Nirmala Sitharaman Presents Jammu and Kashmir Budget 2024-25 After Union Budget
Union Finance Minister Nirmala Sitharaman will present a statement of estimated receipts and expenditures for the Union Territory of Jammu and Kashmir for 2024-25 after presenting the General Budget. This is the fifth budget for the Union Territory after the abrogation of Article 370.
In February, the Finance Minister proposed an interim budget of Rs 1.18 lakh crore for Jammu and Kashmir. It included a fiscal deficit of Rs 20,760 crore, a Capital Expenditure Contribution towards Gross State Domestic Produce (GSDP) at 14.64%, and an expected GSDP growth of 7.5%.
The interim budget reflected the needs and aspirations of the people of Jammu and Kashmir and the Union Territory Government’s commitment to peace, progress, and prosperity. The goal was to accelerate economic development and make it multidimensional.
Today, Sitharaman will present the Union Budget 2024 in Parliament, marking her seventh consecutive budget, surpassing the late Moraji Desai’s record of six consecutive budgets. The budget is expected to focus on changes in the income tax structure and improving the ease of doing business in India.
At 11 am, the full budget for 2024-25, the first under the Modi 3.0 government, will be presented in Parliament. Major announcements and the government’s guidance on the overall economy are highly anticipated.
Sitharaman will lay a statement of the estimated receipts and expenditures for 2024-25 in the Rajya Sabha, one hour after presenting the Union Budget in the Lok Sabha. She will also present medium-term fiscal policy strategy and macro-economic framework statements under the Fiscal Responsibility and Budget Management Act, 2003.
Doubts Revealed
Nirmala Sitharaman -: Nirmala Sitharaman is the Finance Minister of India. She is responsible for managing the country’s money and presenting the budget.
Jammu and Kashmir -: Jammu and Kashmir is a region in northern India. It used to be a state but is now a Union Territory, which means it is directly governed by the central government.
Budget 2024-25 -: The budget for 2024-25 is a plan that shows how much money the government expects to receive and spend in the year 2024-2025.
Union Budget -: The Union Budget is the annual financial statement presented by the Finance Minister of India. It outlines the government’s revenue and expenditure for the upcoming year.
Article 370 -: Article 370 was a special law that gave Jammu and Kashmir more autonomy than other Indian states. It was removed in 2019, making the region more directly governed by the central government.
Fiscal deficit -: A fiscal deficit happens when the government’s spending is more than its income. For example, if the government spends Rs 100 but only earns Rs 80, the fiscal deficit is Rs 20.
Income tax changes -: Income tax changes refer to any new rules or adjustments in the amount of money people have to pay to the government from their earnings.
Ease of doing business -: Ease of doing business means how simple and friendly the rules and environment are for people to start and run businesses in a country.