Half Budget Released
Lt Governor Manoj Sinha meeting with Film-maker Kabeer Kaushik in Srinagar on Sunday, April 4, 2021. Pic: DIPR
Lt Gov Manoj Sinha has approved the release of half of the revenue and capital outlay on the budget for fiscal 2021-22 on the very first of the new financial year. The timely release of revenue and capital component is expected to accelerate the pace of development in the Union Territory. Jammu and Kashmir is spending Rs1,08,621 crore of which Rs 68804 crore is the revenue expenditure. The Government has issued strict directions for timely completion of tendering process before the end of May to ensure that there are no constraints due to the limited working season. The flow of funds to the subordinate offices will be in online mode through BEAMS and all departments shall be required to submit monthly reports regarding the progress made by them under various components. In order to ensure a uniform pace of expenditure, it has been clearly stipulated that not more than 30% of the funds can be spent in the last quarter of the financial year and not more than 15% of the funds can be spent during the last month of March. This is intended to avoid the rush of expenditure towards end of the financial year.