Budget will pave way to double GDP in JK: Chugh

Srinagar, Mar 16: BJP National General Secretary Tarun Chugh on Thursday welcomed the budget presented by Union Finance Minister Nirmala Sitharaman in Parliament and said budget allocated for the Union Territory of J&K will pave a way to double the gross domestic product in coming years.
J&K government would be spending Rs 1,18,500 crore in fiscal 2023-24 according to budget estimates that Financial Minister presented in the Lok sabha.
Chugh said that J&K’s budget aims to double the gross domestic product within five years by focusing on good governance and strengthening grassroots democracy. He lauded the efforts of PM Modi for paving way to peace, prosperity and development in every sector in Jammu and Kashmir and added, “Due to PM Modi every sector of J&K is achieving newer heights especially tourism which has witnessed record breaking footfall of visitors and thus strengthening the economy of the UT,” Chugh said.
“For the tourism and culture sectors, an allocation of about Rs 457.39 crore has been made under capital expenditure for the year 2023-24. Health and medical education sector will get an allocation of about Rs 2,097.53 crore, while for the rural sector, an allocation of about Rs 4,169.26 crore has been made under capital expenditure. Housing and urban development sector will get Rs 2,928.04 crore under capex,” he added.
He said the road and bridge sector will receive allocation of about Rs 4,062.87 crore under capex for the year 2023-24, while industries and commerce sector will receive Rs 741.79 crore under capex. Tribal Affairs will get an allocation of Rs 446.76 crore under capital expenditure. Besides Relief and rehabilitation of Kashmiri migrants will get an allocation of about Rs 1,102 crore under revenue and capital expenditure. Security-related activities will receive an allocation of Rs 1,197 crore for the year 2023-24.
He said the focus on development and investment in various sectors is expected to boost the economy, generate employment opportunities, and enhance the quality of life for people in the region.(KNS)