JAMMU: Finance Minister Abdul Rahim Rather Thursday said budget is reflecting policies and programs of the coalition government, aims to give right direction to the state’s economic growth and development within the available resources.
In his 115 minutes long Budget speech, Rather said that despite limited financial resources and multiple problems confronting the state, every possible effort has been made to provide succor to various sections of the society including trade, industry, tourism, farming community and other stake holders. He said this is the second time in the legislative history of the state that six consecutive budgets were presented in a row by a government under a single leader.
The Budget shows a total expenditure of Rs 43543 crore with a capital component of Rs 10595 crore. The Budget shows own estimated tax revenue of Rs 7496 crore and share of central taxes upto Rs 5191 crore and central non-plan grant of Rs 2096 crore. The Budget expects the revenue expenditure to touch Rs 32948 crore.
Rather said that the next years size of annual plan would be of order of Rs 11300 crore with a PMRP component of Rs 600 crore.
Rather said that the government has improved the tax and VAT remittance in the State resulting in more revenue to the government. He said VAT remittance in the state during last five years has increased from Rs 1836 crore to estimated Rs 4800 crore for the current fiscal which shows a cumulative increase of 161 percent. He said the total revenues (Tax and Non-Tax) have increased significantly from Rs 2683 crore in 2008-09 to Rs 6700 crore for the current year with an annual increase of 30 percent. He said the nontax revenue which stood at Rs 837 crore during 2008-09 has increased to Rs 2160 crore during last year.