India Announces ₹1.18 Lakh Crore Budget For Jammu And Kashmir
India recently announced a big budget for Jammu and Kashmir for the year 2024-25. The budget is about $14.16 billion (₹1.18 lakh crore).
The budget for Jammu and Kashmir is almost 4.72 times bigger than the IMF’s help to Pakistan. This is a lot more than the $3 billion bailout Pakistan got from the International Monetary Fund (IMF).
Finance Minister Nirmala Sitharaman shared the details of this budget on February 5. It’s a part of India’s plan to boost Jammu and Kashmir’s development in many areas like farming, villages, tourism, health, education, and culture.
India wants to make sure Jammu and Kashmir grow in a balanced way that lasts long. The budget focuses on developing tourism, especially in 20 less-known tourist places.
This includes turning Keran into a major tourist village and creating a traditional village experience in Duggar Dani at Samba.
The budget also aims for a 7.5% growth in Jammu and Kashmir’s Gross State Domestic Product (GSDP). The budget has planned a spending of ₹38,566 crore for development, which is 14.64% of the GSDP. The expected income for the next financial year is ₹97,861 crore.
Ms. Sitharaman mentioned that reforms made in 2019 have helped Jammu and Kashmir in many ways, like better governance, more inclusive growth, increased revenue, and improved infrastructure.
The Finance Minister also talked about maintaining peace and security, with a strong stand against terrorism.
The government and security forces are working hard to keep the area safe and this has made the security situation in Jammu and Kashmir much better.
In comparison, Pakistan’s financial situation is challenging. The $3 billion from the IMF is essential to help its economy and support its financial reforms.