And yet, they want Kashmir! India's $14 billion budget for J&K overtakes cash-strapped Pak's $3 Billion IMF bailout
07 Feb 2024 15:58:46
thNew Delhi, Feb 7: In a not-so-shocking development, India's Rs 1.18 lakh crore ($14 billion) budget for Jammu and Kashmir has overtaken the International Monetary Fund’s (IMF’s) $3 billion fund to Pakistan which is seeking to bailout itself out of the economic crisis.
Union Finance Minister Nirmala Sitharaman has proposed an interim budget of Rs 1.18 lakh crore for Jammu and Kashmir for the fiscal 2024-25.
The interim budget envisages a fiscal deficit of Rs 20,760 crore and a 7.5 per cent growth in gross state domestic product (GSDP). The capital expenditure for the fiscal has been proposed at Rs 38,566 crore, which is 14.64 per cent of the GSDP, according to the budget tabled in Parliament.
J&K’s Lieutenant Governor Manoj Sinha said the budget highlights the government's commitment towards ensuring rapid economic growth of the Union Territory. "Grateful to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for J&K's interim budget 2024-25, which is dedicated to farmers, women, youth, marginalised sections of society and seeks to strengthen the grassroot democracy in the Union Territory," LG Sinha said on 'X'.
He also said the budget focuses on skill development and employment of 'Nari Shakti' (women empowerment).
The Indian budget for J&K reflects sharp contrast to the economic condition of Pakistan, which has been finding it difficult to bring itself out of economic crisis. It sought a $3 billion bailout from the IMF to bring itself out of the troubled economic condition.
While, India has announced the interim budget of Rs 1.18 lakh crore (which is approximately $14 billion) for Jammu and Kashmir, it dwarfs IMF’s recent bailout announcement to Pakistan by 4.72 times.
In a masterstroke, it is pertinent to mention that India’s budget for Jammu and Kashmir was announced on a day marked by Pakistan as “Kashmir Solidarity Day,” represents a substantial commitment to the economic development of the UT.
It seems like the sunken state of Pakistan still eyes the resourceful lnd of Kashmir despite having completely failed economy.
J&K gets boost
The interim budget envisages a fiscal deficit of Rs 20,760 crore and a 7.5 per cent growth in gross state domestic product (GSDP). The capital expenditure for the fiscal has been proposed at Rs 38,566 crore, which is 14.64 per cent of the GSDP, according to the budget tabled in Parliament.
J&K’s Lieutenant Governor Manoj Sinha said the budget highlights the government's commitment towards ensuring rapid economic growth of the Union Territory. "Grateful to Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for J&K's interim budget 2024-25, which is dedicated to farmers, women, youth, marginalised sections of society and seeks to strengthen the grassroot democracy in the Union Territory," LG Sinha said on 'X'.
He also said the budget focuses on skill development and employment of 'Nari Shakti' (women empowerment).
A Sharp Contrast With Cash-Strapped Pakistan
The Indian budget for J&K reflects sharp contrast to the economic condition of Pakistan, which has been finding it difficult to bring itself out of economic crisis. It sought a $3 billion bailout from the IMF to bring itself out of the troubled economic condition.
While, India has announced the interim budget of Rs 1.18 lakh crore (which is approximately $14 billion) for Jammu and Kashmir, it dwarfs IMF’s recent bailout announcement to Pakistan by 4.72 times.
In a masterstroke, it is pertinent to mention that India’s budget for Jammu and Kashmir was announced on a day marked by Pakistan as “Kashmir Solidarity Day,” represents a substantial commitment to the economic development of the UT.
It seems like the sunken state of Pakistan still eyes the resourceful lnd of Kashmir despite having completely failed economy.
