India announces allocation of $14 billion or Rs 1.18 lakh crore for the interim budget of fiscal year 2024-2025 for the Union Terrority of Jammu and Kashmir. It surpassed Pakistan’s appeal for financial assistance from the International Monetary Fund. India’s estimated amount is said to be more than 4.5 times than the amount of Pakistan.
Nirmala Sitaram, the finance minister of the country unveiled this interim budget on the day which is known as the ‘Kashmir Solidarity Day’ as named by Pakistan.
Aims of the Budget
This demonstrates the nation’s robust commitment to the growth and development of the Union Terrority. This budget puts emphasis to both short term as well as long term goals.
It focuses on the decentralization of governance structures, fostering infrastructure development, enhancing revenue generation methods and also adhering to the welfare of the region and it’s people on the whole.
It lays importance on several key factors such as agriculture, rural development, tourism, healthcare, education, cultural preservation etc. It takes a concerned effort to promote tourism in 20 lesser-known tourist spots, which are evenly distributed across the territory. This approach aims to spread economic opportunities beyond the regular visited areas.
Plans have been thought of to transform Keran, a border tourist village along with the establishment of Duggar Dani in Samba, designed as a mock village setup.
Various Comments On Jammu and Kashmir
Besides maintaining law and order to ensure security the Government is simultaneously aiming at implementing initiatives for economic and social development. “The Government has adopted a policy of zero tolerance against terrorism,” the finance minister said. The efforts of the security forces engaged in combating terrorism has improved the overall situation ensuring stability and safeguarding the community.
Jammu & Kashmir’s Lieutenant Governor Manoj Sinha said the budget seeks to strength democracy, encourages start-ups plans by investors and companies for industrial acceleration ensuring rapid economic growth of the region. He also said the budget provides attention to women and marginalized sections on skill development and highlights the employment of ‘Nari Shakti’. (Women Empowerment). According to the official documents it has the potential to generate employment for 4,01,965 youth.
Pakistan’s IMF Bailout
In January the Washington-based financial body, IMF approved a $3 billion bailout package for cash-strapped Pakistan to help it overcome its on ongoing degeneration by providing support for its fiscal reforms.
It made a recent tranche of $700 million after the IMF reviewed the first round of Pakistan’s economic reforms. This review was conducted for three months from July to September 2023. Following which the International body would agree to continue support.
The reports of discontentment in Pakistan occupied Kashmir, particularly regarding price rises, underscore the economic challenges the region faces.
Difference in India and Pakistan’s Commitments
The disparity in India’s and Pakistan’s financial assistance lies in the fact that India is striving to prioritize the needs of Jammu and Kashmir’s by virtue of its overall promotion. On the contrary, Pakistan’s reason behind its assistance is rooted in the country’s internal conflicts which has resulted in such an economic crisis.
Government’s Initiatives and Achievements
It has published the Industrial Land Allotment Policy 2021-30, Private Industrial Estate Development Policy 2021-30, Wool Processing, Handicrafts, and Handloom Policy 2020 with an intend to attract the investors.
The Government of India also revealed that apart from the existing 64 industrial estates, 46 estates are being developed to fulfill the goal of ‘Made in Jammu and Kashmir’.
Reports reveal that Jammu and Kashmir emerged as the top-ranking Union Territory of India in the 2022 Export Ranking with a rank at 17 from 35th rank back in 2020.
