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Jammu and Kashmir budget session in July

india Updated: May 24, 2009 20:15 IST

The budget session of the Jammu and Kashmir assembly will be held in July, the state's finance minister said on Sunday.

Jammu and Kashmir is meeting its financial commitments from the vote-on-account passed in the assembly soon after the new National Conference-Congress coalition government was formed early this year.

The budget for the financial year 2009-10 was deferred because of the Lok Sabha elections and the formation of a new government at the centre.

"The budget would be presented and passed in the July session of the state legislature," Finance minister Abdul Rahim Rather told reporters in Jammu.

Rather said the state's economy was shattered. "The revenue is less and the demands are high, especially on the count of generating jobs for the unemployed. Much of the money goes on import of power," he said.

The minister expressed confidence that the central government will help the ailing state improve its economic condition.

"We hope to overcome these problems with the help of the central government. It is a good sign for us that the Congress-led UPA government is back in power and Prime Minister Manmohan Singh is committed to help the state in all sectors," the minister said.