Minister for Finance and Planning Tariq Hamid Karra described his maiden budget that followed the first-ever Economic Survey Report as 'realistic and purely focused on the overall growth of economic situation' in the state.
Speaking to media persons just after presentation of his budget on the floor of the state assembly Finance Minister said, "It is a realistic and people-friendly budget designed, considering the state's present set-up for its economic growth without burdening its citizens."
He said the suggested budget proposals are well-sychronised with the present economy and "first, we have to determine where to go and how to go so as to tell the actual fiscal position."
The budget is a clear picture of income vis-a-vis the state's expenditure, he explained. Karra who was accompanied by Dr Hasseb Drabu and BB Vyas - experts in economics - optimistically said his budget would not add any extra burden on the public, focussing on promoting self-employment to reduce unemployment here.
"We have come up with the Economic Survey Report (ESR) a day before presenting the budget to show the real picture of the economy of J&K and its associated factors which we need to plug, to march towards development and an improved economy," he added.
Referring to a separate power budget, he said realising that power has immense potential, the state needs to evolve a policy mechanism to develop the power sector with a budget plan of Rs 1,300 including the facilitation of thermal projects at competitive prices.
The Finance Minister said an MoU with the Centre will be taken up for further reforms and self-reliance of the state in this sector. To a question he answered that special emphasis has also been made in agriculture, power and institutional sectors.
To a question about the 33% of capital expenditure, he said we will try to manage it at an affordable manner.
While referring to the opposition's criticism of the new budget, Karra said that the allegations are not constructive.
"The allegations are merely wild, he said. Referring to the amnesty scheme extended under pressure he said a time frame has been fixed for the clearance of loans and other liabilities availed from State Financial Corporation and other financial institutions. Whatever they return in the stipulated time it will add to coffer to the state, he said.
While referring to the opposition's criticism of the new budget, Karra said that the allegations are not constructive.
"The allegations are merely wild, he said. Referring to the amnesty scheme extended under pressure he said a time frame has been fixed for the clearance of loans and other liabilities availed from State Financial Corporation and other financial institutions. Whatever they return in the stipulated time it will add to coffer to the state, he said.
Email Sanjay Khajuria: sanjaykhajuria@gmail.com