Drabu pledged not to go with begging bowl to the Centre for any additional financial assistance or grants.
Drabu, the economist and former J&K Bank chairman, presented the first budget of the PDP-BJP coalition government in J&K Legislative Assembly in Jammu on Sunday. He also presented a separate power sector budget. “In 2015-16, the total public expenditure has been budgeted to be Rs 46,473 crore. Of this, Rs 11,246 crore would be for building assets and infrastructure, the remaining Rs 35,227 crore for current or revenue expenditure. This is not a good position to be in. In fact, if anything, it should be exactly the other way around. But there is no way I can help it as it is a legacy of the last 30 years if not more,” Drabu said.
He said the total revenue receipt of the state in 2015-16 is budgeted to be Rs 42,137 crore, leaving a resource gap of Rs 4,336 crore.
“This is going to be financed by prepositioning of the 14th Finance Commission grants without seeking any additional funding,” the FM said. He said the goal of the coalition government is economic self-reliance and fiscal autonomy. “All of us want the J&K government to be able to pay not only for the salaries of its employees, but also for the development of its economy and the prosperity of its people.”
Drabu said starting from the next fiscal (2015-16), the budget will now have only two parts -- Receipts Budget and Expenditure Budget.